3.6.6 A harmonized approach to fit and proper testing

All in all, it may be concluded that the Dutch twin peaks model has had a harmonizing effect on fit and proper requirements and fit and proper testing across the different sectors in the Netherlands. As a result, there is a very high level of harmonization with regard to fit and proper requirements, the scope of application, the definitions used and the process followed.

This is not a plea for or against the adoption of a twin peaks model across Europe. It merely shows that national legislators and supervisors can still adopt a harmonized approach to fit and proper testing despite cross-sectoral differences in fit and proper requirements in the sectorally- oriented EU regulatory framework. It is also submitted that this does not necessarily amount to ‘gold-plating’ in breach of EU financial regulation.