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| News Bulletin for financial enterprises in the Dutch Caribbean - Edition 5 - March |
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Dear relation,
You are receiving this fifth News bulletin for financial enterprises on Bonaire, Sint Eustatius and Saba.
If you prefer to read the news bulletin in Dutch follow this link:
Link naar nieuwsbrief NL |
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New standard amounts in the AFM's calculation model for responsible lending
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The standard amount for household costs, and the monthly amount in rental or mortgage payments for the various islands of the Dutch Caribbean included therein, for the assessment of the creditworthiness are adjusted each year. This occurs pursuant to Section 2:5 of the Financial Markets (BES Islands) Regulations. The Ministry of Finance has recently adjusted the standard amount for household costs. The new figures will enter into effect on 01 April 2014. We recommend that you adjust these amounts in your models. They have been adjusted on the basis of the development of the consumer price index for the Dutch Caribbean published by the Central Bureau of Statistics (Centraal Bureau voor de Statistiek). In 2013, consumer prices rose on Bonaire by 1.7%, on Sint Eustatius by 2.3% and on Saba by 1.2%.
You can take note of the adjusted amounts at:
Model calculation maximum amount responsible lending in the Dutch Caribbean
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The AFM will once again conduct a review of the quality of precontractual information on credit
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This year, the AFM wishes to obtain more insight into the improvements achieved by the enterprises as regards precontractual information. That is why the AFM will be performing a follow-up investigation of this matter. The AFM performed an initial investigation into the quality of the (mandatory) precontractual information on credit in June
2013. At the time, it requested and assessed precontractual information from several institutions. The selected enterprises were informed towards the end of 2013 about the findings of this assessment. The main conclusion was that the quality of the precontractual information was in many cases not in accordance with the regulations and therefore left room for improvement. Each of the institutions involved in the investigation also received individual points for improvement. The selected enterprises will receive a written invitation for this purpose.
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Assessment of executive board, supervisory board and majority shareholders.
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Prior to their appointment, the policy-makers of advisers, brokers, authorised agents, credit providers, asset managers and holders of a security market must be assessed by the AFM. Such policy-makers may not be appointed until after the AFM has granted its approval.
Who are policy-makers?
Policy-makers are in any case executive directors, supervisory directors and majority shareholders. Persons who actually determine or co-determine policy must also be assessed. If a policy-maker changes position, he or she must also report this to the AFM. For example, in the event a majority shareholder also becomes an executive director of the company.
The AFM usually decides within 8 weeks after your notification whether it agrees to the appointment of the policy-maker. You should therefore notify an intended appointment at least two months in advance.
Suitability and properness
Executive and supervisory directors are assessed for their suitability and properness. Majority shareholders are only assessed for their properness.
You can find more information about performing a notification here:
Forms for the Dutch Caribbean
Changes in properness
Licence holders are required to notify the AFM of any changes in the properness of their policy-makers. More information about this matter can be found on our website:
Requirements for the director of a financial enterprise
Resignation
If an executive or supervisory director intends to resign or a majority shareholder intends to sell his shares, the licence holder must notify the AFM in time. In the event of the resignation of an executive or supervisory director, the AFM will assess whether the remaining executive or supervisory directors jointly still have sufficient knowledge and experience to manage or supervise the company. The AFM usually decides within 8 weeks after a notification whether it agrees to the change. You should therefore notify an intended change at least two months in advance.
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If you have any questions as a result of this news bulletin, please send an email to bes@afm.nl. We will respond as soon as possible.
You can read more useful information on our website
To the Dutch Caribbean website
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