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Compliance

A decade ago, compliance was still a relatively unknown concept. With the increasing regulation of the securities’ trade, the concept of compliance has become inextricably linked to the financial markets. The extensive regulatory framework has led to compliance becoming a function of its own.

Compliance has become a permanent feature of financial supervision since a number of years. In particular the introduction of the Financial Supervision Act and the related regulations have led to a further expansion and elaboration of the compliance rules. Compliance has become a full-time job for compliance officers, whose duties are expected to increase even further in the coming years.

Essentially, compliance is nothing more than the obligation to satisfy the various requirements for keeping a licence under the Financial Supervision Act. For example, the accounts and records of a licensed institution must be in compliance with the relevant rules at any time. Licensed institutions also have an ongoing obligation to comply with the ‘know-your-client’ principle and must have adequate procedures for dealing with complaints, incidents as well as an integrity monitoring policy.

Compliance can be more than an obligation to observe all legislation and regulations. These days, compliance has become an important marketing tool. If a company is seen to comply with all obligations correctly and propagates that image, that inspires trust in the company, which has many positive effects.

Compliance is also a risk. Failure to comply can lead to a loss of reputation, which has many negative effects. If you want to make a virtue out of necessity and use compliance measures for marketing purposes, it is important that you are given proper advice on both the legal and marketing aspects. Our lawyers can assist you. Not only do they have excellent up-to-date legal knowledge, but they are used to thinking beyond the legal framework. This results in advice that is tailored to your business conduct.

Our expertise comprises:

  • information to compliance officers on compliance obligations under the Financial Supervision Act;
  • advice on changes in compliance regulations;
  • advice on (improvement of) compliance measures and solutions;
  • creation of an administrative system and internal control documentation as well as documentation needed for compliance purposes; and
  • assistance in liaising with supervisory authorities on compliance matters.

Miriam Ee, van