On 1 January 2019, the Supervisory Trust offices 2018 (Wtt 2018) Act entered into force. The WTT 2018 is primarily aimed at promoting the integrity of the Dutch financial system.
The WTT 2018 has three pillars to achieve this. First, the WTT 2018 tightened requirements for the management and organisation of trust offices, secondly, the makers of trust offices is tested for suitability and reliability and thirdly, the Wtt 2018, among others, sets out tightening requirements To the client research that trust offices perform and to the compliance function. The withdrawal of licences has become easier.
Since June 2017, the public arena has spoken several times about the supervision of DNB and, in particular, the available capacity of DNB for the supervision of trust offices. Holland Quaestor (HQ) considers it very important that the monitoring is risk-based, has sufficient coverage and must be adequate and visible.
HQ considers that private regulation should and can be complementary in the manner exercised by the members of HQ or the external supervision of DNB. The importance, professionalisation of the trust sector, is, after all, a shared interest. HQ notes, however, that a professional sector and the "standardisation" by DNB ambitious can only arise if the unsympathetic or incompetent elements leave the sector. DNB shares this observation because it has received six additional VERGUNNINGSINTREKKINGSGRONDENGEVRAAGD.