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Regulatory Services | Guidance permit application | Tests | Requirements quick scan | Preparation day 1
You decide to expand your activities in the financial sector, regulations change or you choose the Netherlands as a base in response to Brexit – all examples that require a licence from the regulator AFM or DNB. These regulators evaluate whether the access requirements laid down in the Financial Supervision Act have been met. Licence application processes with regulators can be intensive and long. Additionally, the rules are regularly added to and tightened due to new European legislation, requiring modifications to services and working processes.
The challenge
Applying for a licence involves more than filling in the application form and calls for thorough preparations in order to increase your chances of success within an acceptable time-frame. Before you embark on a licence application, you need to hold up your organisational structure against the requirements and if necessary modify it, as well as drawing up and implementing all kinds of procedures and measures in line with the latest legislation and regulations. You then submit the licence application along with all the associated documentation. During the application process, the regulators evaluate whether:
- the business model is convincing
- executives and supervisory board members are suitable and reliable
- operational management is characterised by integrity and control
- there is a transparent control structure
- a particular minimum amount of equity capital is in place
The added value of KPMG
KPMG can help you meet these challenges. KPMG Regulatory has the people and expertise to provide a solution that will make your business operations compliant with relevant legislation and regulations, supervise the licence application, draw up the documentation and prepare for the investigations of your executives and supervisory board members. Our team contains several former regulators who can accurately assess the extent to which institutions are ready to enter the financial market and which organisational and process adaptations are required. We understand the language and questions of the AFM and DNB and will support you in the intensive and time-consuming licence application procedure from start to finish.