DNB’s supervision aims to safeguard ethical crypto services, and the assessment procedure is an important part of this. Management and supervisory board members are essential to an institution’s strategy and corporate culture, and hence also to its integrity. We assess incumbent and prospective management and supervisory board members for fitness for their position and propriety.
When assessments are held
An initial fit and proper assessment takes place when a supervised institution proposes to appoint a management or supervisory board member. In the event of an initial assessment, an appointee may only take up the position after receiving a favourable decision as to fitness, propriety, or both. Incumbent crypto service providers that have submitted an application for registration when the Act enters into force will be exempt for six months.
A fitness assessment is position-specific, meaning that an individual is assessed for each proposed position. This also applies when a previously assessed management or supervisory board member is given a different position or remit.
Policy Rule on Suitability
We assess an individual's fitness on the basis of the Policy Rule on Suitability. Fitness assessments of policymakers and co-policymakers of crypto service providers will be described in category A of the Policy Rule. We deliberately chose not to apply the stricter requirements, particularly in terms of experience, which apply to management board members of enterprises in categories B and C. We are currently amending the Policy Rule and will also incorporate crypto service providers.
In principle, a propriety assessment is a one-time procedure. This means a change in position or remit does not require another propriety assessment, unless relevant new facts have emerged.
In exceptional circumstances we may decide to assess an incumbent management or supervisory board member for fitness, propriety, or both. Such a reassessment only takes place if facts or circumstances arise that provide grounds for revisiting a previous assessment.