25th anniversary DSI Posted on January 11, 2024 at 2:17 pm.Written by Roeland Jongejan 25 years of integrity and expertise With the very best wishes for the new year, we proudly announce our anniversary year. In 2024, it will mark the 25th anniversary since the establishment of the DSI Foundation as a self-regulatory initiative within the financial sector to promote integrity and expertise. The past 25 years have often been turbulent times for the financial sector, where expertise and integrity (or sometimes the lack thereof) were crucial. The DSI Foundation has consistently contributed to advancing integrity standards and providing guidelines to enable professionals to serve their clients optimally, thereby strengthening trust in the sector. In a constantly evolving world, professionals must not only stay informed about regulations but also possess technical knowledge through continuous education. A moral compass requires regular recalibration. Through our commitment to certification, guideline development, awareness, and collaboration with stakeholders, we aim to contribute to promoting integrity in the financial sector. At its core, our mission remains true to our founding principles in 1999: advancing an upright and knowledgeable financial sector. What can you expect from us in the anniversary year? Publication of a whitepaper on Greenwashing: Analysis based on various roundtable discussions conducted in collaboration with EY on the current issue of Greenwashing and its impact on integrity in the financial sector – more information Event on Integrity and Expertise: In the second quarter, we will be organizing an event focused on integrity and expertise, bringing together professionals in the financial sector to discuss current issues and celebrate our 25th anniversary. Introduction of the AML Register: DSI will introduce a new register focused on Anti Money Laundering. For the professionals working daily on identifying and addressing financial crimes and promoting an integral business operation. Integrity Week: As part of our commitment to promoting integrity, we, as a partner, participate in the Integrity Week. During this event, we share our insights and experiences to increase awareness of integrity and disseminate information to our stakeholders. Among other initiatives, we continue to dedicate ourselves to integrity and expertise within the financial sector. On behalf of the DSI Foundation, we invite you to celebrate the anniversary year with us and participate in our activities and initiatives in 2024. We will keep you informed through our website, LinkedIn, and (quarterly) newsletters!
NCI accredited for PE Compliance Professional Posted on December 19, 2023 at 2:59 pm.Written by Roeland Jongejan For the Continuing Professional Education (PE) program of the DSI Register Compliance Professional, the DSI Accreditation Committee has approved the program of the Dutch Compliance Institute (NCI). Previously, the PE-programs of NIBE-SVV and The Ministry of Compliance were also approved for this register. Ready to enroll? Starting from the beginning of 2024, you can do so directly on the websites of the training institutions. Continuing Professional Education 2024 The Continuing Professional Education program for 2024 kicks off on January 1, 2024, covering all registers. We recently unveiled the new objectives for 2024. Once the PE 2024 program is available at the training institutions, you can get started. Enroll directly with the respective training provider. Refer to the list below for all providers of PE programs. Stay informed about the latest developments in your field through PE 2024. Find more information at www.dsi.nl/en/pe2024.
DSI Anti Money Laundering (AML) Register Posted on December 12, 2023 at 10:19 am.Written by Roeland Jongejan In close collaboration with the industry, DSI has decided to launch a new register specifically targeting professionals dedicated to preventing financial crime: the DSI Anti Money Laundering (AML) register. This register provides uniform quality standards for AML professionals actively involved in the fight against financial crimes. Roles in Financial Crime Financial institutions such as banks and investment firms play a crucial role in preventing money laundering and financing terrorism. This is commonly referred to as the gatekeeper function. The number of professionals engaged in combating financial crime has significantly increased in recent years. These individuals work in areas such as Customer Due Diligence (CDD), Know Your Customer (KYC), and Anti Money Laundering (AML). DSI is developing this new register specifically for the AML professionals. What is a DSI AML Professional? The DSI AML professional operates within the financial sector and is tasked with preventing their organization’s involvement in money laundering. The professional focuses on the proper application of the Wwft and possesses in-depth knowledge of customer research (KYC and CDD) and transaction monitoring. The DSI AML professional also has the skills to effectively act in their role as a money laundering combatant. Uniform Quality Standards with an Independent Register A key consideration for establishing this register is that AML professionals need to demonstrate proven expertise. Regulators are increasingly attentive to this requirement. Currently, various training programs are available in this field, varying in depth and assessment. Our discussions with DSI-affiliated businesses reveal a need for uniform quality standards for this professional group. These standards should be set and monitored by an independent and expert certifying authority. DSI believes that such an initiative aligns well with the existing DSI certifications for investment and compliance professionals. Through the new register, DSI aims to ensure a baseline level of expertise and integrity for this professional group. In addition to uniform training requirements for entry into the register, there will also be an obligation for ongoing education. Finally, DSI’s code of conduct and disciplinary procedures will apply. Current Status In January, the final terms for the new registry were approved by the DSI Accreditation Committee. Subsequently, these terms were shared with providers of financial crime training programs. The first accreditation request is currently being processed by DSI. The Compliance Advisory Committee and Accreditation Committee will evaluate this request. It is expected that the registry will launch before the summer of 2024. Contact Information For inquiries about the new register, feel free to contact Mark van der Lecq (Lead Legal DSI) via our contact form.
DSI Introduces Supervisory Board Posted on December 5, 2023 at 1:42 pm.Written by Roeland Jongejan DSI has made a significant change in direction. Starting from October 26, 2023, DSI has implemented an entirely new governance model with a Supervisory Board and a managing director. The Evolution of DSI’s Governance Model When DSI was founded in 1999, a governance structure was chosen that included industry associations from the sector in the board. These associations represented their members in the board. In recent years, DSI operated with a broad General Board with an independent chair. From the General Board, an Executive Board was formed, and the director was responsible for the daily management of the organization. In 2023, the General Board decided to establish a Supervisory Board with a managing director. This model, now common among smaller foundations and associations, aligns best with the renewed and downsized DSI. The involved industry associations will have a different role, as anchored in the new statutes. More information about the new governance can be found here: new governance DSI Composition of the Supervisory Board Our new Supervisory Board consists of five experts from the financial world, with the primary task of overseeing the policies of the managing director, Floris Mreijen. The composition of the Supervisory Board is as follows: Tanja Nagel (Chair) Tanja Nagel, with an extensive career in financial services, held top positions at renowned institutions such as Van Lanschot and Theodoor Gilissen Bankiers. Currently, she is a commissioner at EY Netherlands and a board member at Stichting Oncode and Stichting Capital Amsterdam. Additionally, she serves as a moderator at the Erasmus Governance Institute. Tanja Nagel was formerly the chair of the DSI board and will now be the chair of the Supervisory Board. Jaco Aardoom Jaco Aardoom, former CEO of Hof Hoorneman Bankiers, has extensive experience in fund management and the private banking sector. He previously served as division chair of Delta Lloyd Asset Management and was director of Investments at Ohra Insurance & Banking Group. His career began in 1988 as an account manager at Bank Mees & Hope. Theo Andringa Theo Andringa has extensive experience in the retail investment sector. He currently works as a director and investment team member at the asset manager NNEK. Additionally, Theo was the chairman of the Association of Asset Managers & Advisors for 12 years. In this capacity, Theo was also a board member of DSI. Erik Luttenberg Erik Luttenberg, former statutory director of asset manager Kempen Capital Management, has extensive experience in financial services. Currently, he is active as a director at KPN pension fund, at Eumedion, and as a director and supervisor at several investment institutions. Daniëlle Melis Daniëlle Melis, with a background in the banking sector and a specialization in corporate governance, earned her stripes at MeesPierson, NIBC, and Rabobank, and in the governance domain as the chair of the Nyenrode Corporate Governance Institute. Currently, she is a board member and also a member of the investment advisory committee of the General Pension Fund Stap, and she holds directorships at Triodos Bank, PGGM Investments, and Blue Sky Group. Until November 1, she was a member of the Disciplinary Committee of DSI, a role she relinquishes with her appointment to the Supervisory Board. Thanks to Former Board Members With the introduction of the Supervisory Board, DSI bids farewell to the board members who have diligently led the organization in recent years, thanking them for their efforts to make the financial sector more reliable and competent. In the coming months, the members of the Supervisory Board will be introduced more extensively through personal interviews. We invite you to stay informed about the latest developments around DSI and its initiatives through our newsletter and LinkedIn channel.
Discover the DSI Mediakit Posted on December 5, 2023 at 1:26 pm.Written by Roeland Jongejan For those who are DSI certified, it is crucial to be able to clearly explain the meaning of this certification to both current and prospective clients and colleagues. Fortunately, DSI has compiled a comprehensive mediakit to support you in this endeavor. Check out the DSI mediakit here. What does our DSI Mediakit offer? Informative Brochures: Learn more about our certification programs and the benefits your registration brings to your clients. Visual Content: Use our videos and banners to visually reinforce the essence of your DSI registration. Logos in Various File Formats: Our logos are available for use in various communication channels, including websites, digital signatures, and business cards. LinkedIn Banners: Enhance your LinkedIn profile with professional banners highlighting your certification and achievements. Press Material: For journalists and media professionals, we provide useful tools to learn more about the mission and objectives of DSI. Do you have specific requests, such as integrating your company logo? Feel free to contact us at communication@dsi.nl. Together, we can explore how to meet your individual needs. Take a look at our DSI Mediakit now and let us support you in spreading your registration story. Together, we’re working towards even more success in the financial sector!
DSI funding change Posted on October 4, 2023 at 2:46 pm.Written by Roeland Jongejan As of January 1, 2024, our funding structure will change. This change makes DSI’s funding fairer and more transparent. We are saying goodbye to the participation fee and will evenly distribute our annual costs across the number of certified professionals. What does this mean in practice? Simply put, the more professionals who certify themselves, the lower the annual costs per certified professional will be. While these changes bring predominantly positive aspects, we realize that they may have different effects (sometimes temporarily) for some participants. We want to provide clear and transparent information to our participants about the background of these changes and how they will impact your organization. What does the change in funding entail? The adjustment mainly involves simplifying our funding method. The basis remains the number of certifications per participant, but we are adjusting our calculation method and eliminating the annual participation fee. Each year, a single fee per certification will be determined, and participants will receive only one annual invoice, regardless of the number of changes made during the year. This annual invoice is based on the average number of certifications over the past three years. With these changes, we make DSI’s financing fairer. We distribute our annual costs fairly across the number of certified professionals. As more professionals become certified, the costs per certified individual will decrease. Certification fees 2024 Based on the total number of certifications and the DSI budget for 2024, we anticipate that the cost per DSI certification in 2024 will be around 330 euros. We determine this in January, using the final numbers from the end of 2023. For more informatie about the fees 2024, look at this page. In January, participants will receive an invoice based on the average number of certifications that they, as DSI participants, have registered with DSI over the past 3 years. Participants will receive only one invoice in 2024, regardless of the number of new certifications or changes administered in the coming year. Characteristics of the new funding method More predictability: The new method provides more predictability for both participants and our organization since cost fluctuations are reduced by averaging over three years. Reduced administrative burdens: We understand that administrative burdens can sometimes be perceived as cumbersome. With the new structure, we reduce the number of invoicing moments, thus decreasing administrative burden. A fairer and more tranparant system: The new structure eliminates tiers and introduces a fairer system for all participants, emphasizing equal treatment. More Information We value our relationship with all our participants and understand that changes may raise questions at times. We are here to answer all your questions and address any concerns you may have. If you would like more information about the changes in costs, please visit the following page: funding changes. Feel free to contact us if you need further clarification. You can contact Nana Asante (Relationship Manager DSI) or Floris Mreijen (Director DSI) for answers to your questions via the contact form or by phone at 020 – 620 12 74.
New governance DSI Posted on October 4, 2023 at 1:55 pm.Written by Roeland Jongejan The board of DSI has decided, as the final step in all the earlier changes, to adjust the governance of the organization. The model with a General Board is being replaced by a Supervisory Board with a director-manager. The Supervisory Board will be operational in the autumn of 2023. The development of DSI’s governance model When DSI was founded in 1999, a governance structure was chosen in which industry organizations from the sector joined. These branches represented their constituency on the board. Over time, there have been regular discussions about alternative governance structures, and several adjustments have been made. In recent years, DSI has worked with a broad General Board with an independent chairman. A Managing Board was formed from the General Board, and the director was responsible for the day-to-day management of the organization. DSI is transitioning to a supervisory board model In 2023, after considering various governance models, the General Board decided to establish a Supervisory Board with a director-manager. This model, which has become common for smaller foundations and associations, best suits the renewed and smaller DSI and makes decision-making faster and more flexible. The involved industry organizations will have a different role, anchored in the new statutes. The main elements of the new governance are as follows: The Supervisory Board is tasked with overseeing the policies of the board (the director-manager) and the general affairs of the Foundation. The Supervisory Board will consist of at least 4 and at most 5 individuals. These individuals have a background in the financial sector and an affinity with DSI’s field of work. The composition of the Supervisory Board will be aligned with the corporate governance code as much as possible. The director-manager is responsible for managing the foundation and annually prepares an activity plan and a budget. The Supervisory Board must then approve the activity plan and the budget. The approval of the Supervisory Board is also required for several other significant decisions by the director-manager. The involvement of the industry organizations is enshrined in the statutes. The director-manager is required to hold annual discussions with the industry organizations about strategic developments. The director-manager will also organize an annual plenary meeting for the industry organizations to discuss the annual plan and budget. This will start in 2024. The statutes also include a mechanism to keep DSI’s costs under control. A financial committee will be established with the task of assessing the efficiency and necessity of a significant budget overrun or a proposed increase in the budget for the following year. The new Supervisory Board will commence in the autumn of 2023. DSI will communicate the composition of the board in the near future. More Information If you would like more information about the new governance, please contact Floris Mreijen (Director DSI) for answers to your questions via the contact form or by phone at 020 – 620 12 74.
Learning objectives PE 2024 Posted on October 4, 2023 at 1:26 pm.Written by Roeland Jongejan Every year, the DSI Advisory Committees revise the learning objectives for the Continuing Professional Education (PE) program to keep the registers up-to-date and comply with changing laws and regulations. Here is a concise overview of the learning objectives for the Retail Investment, Institutional Investment, and Treasury registers: Retail Investment The PE program for Retail covers the topics alternative investments, publicly traded private equity, sustainable investing, and AI. It also addresses the theme of saving versus investing. The PE program will delve into the impact of changing return expectations (e.g., higher bond yields) and changing taxation regarding saving and investing on the suitability of a particular risk profile. View the learning objectives for Retail in 2024 here. Institutional Investment Similar to this year, the learning objectives place significant emphasis on current developments in sustainable investing. The consequences of the current interest rate policy for various asset classes are also discussed. Additionally, topics include monetary developments, the transition to the new pension system, Digital Operational Resilience Act (DORA), and AI. View the learning objectives for Institutional Investment in 2024 here. Treasury The learning objectives for Treasury in the coming year focus on the most important developments in sustainable investing in commodity markets. Carbon credits are also covered. The impact of the current interest rate policy and geopolitical risks will be addressed in the PE program as well. Finally, EMIR 3.0 and AI are included in the learning objectives. View the learning objectives for Treasury in 2024 here. DSI ensures the quality and content of the PE programs by keeping the learning objectives current. The topics are assembled by experts from the industry in various DSI advisory committees. More information about the PE program can be found here.
DSI and EY are hosting a roundtable on greenwashing | Part II Posted on October 4, 2023 at 10:29 am.Written by Roeland Jongejan Challenges in Marketing and Communication In 2023, DSI and EY are joining forces to organize a series of exclusive roundtable meetings focused on the timely topic of greenwashing and how the financial sector is addressing it. Our goal is to facilitate a constructive dialogue among policymakers from various sectors, discussing recent developments and their impact on investment practices. Defining greenwashing: compliance and legal aspects Our first meeting, held in June, focused on the compliance and legal aspects of greenwashing. Participants in this session extensively discussed the current definition of greenwashing and how different organizations interpret this concept. A key talking point was an article published by ESMA on June 1st, exploring the definition of greenwashing through various articles. Marketing and communication challenges In our second meeting on September 13th, a new group of specialists discussed the marketing and communication challenges associated with greenwashing. The session began with an introduction and the establishment of objectives. We then engaged in open discussions on various topics. We started by critically examining the current definition of greenwashing and reflecting on its interpretation by participating organizations. Next, we focused on how an excessive emphasis on commercial incentives can lead to greenwashing. We explored why greenwashing exists in the first place and how organizations and professionals can become involved in this phenomenon. We also discussed the challenges this presents for marketing professionals in carrying out their work. Moral and ethical considerations in the financial sector Moral and ethical considerations related to greenwashing were extensively discussed. We examined the differences in ethical perspectives on ESG between investors and institutions offering investment products. We pondered why there is a difference in understanding and whether the financial sector itself should establish concrete frameworks to provide clarity and maintain trust. Effective communication of ESG performance Another important point of discussion was how to effectively communicate a company’s ESG performance. We had extensive discussions on how this can be done transparently and accurately. Participants shared numerous practical examples where ESG performance was honestly and clearly communicated to investors. The final part of the meeting focused on creating awareness within organizations about greenwashing. We discussed how to ensure that this topic is on the agenda at all levels of an organization. Attendees shared valuable best practices. Upcoming session: greenwashing from an investment perspective It’s important to note that there will be one more session on Greenwashing in October, this time from an investment perspective, with investment specialists. The findings and insights from these three meetings will be compiled into an informative whitepaper to be shared on our website. Contact Information For more information about these inspiring meetings, please contact Floris Mreijen, the director, and/or Mark van der Lecq, the lead legal at DSI.
Renewed and modernized integrity e-learning Posted on October 3, 2023 at 2:40 pm.Written by Roeland Jongejan Together with the Dutch Compliance Institute (NCI), DSI has completely revamped the ‘Integrity’ e-learning. This modernized e-learning is designed to raise awareness among financial professionals about the importance of acting with integrity in their daily practice. It is mandatory for anyone seeking certification within one of the DSI registers. You can enroll in the e-learning starting today through the Dutch Compliance Institute website. Renewed and modernized integrity e-learning ready for use The e-learning has undergone a thorough makeover. Not only has the content and structure been revised, but all learning objectives have also been meticulously reviewed by NCI in collaboration with members of the DSI Integrity Advisory Committee. During the development, committee members also shared their insights. The result? A completely revised and modernized ‘DSI-Integrity’ e-learning, available for use starting today. Sign up here for the Integrity E-learning Efficient E-Learning: Shorter Duration and Focus on Relevance In addition to changes in structure, we have also considered the time factor for participants. We have critically evaluated the relevance of topics and the length of texts, resulting in a shorter duration for completing the e-learning. Important to note: the new e-learning is applicable to all professionals, regardless of their role or responsibilities. Integrity is crucial for every professional, and this is highlighted through examples from various work environments. Upon completing the e-learning, there will be an assessment that needs to be passed with a satisfactory grade. Workshop as an Additional Requirement for Certain Professionals For some professionals in DSI’s ESMA and Specialists Registers, an additional requirement applies: in addition to the e-learning, they must also successfully complete the DSI Integrity Workshop. This workshop is conducted by the Dutch Compliance Institute in collaboration with Nyenrode Business University. It primarily focuses on applying integrity and critical judgment in practice. How can I enroll in the e-learning and/or the workshop? If you wish to enroll in the e-learning and/or the workshop, you can do so through the Dutch Compliance Institute website: www.compliance-instituut.nl. For more information about the Integrity E-Learning, you can also contact the Dutch Compliance Institute at 088-9988100 or DSI at 020-6201274.