Dutch Authority for the Financial Markets
Certain consultancy services from ICC Consultants BV in respect of interest and currency management are covered by the licensing obligations of the Dutch Financial Supervision Act (Dutch abbreviation: Wft) on account of the provision of investment advice. ICC Consultants BV therefore has a licence as an investment firm in accordance with article 2:96 of the Dutch Financial Supervision Act for providing investment advice, and is under the supervision of the Dutch Authority for the Financial Markets (AFM) and De Nederlandsche Bank (the Dutch central bank). You can find ICC Consultants BV in the register of the Dutch Authority for the Financial Markets via www.afm.nl/registers under its full name.
Consultancy services in respect of commodity risk management are performed by a separate entity, namely International Commodity Consulting ICC BV. Certain activities by International Commodity Consulting ICC BV are covered by the licensing obligation of the Dutch Financial Supervision Act on account of the provision of investment advice. International Commodity Consulting ICC BV therefore has a licence as an investment firm in accordance with article 2:96 of the Dutch Financial Supervision Act for the provision of investment advice and is under the supervision of the Dutch Authority for the Financial Markets and De Nederlandsche Bank. You can find International Commodity Consulting BV in the register of the Dutch Authority for the Financial Markets via www.afm.nl/registers.
From hereon where ICC is stated, ICC Consultants BV and International Commodity Consulting ICC BV are meant.
Identification and classification requirement
Based on the Dutch Financial Supervision Act, ICC has an obligation to group clients in various classes with respect to financial services. Depending on this classification, the client will receive information and investor protection to a greater or lesser extent.
Based on this legislation, we are obliged to group our clients in one of the following categories:
- 'non-professional client';
- 'professional client';
- 'eligible counterparty'.
We have the highest duty of care level in respect of ‘non-professional clients’ and we are also obliged to record the most information regarding these clients. This includes information on the objective of the service, the investment horizon, risk willingness, profession, training, financial situation, knowledge of and experience with the service and the financial instruments.
In addition, ICC is obliged to identify all clients. This is the reason why ICC requests identification documents such as passports or, in the case of legal persons, extracts from the register of the Chamber of Commerce. Furthermore, additional information may be requested for the benefit of compliance with the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Dutch abbreviation: Wft). This includes additional information on legal persons such as any shareholders of a legal person or other beneficiaries.
Policy regarding the prevention of conflicts of interest
On account of our services, conflicts of interest might basically exist or arise between ICC and the client, between an employee of ICC and the client, as well as among clients themselves.
ICC deploys high standards with regard to identification and in dealing with potential conflicts of interest. This policy describes how ICC prevents conflicts of interests from occurring, as well as the procedure in the event a conflict of interests still emerges despite these measures.
Preventing conflicts of interest
Potential conflicts of interest will be identified and recorded. A measure will be established for every potential conflict of interest, if possible. Employees will be obliged to internally report to the compliance officer any situation in which the chance of a conflict of interest emerges.
Below we will provide you with an insight into several measures taken that are part of our policy for the prevention of conflicts of interest. This will enable you to have an idea of the integrity we pursue.
Clients will be treated equally in equal cases.
The compliance policy features rules that monitor integrity as a whole, and this includes potential conflicts of interests. Specific issues in this respect include:
- combating abuse of the market;
- regulation in respect of private investment transactions;
- careful handling of personal data (Personal Data Protection Act);
- duty of care; putting the interests of the client first;
- rules for accepting gifts.
Employees are not allowed to accept any additional roles that may give rise to conflicts of interest with ICC and/or a client. The prior permission of ICC should be sought for every additional role.
We have taken measures in the field of physical security and ICT security (logical access security). These measures have been taken to prevent the undesired dissemination of information.
Regulation in respect of private investment transactions
Regulations are in force for the private investment transactions of all employees. These regulations ensure among others, that employees do not use price-sensitive information for private investments. In addition, the regulations stipulate the obligation that employees should strictly refrain from any act that may create the appearance of a conflict of interest or the use of price-sensitive information.
Compliance policy and internal audit programme
Compliance with the policy in the field of conflicts of interest forms part of the compliance policy and the internal audit programme. Any findings will be discussed with the management board.
Procedure in the event of a conflict of interest being identified
In the event an inevitable conflict of interest is identified, the compliance officer will be informed of this. The compliance officer will notify the client, providing sufficient information on the conflict of interest, and to the extent permitted by law, so that the client may make a decision on the continuation of the service with sufficient information.
The interest of the client takes precedence over the interest of ICC here.
The compliance officer ensures that, in the event of a conflict of interest, any actions undertaken are primarily in the interest of the client, and that the interest of the client is not harmed by conflicts of interest.
It may be the case that the service of ICC is not (entirely) in accordance with your requirements. In this case, you may submit a written complaint to (ICC).
A written complaint or a complaint submitted via electronic communication should be signed and should at least include:
- your name and address;
- the date;
- a description of the conduct that is the subject of the complaint.
In response, you will receive a signed confirmation of receipt, after which ICC will assess your complaint.
ICC is not obliged to deal with the complaint if the complaint relates to conduct that occurred more than a year before the submission of the complaint. The complainant will be informed in writing as soon as possible if their complaint is not being dealt with, but no later than four weeks after receipt of the complaint.
Although ICC strives to deal with your complaint as soon as possible, please note that processing may take some time, depending among other things on the complexity of the complaint. You will receive a written reply to your complaint from us.
You can send your complaint to:
ICC Consultants BV or International Commodity Consulting ICC BV
Lange Viestraat 333
3511 BK Utrecht
On 1 January 2014, the Restrained Remuneration Policy Decree (Financial Supervision Act) and the Regulations on Restrained Remuneration Policy entered into force. The Decree and the Regulations contain further rules on the remuneration policy of financial companies including ICC. It follows from the new regulations that financial companies should pursue a remuneration policy that prevents, where possible, the clients of a corporation from being treated negligently because the remuneration structure encourages this. The remuneration policy of ICC is part of personnel policy. This personnel policy is geared towards allowing the development of staff to run parallel to the development of the company to the greatest possible extent.
The remuneration policy of ICC is set up in such a way that it is a careful, controlled and sustainable remuneration policy in line with the strategy, risk willingness, objectives and values of ICC, and where the long-term interests of ICC, the relevant international context and the social base of support have been taken into account.
The remuneration policy of ICC furthermore consists of a fixed remuneration element and a variable element. ICC pays fixed salaries to its employees that are in line with the market. Based on personal objectives that are achieved or not, this fixed salary may be supplemented with a bonus. In addition, there is a bonus scheme in which a selected number of employees are allowed to participate. Depending on the total annual turnover of ICC, participants will receive a bonus.