DUTCH CARIBBEAN REGULATORY FRAMEWORK - Central Bank monitors compliance

The regulatory rules and regulations in the Netherlands Antilles deal with credit institutions, investment institutions and administrators, insurers and insurance brokers, company pension funds, trust service providers, capital markets, anti-money laundering and identification, and foreign exchange control and license fees.

The Netherlands Antilles have one regulator: the Central Bank of the Netherlands Antilles (Bank van de Nederlandse Antillen). The Central Bank is a separate legal entity (rechtspersoon) having its seat in Curacao. The Central Bank is also an independent administrative body (zelfstandig bestuursorgaan) and does therefore not fall under the political responsibility of the Minister of Finance.

The supervisory authority is delegated to the Central Bank in Article 11 of the Central Bank’s Statute of 1985 (Centrale Bank-Statuut). Article 11 is amended each time a new, relevant supervisory regulation comes into force, in order to allocate the new supervisory tasks to the Central Bank. The supervisory regulation sets out the specific tasks and authorities of the Central Bank in relation to the areas of supervision. The Central Bank’s supervisory role varies, inter alia, from (i) monitoring compliance with supervisory laws and issuing licenses and exemptions as prescribed therein, to (ii) formulating rules, directives and guidelines based on discretionary powers granted to the Central Bank by the relevant supervisory laws (and monitoring compliance with such rules, directives and guidelines).

Karel Frielink
Attorney (Lawyer) / Partner

(Source: Karel's Legal Blog)

September, 2008

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