PARTIAL EXEMPTIONS FOR FOREIGN INVESTMENT INSTITUTIONS UNDER NETHERLANDS ANTILLES LAW
Partial exemptions can be requested from the Central Bank
In accordance with the National Ordinance on the Supervision of Investment Institutions and Administrators 2002 an investment institution shall be granted a license if it and its depositary, if employed by the investment institution, comply with the requirements stipulated in the Central Bank’s (Bank van de Nederlandse Antillen) directives. However, partial exemptions can be requested from the Central Bank for an investment institution that is a foreign investment institution subject to adequate home-country supervision.
In order to receive certain (partial) dispensation from license requirements, the Central Bank requires foreign investment institutions to provide their (prospective) investors in the Netherlands Antilles with certain additional information. With respect to on-going supervision, dispensation can be obtained from some of the requirements of the Ordinance.
Investment institutions domiciled in the United States of America are regarded by the Central Bank as having adequate supervision, provided the investment institution is registered with the Securities and Exchange Commission. Such investment institutions will be eligible to obtain dispensation from certain requirements. This is not a very attractive dispensation, as it dispensates the US investment institution only from certain requirements.
Karel Frielink
Attorney (Lawyer) / Partner
