THE SELLING OF NOTES IN THE NETHERLANDS ANTILLES
It is prohibited to sell notes
In the Netherlands Antilles it is prohibited to sell notes to others than licensed credit institutions (Article 45 of the National Ordinance on the supervision of banking and credit institutions 1994). There is a possibility to obtain an exemption.
An exemption can be requested with the Central Bank to issue notes. The Central Bank shall provide such exemption if:
- the issuing entity is financially solid;
- the payment obligations as to the debt that has been issued have been guaranteed or contra-guaranteed; and
- the board members are fit and proper, to be determined by the Central Bank.
If the notes were to be offered to a licensed credit institution in the Netherlands Antilles, the issue of notes is not prohibited.
Karel Frielink
Curacao-based Attorney (lawyer) / Partner
