SUPERVISION OF FOREIGN FUND ADMINISTRATORS RENDERING SERVICES TO NETHERLANDS ANTILLES FUNDS
Home country supervision exemption
The National Ordinance on the Supervision of Investment Institutions and Administrators 2002 (‘Landsverordening toezicht beleggingsinstellingen en administrateurs’) provides for a licensing system for investment institutions and administrators.
According to the Netherlands Antilles Central Bank’s policy guidelines on exemption for fund administrators, administrators not domiciled in the Netherlands Antilles that (i) provide administrative services to (supervised or exempted) Netherlands Antillean investment institutions and (ii) are subject to adequate home country supervision, are eligible for exemption pursuant to article 21 of the National Ordinance Supervision of Investment Institutions and Administrators.
However, the Central Bank has not formally published a list of jurisdictions that are adequately supervised. The Central Bank is currently preparing a list of adequately supervised countries. Cayman, e.g., will be on such list. As long as the list is not finalized and published, a temporary exemption can be obtained on the basis of the ‘adequate home country supervision rules’. It is worthwhile checking with the Central Bank which jurisdictions automatically qualify for a (temporary) exemption.
Karel Frielink
Curacao-based Attorney (lawyer) / Partner
