SUPERVISION OF SECURITIES TRANSACTIONS IN ARUBA

New Ordinance entered into force on 1 January 2017

The Aruba National Ordinance on the Supervision of Securities Transactions (Landsverordening toezicht effectenverkeer; NOSST) entered into force on January the 1st, 2017. With this National Ordinance, a licensing obligation is introduced for stockbrokers, asset managers, investment institutions, managers of investment funds, and operators of a stock exchange, and ongoing supervision on the same.

The Central Bank of Aruba decides on any market access of stockbrokers, asset managers, investment institutions, managers of investment funds, custodians and (operators of) stock exchanges, and supervises them (Section 3 NOSST).

It is forbidden to operate in …
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21
Apr 2017
CATEGORY

Finance

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DRAG-ALONG RIGHTS UNDER THE LAWS OF ARUBA

Drag-along rights may be validly created

On January 1, 2009 the new Aruba Ordinance on companies with limited liability (vennootschap met beperkte aansprakelijkheid; VBA) became effective.

A drag-along right is a right that enables a majority shareholder to force a minority shareholder to join in the sale of his shares in a company (VBA). Generally, the majority shareholder doing the dragging must give the minority shareholder the same price, terms, and conditions that apply to him. The question with regards to Aruban law is whether the articles of association of a VBA may contain drag-along provisions.

Article 25(1) of the …
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16
Jan 2010
CATEGORY

Corporate

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TRADE MARK LAW: PLACING LUXURY GOODS IN DISCOUNT STORES CAN AFFECT THEIR QUALITY

French fashion house Dior has the upper hand in legal battle over ‘dumping’ of its goods

Placing luxury goods like Christian Dior products in discount stores can affect their quality according to the European Court of Justice, in a ruling on April 23, 2009, thereby backing the renowned French fashion house Dior in a trademark case. At issue is the extent to which companies such as Dior can defend themselves against products bearing their brands being “dumped” even though the licensing agreement clearly prohibits the licensee from doing so.

On May 17, 2000 the fashion house concluded a …
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28
Apr 2009
CATEGORY

Legal

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