THE GENERAL PENSION FUND OF THE NETHERLANDS ANTILLES

The APNA is subject to supervision

The General Pension Fund of the Netherlands Antilles (‘Algemeen Pensioenfonds van de Nederlandse Antillen’; the “APNA”) is governed by its own State Ordinance (‘Landsverordening Algemeen Pensioenfonds van de Nederlandse Antillen’; “SOAPNA”).

The APNA is subject to supervision by the Netherlands Antilles Central Bank and, as far as the annual financial statements, amongst other things, are concerned it is subject to supervision by the General Auditor’s Office a.k.a. General Chamber of Audit (‘Algemene Rekenkamer’). The General Auditor’s Office audits government and government related activities, including government owned companies.

Netherlands Antilles pension funds are obliged to invest domestically 40% of the first tier of NAf 10 million (US$ 5.6 million) of the total provisions and liabilities, 50% of the second tier of NAf 10 million and 60% of the remaining provisions and liabilities (Central Bank Announcement regarding Foreign Exchange of 1 July 2000; 2000/K.7).

According to Article 16 of the SOAPNA, certain restrictions apply to the investment products in which the APNA may invest its funds. The only funds which may be invested in are, for instance, first class shares (Blue Chip), which must be officially listed on one of the global exchanges, and first class bonds (‘obligaties’) which must be marketable on one of the global exchanges. The other products/categories mentioned in the SOAPNA all deal with local investments: shares, bonds and real estate in the Netherlands Antilles.

Karel Frielink
Attorney (Lawyer) / Partner

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