Raising money without a license is prohibited

The National Ordinance on the Supervision of Investment Institutions and Administrators 2002 (Landsverordening toezicht beleggingsinstellingen en administrateurs, a.k.a. “NOSIIA”) of both Curacao and St. Maarten prohibits raising, or obtaining, pecuniary means or other property for the purpose of participating in an investment institution that has not been granted a license by the Central Bank of Curacao and St. Maarten, and prohibits  offering participating interests in such an investment institution in or from Curacao or St. Maarten respectively.

Investment institutions may be exempted from this prohibition if the moneys or goods to be exchanged for units of an investment institution are solicited or obtained solely from natural persons who, or legal entities which, in pursuit of their occupation or business, deal or invest in investment vehicles, or if the participating interests of an investment institution are offered solely to this category of natural persons and legal entities.

Furthermore, investment institutions offering their participating interests only or also to natural persons and/or legal entities considered by the Central Bank to have comparable skills and competency as the professional (market) operators to form their own balanced opinion about the offer being made, also may in individual cases be exempted from said prohibition.

Karel Frielink
Attorney (Lawyer) / Partner

(7 September 2011)


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