THE CUSTODY OF SECURITIES IN THE NETHERLANDS CARIBBEAN

Separate legal entity

Generally, securities that must be held by a Netherlands Antilles bank on behalf of its clients will be held by a custodian. In most cases the custodian is either a foundation (‘stichting’) or a wholly owned subsidiary (NV or BV) of the bank.

The scope of the activities of the custodian will be limited to holding shares, bonds, notes, certificates and other securities. The insolvency risk of the custodian is therefore minimized. Alternatively, these securities can also be held in the name of the custodian by independent custody companies abroad, including brokers, agents and sub-custodians. In both …
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05
Dec 2009
CATEGORY

Finance

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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 …
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29
Nov 2008
CATEGORY

Legal

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