Identity of ultimate beneficiary must be known According to the Order on Sound Operational Management (the Order)(‘Regeling integere bedrijfsvoering Wet toezicht trustkantoren’) pursuant to the ASTO, a trust office shall know the identity of the ultimate beneficial owner (‘UBO’) of an object company and keep the evidence used to determine who qualifies as the ultimate… Continue reading THE DUTCH SUPERVISION ON TRUST COMPANIES (IV)
THE DUTCH SUPERVISION ON TRUST COMPANIES (III)
Policy rule on integrity testing The integrity of those having a certain interest in, or control over, a trust office (such as managers, supervisory directors and persons who determine or help determine policy) will be tested and their antecedents investigated (Article 3 of the Dutch Act on the Supervision of Trust Offices; ‘ASTO’). The test… Continue reading THE DUTCH SUPERVISION ON TRUST COMPANIES (III)
THE DUTCH SUPERVISION ON TRUST COMPANIES (II)
Regulatory framework aims at sound operational management Section 10 (1) of the Dutch Act on the Supervision of Trust Offices (the ‘ASTO’) states that rules may be issued for trust offices, pursuant to an order in council, i.e. a governmental decree, with the intention of ensuring sound operational management. Such rules were issued in the… Continue reading THE DUTCH SUPERVISION ON TRUST COMPANIES (II)
CURACAO RECEIVES TOP RANKING IN HEDGE FUND ADMINISTRATION SURVEY
Curacao is again ranked #1 According to the 2008 Global Custodian Hedge Fund Administration Survey, Curacao (Dutch Caribbean) is the # 1 location for hedge fund administration services. Curacao outperformed Singapore, Dublin, Toronto, Hong Kong, Luxembourg, Amsterdam and the Cayman Islands, to name just a few. Curacao is known for its excellent legal and tax infrastructure,… Continue reading CURACAO RECEIVES TOP RANKING IN HEDGE FUND ADMINISTRATION SURVEY
THE DUTCH SUPERVISION ON TRUST COMPANIES (I)
The Dutch Central Bank is the supervisor The Dutch Act on the Supervision of Trust Offices (‘ASTO’) (‘Wet toezicht trustkantoren’) entered into force on the 1st of March 2004. According to the legislative history, the Explanatory Notes to the Act, the aim of the ASTO is to promote the integrity of the financial system by… Continue reading THE DUTCH SUPERVISION ON TRUST COMPANIES (I)
CHURANDY MARTINA WINS SILVER ON 200M IN BEIJING, BUT…
was wrongly disqualified On 20 August 2008, Churandy Martina won the silver medal in the 200 metres at the Olympics behind Usain Bolt in 19.82 seconds, the first time he had run sub-20s. He was the first medal winner for the Netherlands Antilles after Jan Boersma won silver in sailing at the 1988 Summer Olympics in Seoul.… Continue reading CHURANDY MARTINA WINS SILVER ON 200M IN BEIJING, BUT…
DUTCH CARIBBEAN PRIVATE INTERNATIONAL LAW
The legal effects doctrine: an exception to the lex loci delicti rule Under Dutch Caribbean rules of private international law, a claim arising from an unlawful act is governed, in the absence of a choice of jurisdiction by the parties, by the law of the country were the unlawful act was committed (lex loci delicti).… Continue reading DUTCH CARIBBEAN PRIVATE INTERNATIONAL LAW
LIABILITY FOR NOT OR LATE FILING FOR BANKRUPTCY IN THE DUTCH CARIBBEAN
No obligation to file for bankruptcy There is no statutory obligation in the Netherlands Antilles for managing directors of a company to file for the bankruptcy of the company. Managing directors are therefore not responsible to the creditors for damages sustained by them as a result of any ‘late’ filing for bankruptcy. There is no… Continue reading LIABILITY FOR NOT OR LATE FILING FOR BANKRUPTCY IN THE DUTCH CARIBBEAN
INADEQUATE CAPITALIZATION IN THE DUTCH CARIBBEAN
Liability for thin-capitalization? In terms of ‘piercing the corporate veil’, thin or inadequate capitalization usually means capitalization that is not in proportion to the nature of the risks the business of the corporation necessarily entails; in other words it is based on likely economic needs rather than legal requirements. Shareholders of a company in the… Continue reading INADEQUATE CAPITALIZATION IN THE DUTCH CARIBBEAN
LIABILITY OF DE FACTO MANAGING DIRECTORS IN THE DUTCH CARIBBEAN
Policy maker can be held liable As a general rule a corporation in the Netherlands Antilles is a legal entity distinct from its shareholders. In terms of liability for mismanagement the law focuses on the managing directors as well as other persons who actually “act as managers” (a.k.a. policy makers or de facto managing directors).… Continue reading LIABILITY OF DE FACTO MANAGING DIRECTORS IN THE DUTCH CARIBBEAN
PRE-EMPTION RIGHTS IN THE DUTCH CARIBBEAN
Prevent a shareholder from dilution According to article 2:106 of the Netherlands Antilles Civil Code shareholders have a pre-emption right on the issue of new shares, being the right to be offered any new issue in each class, pro rata to the number of shares of such class held by them. The pre-emption right is… Continue reading PRE-EMPTION RIGHTS IN THE DUTCH CARIBBEAN
DUTCH SAME-SEX COUPLES HAVE THE SAME RIGHTS AS OPPOSITE-MARRIED COUPLES IN THE DUTCH CARIBBEAN
Spigthoff represented plaintiff According to a recent court ruling in the Netherlands Antilles (Court of First Instance, 17 July 2008), a same-sex couple that was married in the Netherlands and subsequently moved to the Netherlands Antilles (Curacao), has the same rights under Netherlands Antilles law (or Aruban law as the case may be) as Netherlands Antilles… Continue reading DUTCH SAME-SEX COUPLES HAVE THE SAME RIGHTS AS OPPOSITE-MARRIED COUPLES IN THE DUTCH CARIBBEAN