A contractual arrangement may limit the board’s powers Shareholders of a Dutch Caribbean NV or BV may choose between the English/American one-board system and the traditional continental European two-tier system. In a two-tier system there is a management board (parallel to the inside directors on a one-tier board) and a separate supervisory board (parallel to… Continue reading MANAGING A COMPANY WHICH BELONGS TO A FOREIGN OWNER
EMERGENCY MEASURES FOR CREDIT INSTITUTIONS IN THE DUTCH CARIBBEAN
The Central Bank has certain regulatory powers Not all banks perform well. Sometimes things go wrong. In the Netherlands Antilles the Central Bank has certain powers to take over control, if necessary. The Central Bank may request the Court of First Instance to subject a bank (credit institution) to the emergency measure pursuant to Article… Continue reading EMERGENCY MEASURES FOR CREDIT INSTITUTIONS IN THE DUTCH CARIBBEAN
STATUTORY MERGERS UNDER THE LAWS OF THE DUTCH CARIBBEAN
Mergers mostly within a group of companies A statutory merger involves at least two legal entities. The law uses the terms acquiring and disappearing legal entity. The law specifies that only legal entities having the same legal form may merge, specifying that a BV (closed limited liability company) and a NV (public limited liability company)… Continue reading STATUTORY MERGERS UNDER THE LAWS OF THE DUTCH CARIBBEAN
MAY LAWYERS SEARCH FOR METADATA IN DOCUMENTS RECEIVED FROM OPPOSING COUNSEL?
A lawyer may ethically review a document for metadata Lawyers frequently send and receive documents or computer files in electronic form. An electronic document typically includes data that may or may not be visible when viewing the document on the computer screen or as printed out, e.g. the original author’s name, the creation date of… Continue reading MAY LAWYERS SEARCH FOR METADATA IN DOCUMENTS RECEIVED FROM OPPOSING COUNSEL?
CREDIT DEFAULT SWAPS AND INSURANCE ISSUES UNDER DUTCH CARIBBEAN LAW
Are credit default swaps insurance products? The National Ordinance on the supervision of the Insurance Business (“NOSI”) does not contain a definition of ‘insurance agreement’. Under Netherlands Antilles law the definition contained in article 315 of the Netherlands Antilles Commercial Code is usually used, which informally translated reads as follows: “Insurance is an agreement whereby… Continue reading CREDIT DEFAULT SWAPS AND INSURANCE ISSUES UNDER DUTCH CARIBBEAN LAW
INVESTMENT COMPANY REGULATIONS IN THE DUTCH CARIBBEAN
Holding companies are not investing An investment company (NV or BV) is a company that raises or obtains pecuniary means or other property to be used for collective investment with the objective of allowing the participants to benefit from the revenues of those investments. The Netherlands Antilles National Ordinance on the Supervision of Investment Institutions… Continue reading INVESTMENT COMPANY REGULATIONS IN THE DUTCH CARIBBEAN
HARRY POTTER AND THE BATTLE OVER COPYRIGHT LAWS
Can the author come up with a legal spell to prevent the publishing of a HP encyclopedia? J.K. Rowling is the renowned author of the famous fantasy books about the life of wizardry student Harry Potter. Since the release of the first book in 1997, the series have gained huge popularity worldwide. The books have… Continue reading HARRY POTTER AND THE BATTLE OVER COPYRIGHT LAWS
WHO OWNS THE MOON?
No one does actually You may have heard about people selling parts of the moon: they claim that you can become co-owner of moon lots for about US$ 40 per acre. However, in my opinion, the moon belongs to no one, period! No state or government can claim ownership and neither can an individual. To… Continue reading WHO OWNS THE MOON?
TRUST COMPANIES IN THE DUTCH CARIBBEAN
Rendering trust services without a license is prohibited Many international group structures include one or more Dutch Caribbean legal entities or partnerships. The main reasons for this are the internationally competitive conditions for business development in the area of corporate law, the tax system, and the well-developed professional financial services industry of the Netherlands Antilles.… Continue reading TRUST COMPANIES IN THE DUTCH CARIBBEAN
ELECTRONIC TRANSACTIONS IN THE DUTCH CARIBBEAN
A digital signature has the same legal effect as a hand-written signature The Ordinance on agreements concluded electronically (‘Landsverordening overeenkomsten langs elektronische weg’) became effective on 1 January 2001. Trade, financial services and other commercial activities are being conducted electronically at a rapidly growing rate. The Netherlands Antilles was ahead of many countries in developing… Continue reading ELECTRONIC TRANSACTIONS IN THE DUTCH CARIBBEAN
AESX PLATFORMS ANNOUNCES LAUNCH OF WEST AFRICA SUSTAINABLE ECONOMIC INITIATIVE
The Alternative Electronic Stock eXchange has created a specialty exchange for sustainable (financial and social) investing, the MicroFinance Exchange MFDAQ. The MicroFinance Exchange announced yesterday (20 May 2008) the availability for subscription of the first social enterprise to seek capital through the Exchange. The West Africa Sustainable Economic Initiative (WASEI) is the brainchild of former… Continue reading AESX PLATFORMS ANNOUNCES LAUNCH OF WEST AFRICA SUSTAINABLE ECONOMIC INITIATIVE
COMPLIANCE IN THE DUTCH CARIBBEAN
Curacao considers how the US deals with compliance Compliance is essentially about systems and procedures at corporations, banks, funds, trust offices, insurance companies and the like, to ensure that their officers and employees are aware of and take steps to comply with the relevant laws and regulations. It is also referred to as ‘regulatory compliance’.… Continue reading COMPLIANCE IN THE DUTCH CARIBBEAN