Gaat de zorgplicht mee over? De Hoge Raad heeft op 10 juli 2020 twee uitspraken gedaan, weliswaar naar Nederlands recht, maar ook relevant voor het ‘Nederlands Caribische’ recht (ECLI:NL:HR:2020:1274 en ECLI:NL:HR:2020:1276). De kernvraag was of een bank, waarop een (bijzondere) zorgplicht jegens cliënten rust, een vordering op een cliënt mag overdragen aan een niet-bank. En… Continue reading OVERDRACHT VORDERING DOOR BANK AAN NIET-BANK
Tag: bank
THE DUTY OF CARE OF BANKS
Banks are under the obligation to exercise due care In the Dutch Caribbean, no separately defined body of law exists with regard to the relationship between a (commercial) bank and its customer. The standard general terms and conditions applied by banks in the Dutch Caribbean have an important function in the legal relationship between banks and their… Continue reading THE DUTY OF CARE OF BANKS
CURACAO CREDIT INSTITUTIONS
Prudential supervision The Curacao regulatory legislation applicable to credit institutions provides for requirements with regard to the prudential supervision in general. Such prudential supervision sees to the liquidity and solvency position of a bank without going into further detail for instance as to the safekeeping of assets or maintaining of accounts of third parties. The… Continue reading CURACAO CREDIT INSTITUTIONS
BANKING SUPERVISION IN CURACAO AND SINT MAARTEN
Prudential rules and requirements The Central Bank of Curacao and St. Maarten is responsible for the care of the financial system’s health, effected through on and off site inspections of the banking and other financial institutions authorized to operate in Curacao and St. Maarten. The National ordinance on the supervision of banks and credit institutions… Continue reading BANKING SUPERVISION IN CURACAO AND SINT MAARTEN
CREDIT INSTITUTIONS IN ARUBA
A license is required According to Section 4 of the Aruba State Ordinance on the Supervision of the Credit System 1998 (SOSC), no enterprise or institution established in Aruba shall pursue the business of a credit institution unless it has obtained authorization to that end from the Central Bank. No enterprise or institution established outside… Continue reading CREDIT INSTITUTIONS IN ARUBA
CREDIT INSTITUTIONS IN CURACAO AND ST. MAARTEN
A license is required The National Ordinance on the supervision of banking and credit institutions 1994 (Landsverordening toezicht bank- en kredietwezen, the “NOSB”) of both Curacao and St. Maarten prohibits any one (other than a licensed Credit Institution) from – directly or indirectly – soliciting funds from the public or extending credit to the public… Continue reading CREDIT INSTITUTIONS IN CURACAO AND ST. MAARTEN
NON-POSSESSORY PLEDGE UNDER THE LAWS OF ARUBA
A non-possessory pledge requires a deed Security rights are an important issue, especially in financing transactions. A company may, for example, guarantee the obligations of another company under a certain loan facility. There are several alternatives, one of which will be discussed here. Under the laws of Aruba there are several kinds of pledges, in… Continue reading NON-POSSESSORY PLEDGE UNDER THE LAWS OF ARUBA
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… Continue reading THE CUSTODY OF SECURITIES IN THE NETHERLANDS CARIBBEAN
NETHERLANDS CARIBBEAN BANKS AND REGULATORY ISSUES
A bank has less freedom than an ordinary legal entity What would be the requirements, from a regulatory point of view, if a Netherlands Antilles bank wished to sell its entire business or a substantial part thereof? Would it require approval from the Netherlands Antilles Central Bank (de ‘Bank van de Nederlandse Antillen’)? Generally, if the… Continue reading NETHERLANDS CARIBBEAN BANKS AND REGULATORY ISSUES
BES LAW DEVELOPMENTS
Bonaire, St. Eustatius and Saba (BES) Within a couple of years, the BES Islands, as public entities, will be part of the country of the Netherlands in the framework of the political restructuring in the Kingdom of the Netherlands. The US dollar will be introduced as the new currency in the BES Islands. Curacao and… Continue reading BES LAW DEVELOPMENTS
THE OFFERING OF NOTES IN THE DUTCH CARIBBEAN
Only to licensed credit institutions Any Notes (including rights representing an interest in a Note in global form) that are offered as part of their initial distribution or by way of a re-offering in the Netherlands Antilles, shall, in order to comply with the Netherlands Antilles National Ordinance on the supervision of banking and credit… Continue reading THE OFFERING OF NOTES IN THE DUTCH CARIBBEAN
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