New Ordinance entered into force on 1 January 2017 The Aruba National Ordinance on the Supervision of Securities Transactions (Landsverordening toezicht effectenverkeer; NOSST) entered into force on January the 1st, 2017. With this National Ordinance, a licensing obligation is introduced for stockbrokers, asset managers, investment institutions, managers of investment funds, and operators of a stock… Continue reading SUPERVISION OF SECURITIES TRANSACTIONS IN ARUBA
Tag: license
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
AGENCY AND DISTRIBUTION AGREEMENTS IN THE NETHERLANDS CARIBBEAN (II)
Distribution agreement So-called agency agreements frequently bear resemblance in actual practice, to (certain aspects of) distribution agreements. Hence, so-called ‘agency agreements’ are in actual fact not infrequently mixed type agreements, consisting of an agent and a distribution element. In general, a distributor buys goods from a principal in his own name and for his own… Continue reading AGENCY AND DISTRIBUTION AGREEMENTS IN THE NETHERLANDS CARIBBEAN (II)
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
TRADE MARK LAW: PLACING LUXURY GOODS IN DISCOUNT STORES CAN AFFECT THEIR QUALITY
French fashion house Dior has the upper hand in legal battle over ‘dumping’ of its goods Placing luxury goods like Christian Dior products in discount stores can affect their quality according to the European Court of Justice, in a ruling on April 23, 2009, thereby backing the renowned French fashion house Dior in a trademark case.… Continue reading TRADE MARK LAW: PLACING LUXURY GOODS IN DISCOUNT STORES CAN AFFECT THEIR QUALITY
INSURANCE BUSINESS IN THE DUTCH CARIBBEAN (II)
Limitations apply to a foreign insurance company A foreign insurance company, i.e. a company not having its seat in the Netherlands Antilles and not operating through any kind of branch office (including a local representative), is allowed to insure a risk located in the Netherlands Antilles (for instance Curaçao), provided this occurs on an incidental… Continue reading INSURANCE BUSINESS IN THE DUTCH CARIBBEAN (II)
INSURANCE BUSINESS IN THE DUTCH CARIBBEAN (I)
A license is required The insurance business in the Netherlands Antilles is regulated by the National Ordinance on the Supervision of the Insurance Business 1990 (Landsverordening toezicht verzekeringswezen, the “NOSI”). The NOSI divides the insurance business into life insurance and indemnity insurance products. Indemnity insurance products are in turn divided into a number of categories:… Continue reading INSURANCE BUSINESS IN THE DUTCH CARIBBEAN (I)