New ordinances and rules to be introduced in 2021 In Curacao and St. Maarten major changes are in the pipeline when it comes to regulatory legislation. In July 2020, the Central Bank (CBCS) launched a consultation round on the draft of three national ordinances and a regulation containing generally binding rules. The first draft concerns… Continue reading DEVELOPMENTS IN DUTCH CARIBBEAN FINANCIAL LAW
Tag: supervision
SUPERVISION OF BROKERS AND ASSET MANAGERS IN CURACAO
New Ordinance will enter into force in 2017 In the course of 2017, the Curaçao ‘Landsverordening toezicht effectenbemiddelaars en vermogensbeheerders’ (National Ordinance on the supervision of securities brokers and asset managers) will come into force. The primary aim of the new Ordinance is to introduce a supervisory regime for brokers in the securities business and… Continue reading SUPERVISION OF BROKERS AND ASSET MANAGERS IN CURACAO
SUPERVISION OF SECURITIES TRANSACTIONS IN ARUBA
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
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
INSURANCE BUSINESS IN ARUBA (II)
Different insurance contracts According to the SOSIB a “life insurance agreement” is an insurance contract concerning the payment of cash benefits related to the life or death of man, and a “general insurance contract” is an insurance contract, other than a life insurance contract. Generally, an insurance contract is understood to be an agreement whereby… Continue reading INSURANCE BUSINESS IN ARUBA (II)
INSURANCE BUSINESS IN ARUBA (I)
The Central Bank of Aruba is the regulator The Central Bank of Aruba supervises insurers incorporated in Aruba and the branches and agencies in Aruba of insurers incorporated outside Aruba based on the State Ordinance on the Supervision of the Insurance Business (SOSIB). The SOSIB, effective since 2001, stipulates that life and non-life insurance business… Continue reading INSURANCE BUSINESS IN ARUBA (I)
THE RHYTHM AND BLUES OF CURACAO CONTRACT LAW
Principle of fairness and reasonableness When considered in the perspective of the laws of Curacao, the reliance on or the enforcement of contractual terms and conditions contained in any agreement, may under certain circumstances be contrary to the overriding principle of ‘fairness and reasonableness’ (redelijkheid en billijkheid) which governs the relationship between the parties to… Continue reading THE RHYTHM AND BLUES OF CURACAO CONTRACT LAW
THE UTOPIAN LAWYER
Dare to dream! A high degree of civilisation must be expected from the ideal advocate (attorney; lawyer) as well as a high degree of learning and expertise. A practical attitude, language skill and rhetorical ability form part of the standard baggage of the utopian advocate. He is not only feared for his razor-sharp analyses, for… Continue reading THE UTOPIAN LAWYER
THE LAWYER AS A VIRTUOSO OF LANGUAGE (PART II)
The use of technical concepts has a useful function Another example is the Directive of the European Commission of 18 February 1985 (85/205/EEC) adapting to technical progress Council Directive 71/127/EEC on the approximation of the laws of the Member States relating to the rear-view mirrors of motor vehicles. The term “rear-view mirror” in itself means… Continue reading THE LAWYER AS A VIRTUOSO OF LANGUAGE (PART II)
THE LAWYER AS A VIRTUOSO OF LANGUAGE (PART I)
The use of technical concepts has a useful function Language is the instrument par excellence of the advocate (attorney; lawyer). He uses language to lay down agreements, to provide legal advices, to formulate Court documents, to send demand letters, to make his plea or to conduct talks with clients or counterparties, to send invoices, in… Continue reading THE LAWYER AS A VIRTUOSO OF LANGUAGE (PART I)
THE LAWYER AS ORATOR
A sensitive subject The advocate (attorney; lawyer) as orator is a sensitive subject. Many clients will have listened with curled toes or alternatively with a deep feeling of embarrassment to their own advocate or (if they are lucky) to that of their counterparty at the moment suprême when the so-carefully prepared written summary of the argument… Continue reading THE LAWYER AS ORATOR
ON THE IMAGE OF LAWYERS
Bloodsuckers and hypocrites? Lawyers (attorneys) are often exposed to strong criticism, both here and elsewhere. The late famous Dutch professor A. Pitlo (Evolutie in het privaatrecht, [Evolution in private law] Groningen: H.D. Tjeenk Willink 1972, p. 102) speaks with regard to certain advocates (lawyers) about the ‘half-intellect’ that by intellectualism must succeed in being kept… Continue reading ON THE IMAGE OF LAWYERS