Supervision in the Dutch Caribbean
Since 10 October 2010, The Netherlands Authority for the Financial Markets (AFM) and de Nederlandsche Bank (DNB – the Dutch central bank) have been jointly supervising financial institutions in the Dutch Caribbean. The Dutch Caribbean consists of the islands Bonaire, Statia, and Saba.
Initially, the supervisory legislation consisted of converted Antillean country regulations. The content remained largely unchanged in the conversion. With effect from 1 July 2012, the Financial Markets (BES Islands) Act [Wet financiële markten BES - Wfm BES] came into force, with the associated subordinate regulations. These laws and regulations mean a change in the regulations that apply to financial institutions in the Dutch Caribbean. Where possible, these regulations has been harmonised with the regulations of the Central Bank of Curacao and St. Maarten (CBCS). However, there are some additions. In this context, special attention must be paid to the rules of conduct for dealing with consumers, such as information provision, duty of care, regulations on lending, and the handling of complaints.
Each enterprise has either the AFM or DNB as its first point of contact. For example, acting as a credit institution or insurer is in principle a matter for DNB. Acting as a provider of credit, adviser, , intermediary, portfolio manager, authorised agent for insurance policies or for mortgages and consumer credit , or offering units in an investment institution, is in principle a matter for the AFM.
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