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International Law

Karel's Legal Blog

Attorney / Lawyer Karel Frielink discusses legal issues relating to Aruba and the Netherlands Antilles (Curacao, Bonaire, St. Maarten, Saba and St. Eustatia).
By Karel Frielink

Post Frequency: 1/day

Last Entry: November 02, 2020 at 12:06:26

MANAGING A COMPANY WHICH BELONGS TO A FOREIGN OWNER

Posted on June 28, 2008
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 the [...

EMERGENCY MEASURES FOR CREDIT INSTITUTIONS IN THE DUTCH CARIBBEAN

Posted on June 24, 2008
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 28 [...

STATUTORY MERGERS UNDER THE LAWS OF THE DUTCH CARIBBEAN

Posted on June 21, 2008
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) are [...

MAY LAWYERS SEARCH FOR METADATA IN DOCUMENTS RECEIVED FROM OPPOSING COUNSEL?

Posted on June 18, 2008
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...

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CREDIT DEFAULT SWAPS AND INSURANCE ISSUES UNDER DUTCH CARIBBEAN LAW

Posted on June 17, 2008
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 an insurer [...

INVESTMENT COMPANY REGULATIONS IN THE DUTCH CARIBBEAN

Posted on June 14, 2008
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...

HARRY POTTER AND THE BATTLE OVER COPYRIGHT LAWS

Posted on June 10, 2008
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...

WHO OWNS THE MOON?

Posted on June 06, 2008
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...

RECOMMENDED LAW FIRMS IN THE NETHERLANDS ANTILLES

Posted on June 06, 2008
Recommendations by PLC Which lawyer? and Chambers and Partners The Practical Law Company is the leading provider of know-how for business lawyers. PLC Which lawyer?, previously known as PLC Global Counsel 3000, is regarded worldwide as the essential guide to lawyers and law firms in more than 100 countries...

TRUST COMPANIES IN THE DUTCH CARIBBEAN

Posted on June 02, 2008
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...

ELECTRONIC TRANSACTIONS IN THE DUTCH CARIBBEAN

Posted on May 24, 2008
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...

AESX PLATFORMS ANNOUNCES LAUNCH OF WEST AFRICA SUSTAINABLE ECONOMIC INITIATIVE

Posted on May 21, 2008
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...

COMPLIANCE IN THE DUTCH CARIBBEAN

Posted on May 20, 2008
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...

FILING FOR BANKRUPTCY IN THE DUTCH CARIBBEAN

Posted on May 17, 2008
The ultimate recourse against a person not paying his debts The bankruptcy order can be applied for either by the debtor or by one or more of its creditors. If the debtor is a company then, pursuant to Article 2:8 par. 4 of the Civil Code, the managing directors do not have the authority to file [...

DUTCH CARIBBEAN HEDGE FUNDS

Posted on May 13, 2008
Curacao provides a favorable climate for hedge funds Curacao, part of the Netherlands Antilles, currently provides a favorable tax, legal and regulatory climate for hedge funds. A fund vehicle can be established quickly and flexibly. Additionally, the current regulatory regime for the supervision of investment institutions and administrators and the anti-money laundering rules provide comfort for [...

HERO BRINKMAN AND THE DUTCH CARIBBEAN POLITICIANS

Posted on May 08, 2008
If you want to read about my personal views on Hero Brinkman click here (in Dutch only). Karel Frielink

DUTCH CARIBBEAN BUSINESS LICENSES

Posted on May 06, 2008
Citizens versus non-citizens According to the Netherlands Antilles Ordinance on the Establishment of Businesses (?Landsverordening betreffende vestiging van ondernemingen?, PB 1946 nr. 43) a license is required to establish a company (?vestigingsvergunning?)...

DUTCH CARIBBEAN ANTI-MONEY-LAUNDERING REGULATIONS (II)

Posted on May 03, 2008
Filing MOT report no blanket protection A provider of financial services, e.g. a bank, has the obligation under Section 11 of the MOT (National Ordinance Penalization Money Laundering) to report to the Financial Intelligence Unit (FIU), without delay, any unusual transaction made or proposed...

DUTCH CARIBBEAN ANTI-MONEY-LAUNDERING REGULATIONS (I)

Posted on April 29, 2008
An overview Important Netherlands Antilles anti-money-laundering regulations include the National Ordinance Penalization Money Laundering (?Landsverordening Strafbaarstelling Witwassen van Geld?, ?NOML?) which criminalizes money laundering, and the National Ordinance on the Reporting of Unusual Transactions (?Landsverordening Melding Ongebruikelijke Transacties?, ?MOT?)...

PROTECTING ONES ASSETS IN A TAX FRIENDLY ENVIRONMENT

Posted on April 22, 2008
Dutch Caribbean as the jurisdiction of choice There are millions of people around the world who can be called wealthy. Many of them want to protect their wealth, against political instability, for example. To do so they can choose among various jurisdictions...

ORDINARY VERSUS SUMMARY PROCEEDINGS IN THE DUTCH CARIBBEAN

Posted on April 19, 2008
Interlocutory or summary proceedings provide for immediate relief Article 110 of the Netherlands Antilles and Aruba Code of Civil Procedure (?the Code?) provides that all adversarial proceedings shall be initiated by means of a petition to the court of first instance...

THE SUPREME COURT OF THE KINGDOM OF THE NETHERLANDS IN CIVIL PROCEEDINGS

Posted on April 15, 2008
It serves the whole Kingdom The Kingdom of the Netherlands is comprised of three separate jurisdictions, the Netherlands (i.e.: the part of the Kingdom located in North Western Europe), the Netherlands Antilles and Aruba. The Netherlands Antilles and Aruba have their own code of civil procedure, which in certain respects is similar, but not identical to [...

STANDARDS OF DUE PROCESS IN THE NETHERLANDS ANTILLES AND ARUBA

Posted on April 12, 2008
The Supreme Court applies strict standards The European Convention for the Protection of Human Rights and Fundamental Freedoms (?EVRM?), including Article 6, which safeguards the right of due process, applies to the standards of due process applicable in the Netherlands Antilles and Aruba...

RESOLUTION OF PROBLEMS IN OR OUTSIDE THE COURT?

Posted on April 08, 2008
Arbitration A party can initiate legal proceedings in a court of law to solve a legal dispute. Alternatively, the parties may opt to appoint one or more persons (arbitrators) to decide on the dispute and by whose decision they both agree to be bound. Why would one opt for binding dispute resolution (arbitration) over regular litigation? There [...

CORPORATE CONFLICTS OF INTERESTS UNDER THE LAWS OF THE DUTCH CARIBBEAN

Posted on April 05, 2008
A particular provision may help to prevent disputes The board of directors has the function of managing, i.e., making policy and conducting the day-to-day management of the corporation. Except for restrictions in the articles of association, the board of directors is responsible for the management of the BV or NV (private or public limited liability company) [...

LAW FIRM MARKETING

Posted on April 01, 2008
It is not about size In many cases and for many clients, the size of a law firm is not of much importance. What is important may differ from client to client, however the following more or less general concepts will undoubtedly play a role: the attitude of the professional, the quality of the services provided, [...

INSIDER TRADING IN THE DUTCH CARIBBEAN

Posted on March 29, 2008
A criminal offense The Netherlands Antilles Ordinance on the Supervision of Stock Exchanges 1998 (?Landsverordening toezicht effectenbeurzen 1988?) contains a prohibition on insider trading. Any person who is in possession of inside information is prohibited from carrying out a transaction or being instrumental in a transaction in securities in a company listed on a Netherlands Antilles stock [...

WILDERS MOVIE WIDELY CONDEMNED

Posted on March 28, 2008
The Dutch Prime Minister Jan Peter Balkenende has reacted to the provocative film Fitna (’strife‘) that Member of Parliament Mr.�Geert Wilders has released on the internet on 27 March. Prime Minister Jan Peter Balkenende�(click here�for the Arabic version): ‘On behalf of the Dutch government, I would like to respond to the online film by Mr Wilders...

NEGOTIATIONS IN THE DUTCH CARIBBEAN ARE SUBJECT TO THE PRINCIPLE OF GOOD FAITH

Posted on March 24, 2008
Disclosing or investigating? Under Dutch Caribbean law, during negotiations parties enter into a contractual relationship governed by good faith. This means that each party should take into account the justified interests of the other party. Each party should also take reasonable steps to avoid the other party reaching an agreement based on false assumptions...

DEMERGERS IN THE DUTCH CARIBBEAN

Posted on March 21, 2008
Transfer of business or legal split-off A split-off can take place by transferring part of the business of a company to its shareholders by way of a dividend in kind. In the event the split-off concerns a subsidiary, the payment in kind would be in the form of shares in such subsidiary...

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