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CORPORATE GOVERNANCE AND FINANCIAL COMPLIANCE IN THE NETHERLANDS ANTILLES: A REVIEW OF CURRENT TRENDS AND DEVELOPMENTS
The Netherlands Antilles, comprising Aruba, Curaçao, Sint Maarten, and the BES Islands (Bonaire, Sint Eustatius, and Saba), has a diverse legal framework that presents both challenges and opportunities for corporate governance and financial compliance. In this article, we will review current trends and developments in these areas.
Corporate Law and Governance
Recent reforms have introduced significant changes to the civil code on corporate law and corporate governance in Curaçao and Aruba.
- The revised laws abolish bearer shares
- Extend liability to supervisors
- Require private foundations to maintain a register of beneficiaries
- May necessitate amendments to articles of association for local entities
These changes aim to improve corporate governance standards in the region.
Corporate Governance Code
The Central Bank of Curaçao and Sint Maarten will issue an extensive new corporate governance code for all supervised financial institutions in 2023. This development aims to enhance corporate governance standards in the region.
Competition Law
Curaçao has implemented competition law, while Aruba is in the process of adopting a similar framework. These laws require:
- Notification of mergers and acquisitions
- Enforcement of cartel prohibitions
- Other forms of market abuse
This will help maintain fair business practices in the region.
Environmental Legislation
The BES Islands have led the way in environmental legislation in the Netherlands Antilles, with existing and future industrial facilities required to take measures to comply with environmental norms. This trend is expected to continue across the region.
Mergers and Acquisitions
Mergers and acquisitions have primarily taken place in the communications and utilities sector, with a focus on realizing economies of scale and diminishing government influence.
Online Gaming
Curaçao is modernizing its gambling legislation, focusing on online gaming operators. The new law is expected to bring international standards and provide individual permits per operator.
Spatial Planning
As economic operations increase and populations grow, governments are introducing spatial planning regulations that affect existing development possibilities.
Stock Exchange
The Dutch Caribbean Securities Exchange (DCSX) in Curaçao operates under a well-functioning supervisory environment and has developed into a small, stable, and profitable exchange. DCSX aims to become the main securities exchange in the region.
Conclusion
In conclusion, the Netherlands Antilles offers diverse legal frameworks and opportunities for corporate governance and financial compliance. Understanding local circumstances is crucial, but this can provide many opportunities for investors. As the region continues to develop, we can expect further innovations and reforms in these areas.