Financial Crime World

Here is the rewritten article in markdown format with proper headings, subheadings, and bullet points:

Corporate Governance and Financial Compliance in the Netherlands Antilles

The Netherlands has established a robust framework for corporate governance and financial compliance, ensuring that companies operating in the country adhere to strict rules and regulations.

The Dutch Civil Code (DCC)

The DCC sets out the duties and powers of various corporate bodies, including:

  • Representation
  • Conflicts of interest
  • Liability of management board members

These rules provide a foundation for good governance practices in the Netherlands.

Court-Enforced Compliance

Compliance with DCC rules can be enforced through the courts, providing a mechanism for accountability and oversight. In 1994, a right of inquiry was introduced, allowing shareholders to request a court to investigate a company’s policy and affairs.

Key Provisions

  • Right of inquiry
  • Court enforcement of compliance
  • Accountability and oversight

Supervision of Business Conduct

The Financial Supervision Act (FSA) regulates the business conduct of listed companies, covering topics such as:

  • Disclosure of major holdings
  • Financial reporting
  • Market abuse prevention
  • Institutional investor obligations

Key Responsibilities

  • Authority for the Financial Markets (AFM)
  • Regulation and supervision of listed companies
  • Enforcement of FSA rules

Self-Regulation through Codes of Conduct

In addition to statutory regulations, the Netherlands has a system of self-regulation through codes of conduct developed by various sectors. These codes cover topics such as governance principles, disclosure requirements, and best-practice provisions.

Key Sector-Specific Codes

  • Dutch Corporate Governance Code
  • Pension funds code
  • Housing corporations code
  • Banks code

Comply or Explain System

Both the Corporate Governance Code and sector-specific codes adopt a comply or explain system, requiring companies to disclose how they applied the principles and best-practice provisions on their websites. If applicable, companies must provide a reasoned explanation for non-compliance.

Key Requirements

  • Disclosure of compliance
  • Reasoned explanations for non-compliance
  • Annual reporting requirements

Monitoring Committee Reports

An annual report is issued by a monitoring committee that reviews compliance with both codes, highlighting areas of concern and problem spots.

Key Responsibilities

  • Monitoring committee
  • Review of compliance
  • Reporting on areas of concern

Resources for Further Information

For more information on corporate governance in the Netherlands, please consult:

https://thelawreviews.co.uk/edition/the-corporate-governance-review-edition-1

Contact Stichting Eumedion

For inquiries or general information, please contact Stichting Eumedion at:

Stichting Eumedion Zuid Hollandlaan 72 2596 AL THE HAGUE The Netherlands

T: +31 70 2040 300 (general) E: info@eumedion.nl