st. martin st. maarten sint maarten saint martin sxm st maarten news

Documents Draft national decree, containing general measures, for the implementation of article 56

Status overview received for advice requests from 2017
Released on: 02/02/2021
Date published: 19/03/2021
Draft national decree, containing general measures, for the implementation of article 56, fourth paragraph, of the National Ordinance on the Supervision of Stockbrokers and Asset
Managers (National Decree on application and registration costs for stock brokers and asset managers) (case number 2019/051625)

Advice: With reference to your request for advice dated November 27, 2020 for the opinion of the Advisory Council on the above subject and in connection with its handling on February 1, 2021, the Council will inform you as follows.

Examination of the present draft and the accompanying explanatory memorandum, as well as the other documents enclosed with the request for advice, does not give the Board any reason to comment.

Nevertheless, the Board points to the second paragraph of Article 3 in conjunction with the second paragraph of Article 8 of the Central Bank Statute, which stipulates that the countries of Curaçao and Sint Maarten will ensure that their national legislation is of the Central Bank of Curaçao and Sint Maarten, and the implementing provisions based thereon, are uniform and compatible with the Central Bank Statute, as well as contain an identical commencement date. It cannot be concluded from the documents enclosed with the request for advice whether consultations were held with Sint Maarten about the proposed design in the present draft. The government is recommended to take the aforementioned articles into account.

For technical and editorial comments, the Board refers to the appendix accompanying this advisory report, which forms an integral part thereof.

The Council suggests that you decide accordingly.

The Council points out that Article 27, paragraph 7, in conjunction with paragraph 6, under b, of the National Ordinance Council of Advice prescribes that this advice cannot be disclosed.

Willemstad, February 2, 2021

the Vice-President, the Secretary,


Mrs. mr. LM Dindial mrs. mr. CM Raphaëla

Appendix to the advice of the Advisory Board, RvA no. RA / 53-20-LB

Both the design and the explanatory memorandum have legal and editorial imperfections. The Council cites the following examples.

The design

Article 2

It is proposed to include the article “the” in parts a, b and c of the second paragraph between “for” and “application”.

It is also proposed in the third paragraph to replace ‘This amount will not be’ by ‘The amount referred to in the second paragraph will not be’.

The explanatory memorandum

Page 3

It is proposed to:

to indicate in a footnote the location of the national ordinance referred to in the first sentence of paragraph I. “General part”;

to indicate in the first sentence of the fourth block of text of paragraph I. “General part” what the consultation date or consultation period was;

to include in the last sentence of the last text block between “one” and “of” the word “been”, on the understanding that the latter word will be deleted from the first sentence on page 4 of the explanatory memorandum.

It follows from the third block of text of paragraph I. “General part” of the explanatory memorandum (page 3) that in order to determine a method that will be used in the calculation of the costs for an application or registration, a link has been sought with the region. . Later in the same paragraph, but in the third block of text on page 4 of the explanatory memorandum, it follows that the Central Bank of Curaçao and Sint Maarten has aligned its rate determination process with the application rates used at competing jurisdictions in Europe and in the region.

The Council advises the government to correct this discrepancy in the explanatory memorandum by adjusting the explanatory memorandum.

Page 4

It is proposed to replace “op” with “in” in the last sentence of the second text block.

Page 5

It is proposed to delete the word “each time”.

It is proposed to replace “national ordinance” in the penultimate sentence by “National ordinance on the supervision of securities brokers and asset managers”.

CONTACT

Architectenweg 1, Saliña – Curaçao
T .: (5999) 461 2678 | F .: (5999) 465 2676 | Email: info@raadvanadvies.cw

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.