|
On March 1, 2004 The Act on the Supervision of Trust
Offices entered into force.
Under this Act the Dutch Central Bank (De Nederlandsche Bank N.V. or “DNB”) has
been charged with implementing this legislation. The legislation
introduces direct supervision of all trust offices through a licensing
system.
Dufisco has been
granted a license and has been registered as such in the relevant
Register, held by the Dutch Central Bank.
Under the present Act only licensed trust companies are
allowed to render the specific services, in which our type of companies
is specialized.
To obtain the license the trust offices and their management
and personnel have to meet statutory requirements on personal and
corporate integrity, professional expertise and solid operational
processes.
The
trust offices have to allow the supervisor to visit their office and to
inspect their operational management and organization. Such inspection
takes place on a periodical basis.
|