Regulatory Alerts2009-08-14 | cba-blob-8523Ministerial Regulation of April 16, 2009 Implementing Section 48 of the State Ordinance on the Supervision of the Credit System
The Ministers of Justice and Finance and Economic Affairs of Aruba issued this regulation to substantially increase the threshold for prohibited public fundraising activities. The amendment raises the minimum amount below which approaching the public for funds is banned from 100,000 to 1,000,000 Aruban florins. This change aims to protect investors in nominal repayable funds and safeguard the reputation of the financial sector.
Unofficial translation 2009 no. 32 OFFICIAL BULLETIN OF ARUBA MINISTERIAL REGULATION of April 16, 2009 in implementation of Section 48, paragraph 1, of the State Ordinance on the Supervision of the Credit System (AB 1998 no. 16). Published May 7, 2009 The Minister of Justice, H.R. Croes
The Minister of Finance and Economic Affairs, having taken into consideration: that it is desirable for the protection of the interests of investors in nominal repayable funds and for the safeguarding of the reputation of the financial sector, to increase substantially the amount below which it is prohibited to approach the public, either directly or indirectly, for the purpose of attracting funds in the course of one’s occupation or business; having regard to: Section 48, paragraph 1, of the State Ordinance on the Supervision of the Credit System (AB 1998 no. 16); HAS DECIDED: Section 1 In section 1 of the ministerial regulation of March 30, 1998 no. 1 in implementation of Section 48, paragraph 1, of the State Ordinance on the Supervision of the Credit System (AB 1998 no. 16), to replace “Afl. 100,000 (ONE HUNDRED THOUSAND FLORINS) by Afl. 1,000,000 (ONE MILLION FLORINS). Section 2 This ministerial regulation comes into effect as of the day after the date on which it is published in the Official Bulletin of Aruba. N.J.J Swaen