RegAlertRule · DNB · 16 May 2013
Authorisation required for exchange institutions
Under the Financial Supervision Act, De Nederlandsche Bank (DNB) must authorize any institution pursuing exchange office business in the Netherlands, including through branch offices. The prohibition on operating as an exchange institution does not apply to parties already authorized to pursue the business of a bank or payment service provider. Activities may not be performed until such authorization has been issued.
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Pursuant to the Financial Supervision Act (Wet op het financieel toezicht or Wft), an exchange institution may not pursue its business until and unless it has been authorised by DNB. To determine whether authorisation is required, it must be decided whether the institution and its transactions qualify as an exchange office and, respectively, exchange transactions.
Published: 16 May 2013
The law prohibits the pursuit of the business of an exchange office in the Netherlands unless authorisation has been issued by DNB. This prohibition also applies to the pursuit of the business of an exchange office through a branch office located in the Netherlands. The prohibition on operating as an exchange institution does not apply to parties that have already been authorised to pursue the business of a bank a or payment service provider.
Under the Wft, De Nederlandsche Bank (DNB) is responsible for the authorisation and supervision of exchange institutions. The activities may not be performed until such authorisation has been issued.
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