Regulatory Alerts2011-12-21
Added · Updated
Prohibition against inviting repayable funds
The Financial Supervision Act prohibits operating as a bank or electronic money institution without authorization and forbids inviting repayable funds from the public. This prohibition applies to all persons and undertakings except licensed banks, public authorities, entities offering securities under conduct supervision rules, special purpose reinsurance vehicles, and those with specific exemptions or dispensations from De Nederlandsche Bank. Repayable funds are defined as amounts with a clear nominal value and repayment obligation, excluding items such as casino chips, collateral deposits, advance payments, and funds held for onward payments within five calendar days. Entities seeking clarity on whether their activities fall under this prohibition may submit a scope assessment request to the Expert Centre on Market Access.