What you should know about clearing and settlement institutions
On 1 January 2014, the Financial Markets (Amendment) Act 2014 entered into force. One of the amendments entails a licence requirement for clearing and settlement institutions. Until 1 April 2014, all clearing and settlement institutions were granted a licence by operation of law. The three-month period was granted for the institutions to prove that they met the licence requirements, failing which the Dutch Central Bank (DCB) could withdraw the automatically granted licence.
What are clearing and settlement institutions? The main task of clearing and settlement institutions is to facilitate payments by transfer. They provide for the forwarding, approval and netting (clearing and settlement services) of payments by transfer.
Why is supervision over large clearing and settlement institutions necessary? Nowadays the better part of the payments in the Netherlands is made by transfer. Any disruption of the payment transfer system could cause major damage…
Click on the link below to read the rest of the Eversheds briefing.
News from Eversheds
News from The Lawyer
Briefings from Eversheds
The most important advantage of international arbitration is the enforceability of its result, as a deal is only as reliable as the mechanism by which it can be made legally enforceable.
The Court of Appeal decision in CLP Holding Company Ltd v Singh (1) Kaur (2) prompts consideration of a common oversight in dealing with dilapidations claims.
Analysis from The Lawyer
A new breed of lawyer is smoothing the path for companies entering emerging or unstable jurisdictions
‘Exotic’ investors and opportunities for legal work beyond M&A feature in The Lawyer’s high-level roundtable debate on south-east Europe