When does a person or institution need dispensation (‘ontheffing’) of the Bank to do business?
According to article 45, section 1 of the National Ordinance on the Supervision of Banking and Credit Institutions 1994 (N.G. 1994, no. 4) it is forbidden for anyone to directly or indirectly apply to the public to raise funds or to grant credits without prior permission of the Bank. Consequently, every person or entity that wants to engage into credit extension activities or the raising of funds from the public will need a dispensation from the prohibition in section 1 of article 45 the aforementioned National Ordinance.
