The Securities Broker Act (Landsverordening toezicht effectenbemiddelaars en vermogensbeheerders) recently came into effect in Curaçao. The Securities Broker Act contains two prohibitions that prevent both securities brokers and individual portfolio managers acting in or from Curaçao without a license from the Central Bank of Curaçao and St. Maarten.
A "securities broker" is defined in the Securities Broker Act as a person carrying out activities as intermediary for clients with a view to the execution of securities transactions. An “individual portfolio manager” is defined as a person carrying out, on a discretionary basis, the management of securities for clients, other than as manager of an investment fund, including executing securities transactions for the account of clients. These activities were previously unregulated in Curaçao. The abovementioned prohibitions do not apply if the services are solely provided to professional market parties. The Securities Broker Act also applies to foreign institutions that act as securities brokers or individual portfolio managers in Curaçao. However, the parliamentary notes make clear that no license is required as long as a foreign institution does not actively approach Curaçao residents (de minimis exception), and other exemptions may be available as well.