CBCS approaches the financial sector regarding Complaints Management and Overextension of Credit Regulations

To ensure the proper handling of clients and consumers, such as
guaranteeing that these are properly informed, the Centrale Bank van Curaçao en Sint Maarten (CBCS)
has drawn up generally binding regulations on complaints management and overextension of credit.
Through this press release, the CBCS is inviting the relevant financial institutions in Curaçao and Sint
Maarten to comment on the draft regulations, thus contributing to their improvement.
Draft Complaints Management Regulations
The aim of the draft Complaints Management Regulations/Ordinance is to update and harmonize the
complaint management policies of financial institutions supervised by the CBCS, to ensure an
adequate level of protection for their clients and consumers in general. The Regulation/Ordinance
will replace the current Regeling betreffende Klachtenafhandeling door onder toezicht staande (rechts)personen
(Regulation on Complaints Handling by Supervised [Legal] Persons) published on the CBCS website.
Relevant financial institutions: The entire financial sector under the CBCS’s supervision in Curaçao
and Sint Maarten.
Draft Regulations on the Overextension of Credit
The aim of the draft Overextension of Credit Regulations/Ordinance is to lay down rules to protect
consumers against overextension of credit and to reduce the credit risk for lenders. The
Regulation/Ordinance will replace the current Provisions on Preventing Overextension of Credit, published
on the CBCS website.
Relevant financial institutions: financial institutions operating in Curaçao and/or Sint Maarten that
have been issued a license, dispensation or license exemption by the Bank for the extension of credit
under the National Ordinance on the Supervision of Banking and Credit Institutions.
The draft regulations are available in Dutch and English on the CBCS website (see
https://www.centralbank.cw/legislation-guidelines/conduct-supervision/public-consultation). The
English version is a translation of the official document in Dutch. The English version does not
supersede the official document.
The CBCS invites institutions to send their comments on the draft regulations before January 31,
2021, to in**@ce*********.cw.