The Wft defines an exchange institution as one that pursues the business of performing exchange transactions. Exchange transaction is itself defined as (a) a currency exchange transaction, (b) the payment of coins and banknotes upon presentation of a credit card or against delivery of a document as referred to in Section 1:5a (2), under g, of the Wft, such as paper cheques, including traveller's cheques, postal or money orders etc. Both concepts are defined in Section 1:1 Wft.
What is an exchange institution?
- Relevant for:
- 16 may 2013
On 1 July 2012, the Financial Supervision Act (Wet op het financieel toezicht or Wft) was amended to include a prohibition to pursue the business of an exchange institution without appropriate authorisation. De Nederlandsche Bank (DNB) may issue such authorisation if requested and is responsible for the supervision of exchange institutions.
- Laws and EU Directives
- Base law