Without a licence it is forbidden under the Wtt:
- to operate as a trust office in the Netherlands;
- for any entity with its seat outside the Netherlands to operate as a trust office by providing services to the Netherlands without a licence from DNB;
- to perform activities relating to the provision of trust services by a trust office that has its seat in a non-designated State and that does not have a licence from DNB.
Under the Wtt DNB is responsible for supervising and licensing trust offices. In order to determine whether proposed activities require a licence, it first has to be decided whether the activities constitute trust services. The activities are not allowed to be performed until a licence has been granted.