The activities of our wholly-owned subsidiary NIBC Bank N.V. are subject to supervision by the Dutch Central Bank and the The Netherlands Authority for the Financial Markets, the two Dutch supervisory authorities for the financial services industry.
NIBC Bank N.V. is authorised to operate as a bank under the Financial Supervision Act on the basis of a license granted by the Dutch Central Bank. This license also allows NIBC Bank N.V. to provide investment services such as asset management and securities brokerage.
Our foreign branches in London, Brussels and Frankfurt are authorised to operate in the United Kingdom, Belgium and Germany, respectively, by way of an EEA-passport under the Banking Consolidation Directive (2000/12/EC). This means these branches carry on their banking activities in the respective countries on the basis of NIBC Bank N.V.'s license and a notification by the Dutch Central Bank as provided for under the Banking Consolidation Directive. NIBC Bank N.V. is regulated by the Financial Services Authority for the conduct of designated investment business in the U.K.
Our U.S. subsidiary NIBC Credit Management, Inc. is licensed by the U.S. Securities and Exchange Commission (the 'SEC') as an investment adviser and regulated under the U.S. Investment Advisers Act of 1940, as amended (the 'Investment Advisers Act').
NIBC Bank Ltd. is our Singapore subsidiary. It is operating as an approved merchant bank under the Monetary Authority of Singapore Act, Chapter 186 (the 'MAS Act').