The supervision on trust service providers resulted from the enactment of the National Ordinance on the Supervision of Trust Service Providers (N.G. 2003, no. 114) (“NOST”) as of January 2004. The main objectives of the NOST are to preserve and foster the reputation of the Countries Curacao and Sint Maarten as a sound, transparent, and reputable financial center by exerting effective supervision of trust service providers with either a license or dispensation. Furthermore, the NOST aims to protect the interests of the (potential) clients of trust service providers. Exerting effective supervision comprises, among other things, assessing the financial soundness, business integrity, administrative organization, and internal control environment, along with the provision of qualitative trust services by the licensed institutions.