When an investment institution is under the supervision of the AFM, the Wft mandates that the institution does not hold legal ownership of assets. Instead, a foundation custodian must own the legal property. Additionally, the responsibility for the partnership’s payment transactions lies with the foundation's board, including the prior approval of repayments. The board ensures the administrator manages responsibilities carefully and must approve any sales. The duties and relationships with beneficial owners, or investors, are detailed in the prospectus included in the management and custody agreement.
