If the investment institution is supervised by the AFM, the Wft requires that it does not retain legal ownership of the assets. In these cases, the law requires the custodian of the foundation to be the owner of legal property. In addition, the payment transactions of the partnership are the responsibility of the foundation board. This means, among other things, that repayment must be approved in advance by the board of the foundation. It checks whether the administrator performs the management carefully. In addition, the custodian must approve sales. The duties and relationships with the beneficial owners (the investors) form part of the prospectus, by including it in the management and custody agreement.
