Regulatory Alerts2026-03-09
Fine Imposed on Lynx B.V. for Advertising Rule Violations
The Dutch Authority for the Financial Markets (AFM) imposed a €300,000 administrative fine on Lynx B.V. for repeatedly violating advertising regulations by presenting risk disclosures in smaller fonts with inadequate color contrast between December 2023 and March 2024. The regulator mandates that investment firms must ensure all promotional materials accurately and prominently highlight associated risks, particularly when emphasizing potential benefits to execution-only retail investors. While the penalty was moderated due to Lynx's cooperative investigation conduct, the AFM stressed that previous warnings proved ineffective, reinforcing strict enforcement of financial marketing transparency standards.
Measure
09/03/26
The Dutch Authority for the Financial Markets (AFM) imposed an administrative fine of €300,000 on Lynx B.V. (Lynx) on 17 April 2025 for repeatedly violating advertising rules during the period from 1 December 2023 to 19 March 2024. In deciding to fine Lynx, the AFM explicitly considered that previous warnings had not achieved the desired effect, although the fine amount was moderated due to, among other things, Lynx's constructive attitude during the investigation.
In brief
Incorrect presentation of risk indicators in advertising materials
Previous warnings did not have the desired effect
Incorrect presentation of risk indicators in advertising materials Investment firms, such as Lynx, are obligated to ensure that their advertising materials are accurate. They must also clearly indicate the risks associated with an investment service, especially when promoting potential benefits. In several investigated materials and on the website, this was not done: the risk indicator was displayed in smaller font than the rest of the text, and the color contrast with the background was too low. This violates the rules.
Lynx targets execution-only (retail) investors who wish to trade actively. For every investor, information about risks is crucial to understanding potential financial consequences. Failure to comply with advertising regulations is therefore serious, especially because the violations occurred over an extended period: from 1 December 2023 to 24 February 2024, and again on 19 March 2024.
Laura van Geest, CEO of the AFM: “Companies must ensure that their communications are accurate, clear, and non-misleading. Those who emphasize benefits must also make risks clear and visible. We closely monitor compliance with these rules and intervene where necessary to protect consumer confidence in the financial sector.” Previous warnings did not have the desired effect In its decision to impose a fine on Lynx, the AFM also considered its supervisory history. A key factor was that the AFM had previously issued multiple warnings to Lynx. Despite these warnings, the AFM identified further violations.
You can download the full decision below in PDF format. The AFM's decision can no longer be submitted to a court for review by interested party(ies). This press release does not indicate whether an objection or appeal against the measure has been filed. You can consult the current status below.
For questions, consumers can contact the AFM's Financial Markets Reporting Point: 0800-5400 540 (free of charge).
More information
Decision on objection to fine imposition Lynx B.V. (pdf, 452 kB)
Fine decision Lynx B.V. (pdf, 2.62 MB)
Current status Lynx B.V. (pdf, 237 kB)
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