Regulatory Alerts2017-09-05
Added · Updated
Administrative fines under the Wft, Pw, Wtt, Wwft and Sw
De Nederlandsche Bank and the AFM impose administrative fines for non-compliance with the Wft, Pw, Wvb, Wtt 2018, Wwft, and Sw, targeting natural persons, legal entities, and de facto directors. Fines are categorized by severity, with Category 1 carrying a fixed €10,000 penalty, while Categories 2 and 3 involve base amounts of €500,000 and €2,500,000 respectively, adjustable by up to 50% based on gravity and culpability. Recidivism doubles the fine amount, and disclosure of decisions is mandatory upon becoming irrevocable, with early disclosure required for grave offenses under specific acts. The procedure allows for objections within six weeks and appeals to the Rotterdam District Court, with payment suspended during these proceedings.