AFM Fines

First AFM fine for disclosure of inside information

A fine imposed by the AFM for disclosure of inside information was recently upheld by a court of appeal in the Netherlands. The court mitigated the fine to EUR 11,400.

Mr Muller, director and majority shareholder of Spyker N.V., was fined by the AFM in 2008. The AFM found that Mr Muller had disclosed inside information to a third party. Even though the disclosure had not resulted in a transaction, the AFM was of the view that Mr Muller violated market abuse rules. This was the first time that the AFM imposed a fine for violation of the prohibition of disclosure.

In setting the fine, the court of appeal considered the following: