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ARTICLE · 17 MARCH 2014

AFM Sees Six Fines Reversed On Appeal

De Brauw Blackstone Westbroek
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Six market abuse fines imposed by the Dutch Financial Markets Authority were recently reversed by the Trade and Industry Appeals Tribunal.

NetherlandsCriminal Law
Roan Lamp
Roan Lamp
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Six market abuse fines imposed by the Dutch Financial Markets Authority (AFM) were recently reversed by the Trade and Industry Appeals Tribunal (CBb). Two fines had been imposed on individuals for communicating and misusing insider information. The other four fines were imposed on companies, including Ageas SA/NV and Ageas N.V. (the former Dutch and Belgian Fortis companies), for failing to publish price-sensitive information on time. The recent rulings suggest that the CBb is taking a different approach from the AFM with these types of cases on appeal related to price-sensitive information.

Two cases involved the former CEO of Schuitema B.V. (now C1000 B.V.), and another individual. The AFM fined them both for communicating and misusing insider information. The CBb, however, ruled that the former CEO's statements were insufficiently concrete to justify the conclusion that he passed on information about proposed takeover plans. Though according to the AFM's press

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