When do the AFM and DNB impose fines on de facto directors?
It depends on the circumstances of the case. Reference is made to the Enforcement Policy of the AFM and DNB, the basic principles and factors of which serve as guidance for how these supervisory authorities decide on the appropriate action to take in specific cases. Where the non-compliance is still continuing, enforcement is aimed first and foremost at ending the non-compliance and restoring compliant behaviour. In addition, the supervisors will consider whether they see cause to impose an administrative fine on the non-compliant party/parties and/or the de facto director/client. This depends on the gravity of the non-compliance and the degree to which blame can be attributed to the non-compliant party/parties and /or the de facto director/client.
Liability-Driven Investment funds (LDI funds) mainly invest in long-term government bonds and long-term interest rate derivatives. The use of these interest rate derivatives exposes LDI funds to liquidity risks in case of large interest rate fluctuations.
Read more Limited liquidity risks in Euro LDI funds
On June 6th, DNB started the public consultation of the 2024 amendment round of the Deposit Guarantee Scheme (DGS) Policy Rules for banks. Parties are requested to submit responses to the consultation to DNB by 19 July at the latest.
Read more Start consultation amendments DGS Policy Rules 2024
This week, the European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published their final reports on greenwashing in the financial sector.
Read more European Supervisory Authorities publish reports on greenwashing in the financial sector
De Nederlandsche Bank (DNB) imposed an administrative fine of €15,810 on investment firm Black Swan Capital B.V. (BSC) on 21 May 2024, for failing to hold sufficient own funds from the year-end 2019 until 21 July 2023.
Read more Fine imposed on Black Swan Capital for failure to hold sufficient own funds
