Non-compliance
DNB found that BSC failed to comply with the Financial Supervision Act (Wet op het financieel toezicht – Wft) and the Decree on Prudential Rules for Financial Undertakings (Besluit Prudentiële Regels Wft – Bpr) by not holding the required minimum amount of own funds.
Compliance with this capital requirement ensures that financial institutions have sufficient capital to meet their liabilities even in more adverse circumstances.
DNB found that BSC had restored compliance with the minimum capital requirement applicable to it as of 21 July 2023.
Administrative fine
The administrative fine for BSC’s non-compliance has been set at €15,810, in accordance with the DNB General fine calculation policy (Algemeen boetetoemetingsbeleid DNB).
In setting the fine, DNB had taken into account that BSC has taken measures to prevent recurrence of the violation.
Lodging an objection
BSC has six weeks from the receipt of the fine to lodge an objection.