On 1 December 2009, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of € 24,000 on Kristal Advies. The fine was imposed because Kristal Advies failed to notify the AFM after it had been informed, inter alia by the police, of possible forgeries in several client files submitted to Kristal by a sub-broker. It became clear at that time to Kristal Advies that these possible forgeries were the work of the relevant sub-broker.
Article 29(3) of the Decree on Conduct of Business Supervision of Financial Undertakings under the Wft (Bgfo) obliges financial service providers to inform the AFM immediately concerning behaviour or events that constitute a serious danger to the honest exercise of the business of financial service provider (incidents). The aforementioned forgeries demonstrate an operating method that constitutes a serious threat to the honest business activities of Kristal Advies. Kristal Advies should have reported this immediately to the AFM.
Interested parties can submit the AFM's decision to the competent court for review.
If you have any questions or comments you can contact the Financial Markets Information Line on: 0900-5400 540 (5 eurocents per minute).
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