On 16 October 2008, the Netherlands Authority for the Financial Markets (AFM) imposed an order for incremental penalty payments on Costa Madera S.A., Finca Valle Dorade, 200 m. Norte de Canalete de Upala, Costa Rica.
The order for incremental penalty payments was imposed because Costa Madera offers investment objects in the Netherlands without the required license and because Costa Madera has failed to comply with the previous requests from the AFM to cease offering investment objects in the Netherlands until such time as Costa Madera complies with the relevant regulations.
Offering within the meaning of Article 1:1 of the Financial Supervision Act includes the management or implementation of an agreement. Costa Madera continues to offer investment objects as it manages agreements with participants. It is therefore required to pay incremental penalty payments. Costa Madera still needs to cease and desist from offering investment object until such time as Costa Madera complies with the relevant regulations.
If you have any questions or comments you can contact the Financial Markets Information Line on: +31 (0)900-5400 540 (5 eurocents per minute) or from abroad +31 20 797 3715.
The AFM promotes fairness and transparency within financial markets. We are the independent supervisory authority for the savings, lending, investment and insurance markets. The AFM promotes the conscientious provision of financial services to consumers and supervises the honest and efficient operation of the capital markets. Our aim is to improve consumers’ and the business sector’s confidence in the financial markets, both in the Netherlands and abroad. In performing this task the AFM contributes to the prosperity and economic reputation of the Netherlands.
The AFM is committed to promoting fair and transparent financial markets.
As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.