Update 13 August 2013: The decision of the AFM has since become final and it can no longer be submitted to the courts for review. The fine is mitigated from €96,000 to €24,000.
On 16 September 2009, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of 96,000 Euros on Mr F.M. Coenders, trading under the name Planning & Communicatie (Mr Coenders), with its registered office in Haarlem.
The AFM has determined that Mr Coenders, in the period of 3 July 2008 until in any case 1 January 2009, performed brokerage services with respect to insurance products without holding a licence issued by the AFM for the performance of these brokerage services.
This constitutes a violation of the prohibitory clause (Article 2:80, first paragraph, of the Financial Supervision Act) which provides that it is not allowed to perform brokerage services in the Netherlands without a licence issued by the Netherlands Authority for the Financial Markets for that purpose.
The interested party, or parties, can submit the AFM's judgment contained in the 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).
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.