On 14 September 2009 the Authority for the Financial Markets (AFM) imposed two administrative fines of € 24,000 each on Hypotheken Midden Nederland B.V. (Hypotheken Midden Nederland).
One fine was imposed because, in the period from September 2007 to December 2007, Hypotheken Midden Nederland collaborated with a (sub) broker who does not have an AFM licence. The Financial Supervision Act [Wet op het financieel toezicht] (Wft) prohibits a broker from entering into agreements relating to financial products via a (sub) broker who does not have a licence (Article 4:94, paragraph 3 in conjunction with Article 4:92, paragraph 1 of the Wft).
The second fine was imposed on Hypotheken Midden Nederland because it failed to inform the AFM that forgeries had been found in client dossiers submitted by a (sub) broker. Hypotheken Midden Nederland should have reported this immediately to the AFM. Article 29, paragraph 3 of the Decree on the Market Conduct Supervision of Financial Enterprises under the Wft [Besluit gedragstoezicht financiële ondernemingen Wft] (Bgfo) obliges financial service providers to inform the AFM immediately regarding behaviour or events which constitute a serious danger for the honourable execution of a financial enterprise's operations (incidents).
The party/parties concerned can request a judicial review of the AFM's decision. If you have any questions or complaints, please contact the AFM's Financial Markets Information Line: 0900-5400 540 (0.05 euro 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.