On 28 September 2009, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of € 96,000 on Iberrealty Benelux Holding B.V. ('Iberrealty Benelux Holding').
This fine was imposed because Iberrealty Benelux Holding has offered APParticipaties in the Netherlands without a generally available prospectus approved by the AFM.
The total equivalent amount of the APParticipaties amounts to less than € 2,500,000. The offer of APParticipaties could have qualified, on the basis of the above, for an exemption from the obligation to have a prospectus approved by the AFM. However, the following condition is attached to this exemption: Iberrealty Benelux Holding is required to state in the offer documentation the fact that it is not obliged to have a licence according the Financial Supervision Act (Wft) and that it is not subject to AFM supervision. Iberrealty Benelux Holding failed to comply with this condition. Iberrealty Benelux Holding consequently did not qualify for the exemption and Iberrealty Benelux Holding was required to have a prospectus approved by the AFM. Iberrealty Benelux Holding acted in violation of Article 5:2 of the Wft, as it did not draw up such a prospectus.
Interested parties can submit the AFM's decision to a 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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