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The AFM imposes an administrative fine on Kristal Advies

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On 1 December 2009, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of € 6,000 on Kristal Advies. The fine was imposed because Kristal Advies, as mortgage loan broker, did not ascertain whether or not a sub-broker, with which it was going to cooperate, held a licence.

Pursuant to Article 4:92, first paragraph, at c, in conjunction with Article 4:94, first paragraph, of the Financial Supervision Act, a broker, who enters into an agreement for the first time through the intermediary of a sub-broker, will not do so until it has ascertained that the sub-broker holds a licence (within the meaning of Article 2:80, first paragraph, of the Financial Supervision Act) and the sub-broker is not subject to a prohibition (within the meaning of Article 1:58, second paragraph, or Article 4:4, first paragraph, of the Financial Supervision Act).

Kristal Advies has indicated it did not investigate whether the sub-broker held a licence. This means that Kristal Advies violated Article 4:92, first paragraph, at c, in conjunction with Article 4:94, first paragraph, of the Financial Supervision Act.

Kristal Advies has submitted an objection against the decision to impose the fine. The AFM declared Kristal Advies' objection inadmissible by letter dated 18 March 2010, because the AFM received the objection too late and Kristal Advies was not able to demonstrate an excusable reason for exceeding the term. Kristal Advies did not file an appeal against this with the District Court. This means that the decision to impose the fine has since become inviolable at law.

The fine has become final, as it is no longer possible to submit an objection or appeal against the decision. If you have any questions or comments you can contact the Financial Markets Information Line on: 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.

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