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The AFM imposes an administrative fine on Mr Sickman for late notifications

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On 19 August 2010, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of € €96,000 on Mr R.W. Sickman. Mr Sickman was director of De Vries Robbé Groep N.V. during the period of the violation. The AFM has established that Mr Sickman, via his company, performed eight sales transactions in the period of 13 May 2009 to 29 June 2009 in De Vries Robbé Groep shares that he failed to notify to the AFM without delay.

Mr Sickman therefore violated Section 5:48, sixth and seventh subsections, of the Financial Supervision Act. Notifications pursuant to this provision are required to provide investors and companies with insight into the interests of directors. Investors were deprived of the opportunity to make a (correctly) informed and substantiated assessment of the financial instruments with respect to relevant company as a result of the fact that Mr Sickman repeatedly failed to notify that his interest in the company had decreased.

Interested parties can submit the AFM's judgment contained in the decision to the competent court for review.

The full decision can be downloaded in PDF format next to this text. 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.

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