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The AFM imposes an order for incremental penalty payments for failing to comply with requests for information

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The Netherlands Authority for the Financial Markets (AFM) hereby announces that, on 16 January 2012, it imposed an order for incremental penalty payments on Mr Michel Aaldert Jan Hoogstege of Arnhem. The order was imposed because Mr Hoogstege fails to comply with the requests for information from the AFM.

The AFM requested information from Mr Hoogstege because the suspicion exists that Noordum Verzekeringen B.V. - at the time Mr Hoogstege was the indirect director and indirect sole shareholder - issued advice on and/or provided brokerage services with respect to financial products without an AFM licence.

In the Netherlands it is prohibited to issue advice on and/or provide brokerage services concerning financial products without the required AFM licence. The AFM requires the information that it requested in order to determine whether this Act has indeed been violated.

Mr Hoogstege did not provide the requested information by the deadline and is therefore required to make incremental penalty payments. The requested information still needs to be provided to the AFM. The incremental penalty payments amount to €4,000 for each day Mr Hoogstege fails to provide the data. A maximum of €80,000 applies.

If you have any questions or comments you can also contact the Financial Markets Information Line on: 0800-5400 540 (free of charge).

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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