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AFM adjusts working methods for acquisition of information during reviews of businesses

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The Netherlands Authority for the Financial Markets (AFM) has decided to temporarily adjust its working methods, to a limited extent, with regard to its acquisition of information during reviews of businesses. The reason for this adjustment is a recent decision of the court in interlocutory proceedings of the Rotterdam District Court concerning the powers of the AFM to demand information and to inspect business data.

At this time, whenever the AFM wants to inspect business data, it offers the parties involved a choice. The party involved may choose to voluntarily send copies of the information to the AFM or to allow the AFM to visit the office to copy the data itself. This is how the AFM complies with the decision of the court in interlocutory proceedings.

The AFM points out that this situation concerns a provisional judgment of a court in interlocutory proceedings in a very special case. The court in interlocutory proceedings provides a limited interpretation of the powers of the supervisor on the basis of the General Administrative Law Act. The AFM will therefore have to argue in court proceedings that the opinion of the court in interlocutory proceedings should not be followed in this respect.

Information already received by the AFM in response to orders for incremental penalty payments already imposed has been obtained lawfully, according to the AFM. This information can be used for further decision-making. According to the AFM, this is also the case if an order for incremental penalty payments is not in accordance with the opinion of the court in interlocutory proceedings concerning the powers of the AFM to demand information.

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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