Imposing an administrative fine is one of the measures that the Netherlands Authority for the Financial Markets (AFM) can implement when performing its supervision of the financial markets. When determining the amount of a fine, the AFM takes several starting points and considerations into account. The AFM published these starting points and considerations on its website.
The AFM regularly receives questions about the amounts of the fines. By providing an explanation of the statutory fine system and its implementation, the AFM provides more insight into the choices that are made when determining the amount of a fine.
The fine regime allows the AFM to handle different files consistently and equally. The law provides direction and sets boundaries when determining the amount of a fine. There are for example three fine categories, from relatively minor to serious offences. The maximum amounts for these categories range from €10,000 to €4 million. The AFM may also decide to set the fine at twice the benefit obtained. This does mean that the benefit obtained must be in excess of €2 million. In such cases, the fine may exceed €4 million.
When determining the amount of the fine, the seriousness and duration of the offence are also relevant, as well as the extent to which the offence can be attributed to the offender. An assessment is also made as to whether the offence has been committed before, and what advantage was gained. And finally, the financial capacity of the offender also plays a role.
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.