On appeal, the Rotterdam District Court reversed two fines of €96,000 each that were imposed by the Netherlands Authority for the Financial Markets (AFM). The fines had been imposed on Floresteca B.V. and its director Mr L.P.A. Brouns in March 2013.
Floresteca offered securities (interest certificates) to the public without a prospectus approved by the AFM. According to the AFM, those interest certificates in several cases had a value of less than €50,000, and an approved prospectus was therefore required. The District Court ruled, however, that it has not been established beyond reasonable doubt that the counter value of the interest certificates was less than €50,000.
An appeal against the decision of the District Court can still be submitted to the Trade and Industry Appeals Tribunal (CBb).
The AFM has removed the previous press releases and the decisions to impose a fine from its website.
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.