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AFM imposes two administrative fines for late notification of shareholding and voting rights

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Fine

On 16 June 2014, the Netherlands Authority for the Financial Markets (AFM) imposed two administrative fines on Mr J. Oerlemans as supervisory director of Vivenda Media Groep N.V. (VMG).

 
States of the legal proceedings
Fines imposed Objection Appeal Further appeal
Submitted Decisions rendered Submitted Decisiion rendered Submitted Decision rendered
16-06-2014    14-07-2014 12-03-2015 14-04-2015 10-12-2015 29-01-2016

Administrative fine late notification of shareholding and voting rights

On 16 June 2014, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of €12,500 on Mr J. Oerlemans for late notification of shareholding and voting rights in VMG. Mr Oerlemans was a supervisory director at VMG from 02 December 2011 up to and including 29 March 2012. Mr Oerlemans did not notify his shareholding until 26 March 2012 following a request to do so from the AFM, while he was actually obliged to do so within two weeks after his appointment as supervisory director.

This means that Mr Oerlemans violated Section 5:48, third subsection, of the Financial Supervision Act (Wft). The notification on the basis of this provision is mandatory to provide investors and companies with insight into the interests of executive directors and supervisory directors at the time of their appointment. The fact that Mr Oerlemans failed to notify his shareholding within two weeks after his appointment as supervisory director means that investors were deprived of the opportunity to make an informed and substantiated assessment of the financial instruments concerning the relevant company.

Administrative fine late notification of sales transactions

The AFM imposed an administrative fine of €12,500 on Mr Oerlemans on 16 June 2014 for late notification of the sale of shares in VMG in the period of 12 December 2011 up to and including 24 January 2012. During that period, Mr Oerlemans performed thirteen sales transactions involving shares in VMG that were not immediately notified to the AFM. He did not notify these transactions to the AFM until 26 March 2012, which was after the AFM had informed him of the obligation to notify.

This means that Mr Oerlemans has violated Section 5:48, sixth subsection, of the Wft. Notifications on the basis of this provisions are mandatory to provide investors and companies with insight into the interests of executive directors and supervisory directors. The fact that Mr Oerlemans repeatedly failed to notify that his participating interest in the business had increased or decreased means that investors were deprived of the opportunity to make an informed and substantiated assessment of the financial instruments concerning the relevant company. 

Interested parties may submit the AFM's decisions to the courts for review. If you have any questions or comments, please 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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