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AFM imposes administrative fine for late notifications

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Fine

On 3 October 2014, the Netherlands Authority for the Financial Markets imposed an administrative fine of €375,000 on Mrs C.L. De Carvalho-Heineken. Mrs De Carvalho-Heineken is an executive director of Heineken Holding N.V.

 
State of affairs of legal proceedings
Fine imposed Objection Appeal Further appeal
Initiated Decision taken Initiated Judgment given Initiated Judgment given
3 October 2014   

The AFM has established that Mrs De Carvalho-Heineken during the period from 9 September to 20 December 2013 inclusive did not without delay fulfil her obligation to notify the AFM with regard to 61 transactions by L’Arche Green N.V. of shares in Heineken Holding N.V. L’Arche Green N.V. is a company in which Mrs De Carvalho-Heineken has a controlling interest. She did not report these transactions to the AFM until 30 December 2013.

Mrs De Carvalho-Heineken has in so doing violated section 5:48, subsections six and seven, of the Financial Supervision Act (Wft). Notifications pursuant to these provisions are compulsory in order to provide investors and companies with insight into executive directors’ and supervisory directors’ interests and control. Mrs De Carvalho-Heineken’s repeated failure to notify the AFM in time of the fact that her indirect interest and control in the company increased, denied investors the opportunity to make a (correctly) informed and substantiated assessment of the financial instruments relating to Heineken Holding N.V.

Due to the fact that L’Arche Green N.V. issued a press release on 26 August 2013 announcing its intention to purchase shares in Heineken Holding, as well as the fact that transactions from other purchasing programmes were notified on time in the past, the AFM has reduced the penalty from €500,000 to €375,000.

Interested parties can submit the AFM's judgment contained in the decision to the courts for review.

If you have any questions or complaints, please contact the AFM’s Financial Markets Information Line at 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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