On 22 December 2014, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of €5,000 on AscoNed Holding C.V. (Asconed). Asconed has been active as an intermediary in various financial products since 2007. The company has since been closed down. The administrative fine was imposed because Asconed failed to report to the AFM that one of its policymakers was convicted of criminal offences on several occasions.
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A financial service provider is required to notify the AFM immediately of any facts that have an impact on the properness of policymakers. The properness of policymakers must be beyond any doubt at all times, in the interest of consumers. The AFM requires all information available in order to be able to assess the properness.
When Asconed's licence application was handled in 2006, it had already become clear that the policymaker had failed to provide full disclosure. Several criminal convictions had not been reported at the time. The AFM sufficed with a warning because disclosure was provided during the remainder of the procedure.
The AFM assessed this Asconed policymaker again in 2013 pursuant to several signs it had received. This assessment showed that the policymaker had been convicted of criminal offences again in 2007 and 2008. Asconed failed to notify the AFM of these convictions. For this failure, a fine was imposed.
The decision to impose a fine has since become final.
If you have any questions or complaints, please contact the AFM's Financial Markets Information Line: 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.