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AFM imposes two orders for incremental penalty payments for failing to complete the Marktmonitor questionnaire

Measure

Scale

On 14 September 2015, the Netherlands Authority for the Financial Markets (AFM) imposed orders for incremental penalty payments on two companies that failed to complete the Marktmonitor Adviseurs & Bemiddelaars 2015 questionnaire.

 
State of affairs of legal proceedings - V.O.F. Totaaladvies
Order imposed Objection Appeal Further appeal
Initiated Decision taken Initiated Judgment given Initiated Judgment given
14-09-2015   
 
State of affairs of legal proceedings - Guijs Financieel Advies B.V.
Order imposed Objection Appeal Further appeal
Initiated Decision taken Initiated Judgment given Initiated Judgment given
14-09-2015   

The AFM requested these companies repeatedly by letter, e-mail and/or by telephone to complete the Marktmonitor and send it to the AFM. So far they have failed to do so.

Compliment

More than 99 percent of the approximately 7,300 companies that are registered with the AFM as adviser, intermediary or authorised agent, completed the Marktmonitor and returned it to the AFM. The AFM compliments the market on this result and thanks you for completing the Marktmonitor in a timely manner.

Orders for incremental penalty payments

The Marktmonitor forms part of the AFM's supervision. All advisers, intermediaries and authorised agents were requested to complete the Marktmonitor so that the AFM can obtain insight into the market and is able to exercise its supervision in a more targeted manner. They are obliged to cooperate pursuant to the Financial Supervision Act and the General Administrative Law Act.

The two companies that failed to complete and send in the Marktmonitor within the term that was set, received an order for incremental penalty payments. They have been given 10 working days to still complete and send in the Marktmonitor. A penalty payment of €2,000 subject to a maximum of €20,000 was forfeited for every day they fail to comply with the order for incremental penalty payments that was imposed.

The two companies failed to complete and send in the Marktmonitor within the term that was set and are therefore both required to pay €20,000. And they are still required to complete the Marktmonitor and return it to the AFM.

It concerns the following companies:

V.O.F. Totaaladvies in Aduard
Guijs Financieel Advies B.V. in Papendrecht

What is an order for incremental penalty payments?

An order for incremental penalty payments is an instrument that is used to instruct (order) a company or person to perform or cease performing a certain act. If the order is not complied with within the term set, the company/person involved has to pay a sum of money. If this is the case, the AFM attempts to obtain information that is needed to perform an investigation into a possible violation.

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.

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