AFM imposes an order for incremental penalty payments on Onno van Overbeeke Financieel Advies B.V.
On 4 May 2016, the Netherlands Authority for the Financial Markets (AFM) imposed an order for incremental penalty payments on Onno van Overbeeke Financieel Advies B.V. (OOFA), with its registered office at Zuiderweg 14i in Schagen. OOFA holds an AFM licence for being active as a financial service provider. OOFA fails to comply with requests for information from the AFM, which requires this information to be able to determine whether the law is being broken.
The AFM suspects among other things that OOFA does not conduct controlled and ethical business operations. The AFM has requested information in order to be able to determine this. OOFA has not yet responded and it has therefore been obliged to pay a penalty to the AFM as from 24 May 2016. The penalty increases by €5,000 subject to a maximum of €50,000 for every day OOFA fails to comply with the order for incremental penalty payments that was imposed.
What is an order for incremental penalty payments?
An order for incremental penalty payments is an instrument that is used to order (instruct) 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. In this case, the AFM attempts to obtain information that is needed to perform an investigation into a possible violation.
If you have questions, you can contact the AFM's Financial Markets Information Line on: 0800-5400 540 (free of charge).
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