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AFM imposes an order for incremental penalty payments on financial adviser Sturz

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On 9 November 2016, the Netherlands Authority for the Financial Markets (AFM) imposed an order for incremental penalty payments of €2,000 per business day on Alfred Sturz, trading under the name of Sturz Financieel Advies in Zoetermeer.

 
State of affairs of legal proceedings
Order imposed Objection Appeal Further appeal
Initiated Decision taken Initiated Judgment given Initiated Judgment given
09-11-2016   

Sturz operates a financial consultancy, licensed by the AFM. Being under the supervision of the AFM, Sturz is required to complete the 2016 Market Monitor for advisers and intermediaries. The Monitor provides the AFM with insight into the market, thus enabling it to target the supervision more precisely. Despite repeated requests, Sturz has not delivered the required information to the AFM. Accordingly, the AFM is imposing a penalty on Sturz. For each further business day that Sturz fails to meet its obligation to provide the information, the penalty will increase by €2,000, up to a maximum of €20,000.

What is an order for incremental penalty payments?

An order for incremental penalty payments is a method for pressurising a company or a person to perform or refrain from performing a certain action. If this is not done by the specified deadline, a financial penalty must be paid to the AFM.

If you have any questions, please contact the AFM’s Financial Markets Business Desk: 0800-5400 540 (free of charge).

For further information please contact Nicole Reijnen, spokesperson for the AFM, on 06 – 2564 3043 or nicole.reijnen@afm.nl.

 

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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