Court quashes fine imposed on Mr van der Bruggen for market manipulation; AFM lodges a further appeal



On 24 April 2017, the court in Rotterdam quashed on appeal the fine that the Dutch Authority for the Financial Markets (AFM) had imposed on Mr van der Bruggen in 2015. The fine was €500,000.

States of the legal proceedings
Fine imposed Objection Appeal Further appeal
Submitted Decision rendered Submitted Decision rendered Submitted Decision rendered
02-12-2015    09-12-2015 07-06-2016 1 06-07-2016 24-04-2017 2 02-06-2017 3

1) The AFM ruled, stating its reasons, that the objection to the decision to impose a fine was unfounded.
2) The court ruled that there were grounds for Mr van der Bruggen’s appeal, annulled the AFM’s decision on the objection and revoked the decision to impose a fine.
3) The AFM has lodged a further appeal.

On 2 December 2015, the AFM imposed an administrative penalty of €500,000 on Mr van der Bruggen; according to the AFM, his role as the actual manager meant he was responsible for market manipulation by Royal Imtech N.V. (hereinafter “Imtech”).

The court’s opinion is that Imtech did not disclose any information on 20 July 2012 that gave an incorrect signal or was misleading.

The AFM has removed the earlier press release, the decision to impose a fine and the ruling on the objection from its website.

For communications questions, please contact the AFM spokesperson Michiel Gosens on +31 (0)20-7972771 or

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.

Share information

Share on: Share this