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 firstname.lastname@example.org.
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.