AFM imposes a fine on Esperite for late publication of annual figures

Violations

Esperite should have published its annual figures for 2017 at the latest on 30 April 2018, but it did not do so until seven months later. It should have published its annual figures for the first half of 2018 at the latest on 30 September 2018, but it did not do so until nearly nine months later. And it should have published its annual figures for 2018 at the latest on 30 April 2019, but so far it has not done so. This prevents investors from forming an opinion of Esperite’s financial position and performance. The fine is imposed for the period until 16 September 2019 (date of the AFM investigation report). 

Amount of the fine

The AFM considers a fine of €312,500 appropriate in this case. A basic amount of €5,000,000 applies to the violations. The AFM took account of the seriousness of the violations and the degree of culpability when it determined the amount of the fine, as a result of which the basic amount was increased by 25%. The fine was then reduced to €312,500 on the basis of very limited financial capacity, which is in accordance with AFM policy.

Interested parties can submit the AFM's decision to the courts for review.

The full decision can be downloaded next to this text. If you have questions or complaints, you can contact the AFM's Financial Markets Information Line: 0800-5400 540 (free of charge).

The AFM promotes fairness and transparency within financial markets. We are the independent supervisory authority for the savings, lending, investment and insurance markets. We promote the fair and conscientious provision of financial services to consumers and we supervise the fair and efficient operation of the capital markets. Our aim is to improve consumers’ and companies' confidence in the financial markets, both in the Netherlands and abroad. In performing this task the AFM contributes to the prosperity and economic reputation of the Netherlands.