AFM contemplates to impose administrative fines

Today BinckBank has been informed by the Netherlands Authority for the Financial Markets (AFM) about its intention to impose two administrative fines.

The AFM has concluded that the commercials for Alex Vermogensbeheer in the period from 8 September 2012 until 26 August 2014 contained unclear and/or misleading information. Also today the AFM announced the intention to impose an administrative fine for late reporting to the AFM of transactions in financial instruments on the over-the-counter (OTC) market in Luxembourg in the period of 2 march 2010 until 28 October 2014 and for transactions on XMON (the exchange for financial derivatives in Paris) and XRBD (the exchange for financial derivatives in Brussels) in the period from 3 February 2011 until 1 October 2014.

This concerns an intention to impose administrative fines. At the moment it is uncertain whether these fines will actually be imposed. For both intended fines the amounts will eventually be announced with the actual imposition.

The fining officer will provide the board of the AFM with his advice on the intended fines. In this advice the fining officer will also take into account BinckBank's response. The board of the AFM will ultimately decide on the actual imposition of administrative fines.

BinckBank will study these intended fines with care and will prepare its response to the AFM.