Enforcement in the Caribbean Netherlands
When we find non-compliance with financial legislation, we take action, for instance to enforce remediation and improvement. We have informal and formal enforcement instruments at our disposal, which we may impose on legal entities as well as natural persons. The choice for either formal or informal intervention and the decision as to what measure or combination of measures is appropriate depend on the circumstances and consideration of relevant factors, as explained the general enforcement policy of the AFM and DNB.
Enforcement policy
- The enforcement policy of the AFM and DNB can be found here.
Informal and formal enforcement measures
- Informal enforcement measures, including compliance briefings and written warnings, have no basis in the law.
- Formal enforcement measures have a legal basis and are referred to as "administrative sanctions". They include issuing an instruction, appointing a caretaker, suspending voting rights, imposing a prohibition, an order subject to penalty or administrative fine, and limiting or revoking a licence. Administrative sanctions may be of a remedial nature, such as an order subject to penalty, or of a punitive nature, such as an administrative fine.
Disclosure of enforcement measures
Under financial laws and regulations, we are often obliged to disclose our decisions to impose an administrative sanction in full. As a rule, we disclose a sanction once it is irrevocable. That is to say, when all legal remedies have been exhausted. If an objection or appeal has been lodged, we disclose the outcome along with the decision itself. As a rule, we disclose a decision to impose an order subject to penalty as soon as possible if a penalty is forfeited. The enforcement measures we disclose are published on our website.