Caleen Financial Services B.V.’s licence withdrawn for failing to meet statutory obligations

Licence withdrawal

The licence is withdrawn pursuant to Section 1:104 of the Financial Supervision Act (Wet op het financieel toezicht – Wft) due to CFS’s failure to comply with several statutory obligations as set out below.

• Insufficiently sound and ethical operational management

CFS no longer met the requirements for sound and ethical operational management. Also, as its policymakers CFS no longer had at least two natural persons meeting our fit and proper assessment.

• Arrears in paying supervisory fees

CFS did not fully comply with the obligation to pay the costs of ongoing supervision.

• Failure to inform DNB on time

CFS has repeatedly failed to inform us of key developments relevant to retaining its licence, or has failed to do so in a timely manner.

DNB is aware of the significance of this decision. In this case, however, a less far-reaching measure was not sufficient, as there was no concrete prospect of structural remediation of the persistent non-compliance, which gives rise to prudential and integrity risks.

Deadline for wind-down

The decision took effect on 5 February 2024, and we set 4 March 2024 as the deadline for winding down the institution. On 31 January 2024, CFS requested that we change the effective date of the withdrawal decision to 5 April to allow sufficient time to implement its exit plan. We granted the request and, by decision of 2 February 2024, changed the effective date of the 29 January 2024 withdrawal decision to 5 April 2024 and the deadline for wind-down to 15 April 2024.

Objection

CFS filed an objection to the withdrawal decision on 23 April 2024, which we declared to be unfounded in our decision dated 21 March 2025. CFS did not appeal against the decision on objection, making the withdrawal decision irrevocable.

See below for the full decision to withdraw the licences and the decision on the objection, excluding confidential information. For further information, please contact DNB’s Information Desk at telephone number 0800 - 020 1068 (free of charge) or +31 20 524 9111 (if calling from abroad).

Current status

The table below shows the current status of this decision.