Fine for AFS E-Venues B.V. for repeated liquidity shortfalls
On 8 April 2026, De Nederlandsche Bank (DNB) imposed an administrative fine of €28,710 on investment firm AFS E-Venues B.V. (AFS E-Venues), as AFS E-Venues repeatedly failed to meet statutory liquidity requirements.
© DNB
Summary of the decision
- Investment firms must always hold sufficient liquid assets. This is essential to ensure the stability of the firm and maintain confidence in the financial sector.
- AFS E-Venues experienced liquidity shortfalls on several occasions within 25 months. According to DNB’s prudential capital shortfall enforcement policy of 20 February 2015 (capital shortfall enforcement policy), a second instance of non-compliance with the capital requirement will, in principle, result in an administrative fine. As this case involves repeated liquidity shortfalls, we have applied the policy and imposed an administrative fine.
Liquidity requirements
Investment firms such as AFS E-Venues are an important part of the financial system. They must always maintain sufficient liquidity to absorb risks and meet their obligations, even in less favourable times. This protects not only the firm itself, but also the interests of its customers and helps to maintain confidence in the financial markets. Failure to comply with liquidity requirements could undermine the stability of the firm and the wider financial system.
Non-compliance
DNB found that AFS E-Venues failed to meet the minimum liquidity requirement on five occasions during the period from 31 March 2024 to 10 February 2025. Shifting resources within the AFS Group each time just prior to key cut-off dates prevented us from identifying non-compliance with liquidity requirements early. Eventually, AFS E-Venues replenished its liquid assets and took measures to prevent recurrence, ending the non-compliance.
DNB reminded AFS E-Venues of the importance of complying with liquidity requirements at the beginning of the above-mentioned period. AFS E-Venues failed to implement structural improvements, resulting in repeated liquidity shortfalls.
Administrative fine
The fine due to non-compliance with liquidity requirements has been set at €28,710 in line with the capital shortfall enforcement policy. In determining the amount of the fine, we considered that AFS E-Venues has taken measures to prevent recurrence.
Legal remedies
A decision becomes final (irrevocable) if no legal remedies are exercised against it. Any interested party may lodge an objection against the decision within six weeks of its date. The decision on the objection can be appealed in court within six weeks. Further appeal against the court ruling may be lodged with the Trade and Industry Appeals Tribunal (College van Beroep voor het bedrijfsleven – CBb). The court determines whether a ruling is published, anonymised or not. Published rulings can be found at www.rechtspraak.nl.
Current status
A decision becomes final if no legal remedy has been exercised against it. Any interested party may lodge an objection against the decision within six weeks of its date. The decision on the objection can be appealed in court within six weeks. Further appeal against the court ruling may be lodged with the Trade and Industry Appeals Tribunal (College van Beroep voor het bedrijfsleven – CBb). If no objection, appeal or further appeal is lodged, the decision becomes irrevocable. The table shows the current status of this decision.
© DNB
Read the full decision below (in Dutch), 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).
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