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Fine imposed on GMG Europe B.V. for repeated capital shortfalls

Enforcement measures
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On 22 June 2026, De Nederlandsche Bank (DNB) imposed an administrative fine of €59,770 on investment firm GMG Europe B.V. (GMG) for repeatedly failing to maintain sufficient own funds.

Published: 07 September 2026

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© DNB

Key elements of the decision

  • Investment firms are required to maintain sufficient own funds at all times. This is essential to absorb losses and to safeguard the financial soundness of the firm and confidence in the financial sector.

  • DNB established that GMG failed on several occasions to meet its applicable own funds requirement within a period of 25 months. Pursuant to DNB’s Enforcement Policy on Prudential Capital Shortfalls of 20 February 2015 (capital shortfall enforcement policy), which applied at the time of the breaches, an administrative fine is in principle imposed in the event of a repeated infringement.

Capital requirements

Investment firms such as GMG play an important role in the financial system. They must at all times maintain sufficient capital to absorb risks and meet their obligations, including under less favourable circumstances. This protects not only the firm itself but also the interests of clients and confidence in the financial markets. Failure to comply with the capital requirements may undermine the stability of an investment firm and, more broadly, the financial system.

Non-compliance

DNB established that GMG failed to meet the applicable minimum capital requirements during three separate periods. These concerned the period from 31 December 2023 to 18 January 2024, during which a capital requirement of 75,000 euro applied, and the periods from 31 March 2024 to 29 April 2024 and from 31 December 2024 to 27 February 2025, during which a capital requirement of 150,000 euro applied. During these periods, GMG’s own funds were below the required level. The capital shortfalls were substantial, amounting to €86,457, €18,730 and €76,219, respectively. The capital shortfalls were subsequently remedied through capital injections by shareholders.

Administrative fine

The fine was determined in accordance with the capital shortfall enforcement policy, which applied at the time of the infringements. In determining the amount of the fine, DNB took into account the measures taken by GMG to prevent a recurrence of the violation.

Legal remedies

A decision becomes final (irrevocable) if no legal remedies are lodged 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 judicial authority determines whether a judgment is published, either in anonymised form or not. Published judgments can be found at www.rechtspraak.nl. 

Current status

The table below shows the current status of this decision.

You can swipe the table to see more columns.

Measure

Objection

Appeal

Further Appeal

Imposed

Lodged

Decision on objection

Lodged

Ruling issued

Lodged

Ruling issued

22 June 2026

29 June 2026

 

 

 

 

 

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 in the Netherlands) or +31 20 524 9111 (if calling from abroad).

Fine on GMG Europe B.V. (only in Dutch)

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