DNB discloses administrative sanctions

Below, you can read more about how DNB discloses its sanction decisions.

I Disclosure pursuant to the Financial Supervision Act

  • Disclosure of irrevocable administrative sanctions

DNB discloses imposed administrative sanctions on its website once these decisions are irrevocable, i.e. after possible objection or appeal procedures have been completed. We also disclose the outcome of any preceding objection or appeal procedures.

Administrative sanctions are taken to mean all measures imposed by DNB following acts of non-compliance. They include administrative fines, orders subject to penalty, instructions, suspension of voting rights, prohibitions against occupying specific positions, and limiting or revoking authorisations.  

  • Early publication of administrative fines or orders subject to penalty

In addition to this, we are required to disclose some administrative fines imposed due to serious non-compliance immediately after notifying the parties involved, i.e. before the decision to impose a fine becomes irrevocable. This is known as early publication. Serious non-compliance includes non-compliance with provisions under:

  • fine category 3, e.g. non-compliance with a prohibition clause, or a market access provision;
  • fine category 2, if the provision in question has specifically been included in a general order in council.

There may also be reasons to disclose orders subject to penalty before the decision becomes irrevocable. We will for instance proceed to disclosure if a penalty is forfeited, i.e. if the party involved failed to comply with the order within the set deadline.  

  • Method of disclosure

Administrative sanctions are fully disclosed in principle, but there are some exceptions. 

Administrative sanctions are not disclosed if disclosure of the decision is disproportional to the seriousness of the act of non-compliance (this does not apply to administrative fines) or if disclosure compromises the stability of the financial system.

Disclosure of sanctions is sometimes postponed, or we may opt for anonymous disclosure, so that imposed sanctions cannot be traced to individual persons or institutions. This happens if we find beforehand that one or more of the following situations would occur upon full disclosure.

  • The information can be traced to a natural person and disclosure of their personal details is disproportionate to their act of non-compliance. 
  • Disproportionate detriment caused to the parties involved
  • Disclosure would undermine an ongoing criminal investigation, or an examination held by the supervisory authority.
  • Potential danger to the stability of the financial system.

There is a five-day waiting period between the date of notifying our disclosure decision to the parties involved and the actual disclosure. This allows them to ask the court for a preliminary relief order preventing disclosure of the administrative fine. The sanction decision will not be disclosed until the court has issued its judgement. The court may rule that disclosure of the decision in question is not allowed until it has been confirmed in an objection or appeal procedure that the administrative fine was imposed with reason and DNB is permitted to disclose its decision.
 
Only in exceptional and urgent cases can DNB disclose a decision immediately without observing the waiting period.  

II.Publication on the grounds of the Pensions Act (Pensioenwet) or the Mandatory Occupational Pension Scheme Act (Wet verplichte beroepspensioenregeling)

DNB will also disclose on its website any administrative fines imposed based on the Pensions Act or the Mandatory Occupational Pension Scheme Act. We will notify the pension administrator of our intention and not disclose our decision until five business days have passed, unless the pension administrator asks the court for a preliminary relief order. If this happens, we will wait until the court has passed judgement.