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12 September 2018 Supervision Supervision label Supervision Q&A

Question:

Does the "una via" principle also apply to de facto directors?

Answer:

Yes, if an instance of non-compliance with financial supervision legislation constitutes an offence, the supervisory authorities must choose between administrative-law or criminal-law settlement. This applies to both the legal entity and the de facto director. The Covenant on the avoidance of unlawful concurrence of administrative and criminal-law sanctions (Convenant ter voorkoming van ongeoorloofde samenloop van bestuurlijke en strafrechtelijke sancties) specifies in which cases the manner of settlement must be discussed and agreed with the Public Prosecution Service and the Fiscal Intelligence and Investigation Service/Economic Investigation Service (Fiscale Inlichtingen- en Opsporingsdienst/Economische Controledienst – FIOD/ECD) of the Dutch Tax and Customs Administration.

Sector(s)

  • Banks
  • Clearing institutions
  • Collective investment schemes
  • Insurers
  • Investment firms
  • Payment institutions
  • Pension funds
  • Trust offices