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18 April 2018 Supervision Supervision label Q&A

Question:

The flexible system allows fines to be reduced or increased. What examples of mitigating and aggravating circumstances can be given?

Answer:

Pursuant to the Decree on Administrative Fines in the Financial Sector (Besluit bestuurlijke boetes financiële sector – Bbbfs), a fine may be reduced in proportion to the degree to which the non-compliant party cooperates in establishing the non-compliance and the measures that the non-compliant party has taken in response to the non-compliance to prevent recurrence. Examples of other mitigating and aggravating circumstances include the gravity or duration of the non-compliance, the degree to which blame can be attributed to the non-compliant party, the gain that the non-compliant party obtained on account of its non-compliance, the existence of any prior offences on the non-compliant party's part, and the size of the company.

sector

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