Dutch regulator imposes €2m fine on ABN AMRO over non-timely disclosure of inside info

Maria Nikolova

The bank failed to disclose information about the retirement of its chairman back in 2016 in a timely manner.

The Dutch Authority for the Financial Markets (AFM) today announces the imposition of a an administrative fine of €2,000,000 on ABN AMRO Bank N.V. The fine was imposed because in the period between July 18, 2016 and September 13, 2016 ABN AMRO failed to disclose inside information on time.

An article on the early retirement of the chairman of the board of ABN AMRO was published on the website of het Financieele Dagblad (FD) on July 18, 2016. The article provided an accurate picture of the developments: the ABN AMRO supervisory board had started the procedure for the succession of the chairman of the board and it was expected that this would result in the announcement of the departure of the then chairman before the end of 2016.

The regulator notes that this information concerned inside information ABN AMRO should have disclosed after the FD article was published. ABN AMRO, however, failed to do so and did not comment on questions asked pursuant to the article.

The AFM explains that ABN AMRO is a listed company and, as a result of the violation, investors were unable to know for almost two months that the information in the FD article was truthful and was therefore relevant to them.

The regulator considers a fine to be an appropriate course of action in this case. Furthermore, according to the AFM, the fine helps to raise awareness of the importance of timely provision of information to investors about intermediary steps in a process directed towards the succession of a chairman of the board, for example.

The base amount of the fine in this case is €2,000,000 and the regulator considers its size to be appropriate. The AFM deems the violation serious and culpable, as it has damaged confidence in the market.

Interested parties can submit the decision of the AFM to the courts for review.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<