decree of 12 october 2006, concerning rules regarding the ... · (text applicable as at 08-02-2008)...

(Text applicable as at 08-02-2008)

Decree of 12 October 2006, concerning rules regarding the administrative fines for violations of the Act on Financial Supervision (Decree on fines pursuant to the Act on Financial Supervision, [Besluit boetes Wft])

We Beatrix, by the grace of God, Queen of the Netherlands, Princess of Orange-Nassau, etc. etc. etc.

On the recommendation of Our Minister of Finance of 12 July 2006, no. FM 2006-1702M; Taking account of Section 1:81, subsections one and two, of the Act on Financial Supervision; Having consulted the Council of State (opinion of 18 August, no. W06.06.0336/IV); Having seen the more detailed report of Our Minister of Finance of 9 October 2006, no. FM 2006-02367M;

Have approved and decreed the following:

Section 1

1. In this decision, equity capital is defined as:

a. if it concerns a legal entity that is obliged to prepare annual accounts by virtue of Section 360 of Book 2 of the Dutch Civil Code: the equity capital as is apparent from the annual accounts;

b. if it concerns other entities that are required to keep records, which are obliged by virtue of Section 52 of the State Taxes Act to keep records and prepare annual accounts: the equity capital as is apparent from these annual accounts;

c. if it concerns entities that are required to keep records but that do not prepare annual accounts: the equity capital as is apparent from the records that are kept by virtue of Section 52 of the State Taxes Act;

2. In this decision, balance sheet total is defined as:

a. if it concerns legal entities as referred to in the first subsection under a: the balance sheet total as this is apparent from the annual accounts;

b. if it concerns entities that are required to keep records as referred to in the first subsection under b: the balance sheet total as this is apparent from these annual accounts;

3. If it concerns a person who is not required to keep records by virtue of Dutch law, the supervisor shall

determine the equity capital or the balance sheet total on the basis of other documents, taking into account the standards referred to in section 362 of Book 2 of the Dutch Civil Code.

Section 2

For the tariff numbers for the violations referred to in Section 3, 4 and 5, the fines have been determined as follows:

Tariff number: Fine 1 € 600 2 € 1.000 3 € 6.000 4 € 24.000 5 € 96.000

Section 3

The following fines shall apply in the event of a violation of a regulation in a section of the Act on Financial Supervision listed below or in a section listed below of an order in council based on this act:

Act on Financial Supervision Tariff number:

General section

1:10 3

1:12, third and fourth subsection 3

1:74, first subsection 3

Section: Market access financial firms




2:9, first and second subsection 1


2:10, fourth subsection 4



2:15, second subsection 4

2:16, first and third subsection 5



2:19 3





2:26 4


2:35 1



2:36, fifth subsection 4




2:40 5

2:45, first up to and including the third subsection 1


















2:81, third subsection 1





2:96 5

2:99, fourth and fifth subsection 2




2:103 4

2:103a, first subsection 4




















Section Prudential supervision financial firms 3:5, first subsection 5






3:8 4









3:20 3


3:24 3




3:32 3


3:35 4



3:37, second and third subsection 3

3:38 3



3:41 1

3:42 1



3:45 1


3:47, second, third and fifth subsection 3

3:48 1

3:51 5

3:52 1


3:53, second and fifth subsection 2

3:57, first and fifth subsection 4

3:57, seventh subsection 3










3:72, section 5a 4

3:72, sixth up to and including the ninth subsection 1

3:73 1



3:74a, first and second subsection 3

3:74a, second subsection 2

3:74a, third subsection 1

3:74a, third subsection 2

3:74a, fourth subsection 3

3:74a, fourth subsection 3

3:75 3


3:77 3















3:110, fourth and fifth subsection 1






3:116 2




3:120, third up to and including the fifth subsection 2










3:137 3




3:143 3






3:153 4


3:156, sixth subsection 1



3:196 3


3:262 2






3:271 4



3:277b, first subsection 3

3:279, first and fourth subsection 3












3:296, eighth subsection 3

3:297, first, second and fifth subsection 3

3:298, first, second and fifth subsection 3


Section: Business conduct supervision financial firms 4:3, first subsection 5



4:4a 5















4:18b, second and third subsection 3

4:18c, third subsection 3

4:18d, first and second subsection 3

4:18e, first and second subsection 3




4:21 2



4:26, second, third, fourth and fifth subsection 3


4:27, first, second and fourth subsection 3

4:30a, first up to and including the third subsection 3





4:39 3

4:40 3

4:41 3

4:42 3






4:46a 2

4:47 3








4:52a 2

4:53 4

4:55 2


4:57 3

4:58 3







4:66 3




4:70, first up to and including the third subsection and fifth up to and including the seventh subsection

3

4:71, first up to and including the third and fifth subsection 3










4:85, first, fourth and fifth subsection 1






4:90a, first up to and including the fifth subsection 3

4:90b, first up to and including the third subsection 3

4:90b, fourth up to and including the sixth subsection 4

4:90b, seventh up to and including the tenth subsection 3

4:90c, first up to and including the fourth subsection 3

4:90d, first, second and fourth subsection 3

4:90e, first up to and including the fifth subsection 3

4:90e, eighth subsection 3

4:91a, first, third, fourth up to and including the seventh subsection 3

4:91a, ninth subsection 4

4:91b, first and second subsection 3

4:91b, third and fourth subsection 4

4:91c, first and second subsection 3


4:91g, first up to and including the fourth subsection 3

4:91i 3

4:91j, first, second and fifth subsection 3

4:91k, first subsection 3

4:91k, second subsection 4

4:91l, first and second subsection 3
















4:100c 4


Section: Business conduct supervision financial markets 5:2 5



5:20, first up to and including the fourth subsection 3

5:21, first up to and including the fifth subsection 3

5:21, sixth subsection 2


5:23, first and fifth subsection 3

5:24, first, third and fourth subsection 3




5:29, first up to and including the fifth subsection 3

5:30 3




5:32a, first up to and including the third subsection 3


5:32b, fifth subsection 4

5:32c 4

5:32d, first subsection 5

5:32e 3

5:32f, first subsection 3

5:32g 3

5:32j, first up to and including the third subsection 3

5:32k, first, second and fourth subsection 3

5:32l, first up to and including the third subsection 3

5:32m 3



5:36 4

5:37 3



5:40 4


5:42 4


5:44 3

5:48 third up to and including eighth subsection 4

5:50 1










5:59, eighth subsection 3









5:64, fourth up to and including the seventh subsection 3

5:65 2

5:66 3



5:78 5

5:79 5

Decree on Special Prudential Measures, Investor Compensation and Deposit Guarantees

pursuant to the Act on Financial Supervision« Tariff number:

4, first and second subsection 3

4, third subsection 2


6, first subsection 2


Decree on the Scope of the Provisions of the Act on Financial Supervision (Besluit reikwijdtebepalingen Wft)

Tariff number:

5, first section, under a 1

5, first subsection, under b and c 4

5, first subsection, under d 3

5, second subsection 3


9 4

Decree prudential regulations Act on Financial Supervision Tariff

number: 10, first up to and including the third subsection 3

11, first up to and including the fifth subsection 3

12, first up to and including the third subsection 3


14, first up to and including the fourth subsection 3

14, fifth subsection 4




17a 3

18 3

19 3



22 3

22a 3


23, fifth and sixth subsection 3

23a, first up to and including the third subsection 3

23b, second subsection 3

23c, second subsection 3

23d 3

23e, second subsection 3

24 3

24a, first and second subsection 3

24b, first and second subsection 3

25 3



28 3

29 3

30 3










39, fourth subsection 3





44, third, fourth and six subsection 1

45, first and third subsection 1




54 5


56, second up to and including the fourth subsection 3



61, first up to and including the sixth subsection 3


62, second and third subsection 3


62a, third subsection 4

62b, first subsection 4


62c, third and fourth subsection 3

62e, first subsection 4


64 3



67, first up to and including the seventh subsection 3



69, sixth subsection 3

69, seventh subsection 3

70, third up to and including the fifth subsection 3

71, first up to and including third subsection 3





80 3




83 3









93 3


95, first up to and including the third subsection and fifth subsection 3

96 3








106 4




110 3


112 3







119 3



121, first, third and fourth subsection 3



123, sixth subsection 3


126, first, second and fourth subsection 3

126, eighth 4


129 1









138 3

142 3

Decree business conduct supervision financial firms Wft Tariff

number: 2, first subsection 3



4 2


18 3





21, third up to and including the fifth subsection 3















31a 3

31b 3

31c, first up to and including the third subsection 3



33 2

34, first and fourth subsection 3





35a, first subsection 4

35a, second subsection 3

35a, third and fourth subsection 4

35 b 4

35c, first and second subsection 3

35d 3

35e, first up to and including the third subsection 3

35g, first subsection 3

35h 3

37 5





38c, first subsection 3

38d, first and second subsection 3

38e, first and second subsection 3

39 4

40 4

41 2

42 3




49b 3



51a, first up to and including the fourth subsection 3

51a, fifth subsection 4

51a, sixth subsection 3

51a, seventh subsection 5


53, first up to and including the twelfth subsection 3


56 4





58b, second subsection 4

58b, third subsection 3


58c, second up to and including the fifth subsection 3

58d, first up to and including the sixth subsection 3

58e, first subsection 3

58f, first subsection 4

58f, third up to and including the fifth subsection 3

59 3



62 3









71a, first, third and fourth subsection 3





73 3

74 2

75 2


78, second and fourth subsection 3


80 3


80a, second and third subsection 3









84 4

85 3




90 2




95, first, second, fourth and fifth subsection 2



98 2


100 2



104 2

105 2

106 2






116 3

117 3


119 1





123, fifth and sixth subsection 1






128 3

129 3

130 4

132 4


133, second up to and including the fourth subsection 4










144 3

145 1






151 3

154 3


156 4










164a, second subsection 3

164b, first and second subsection 4

164b, third subsection 3



165b, first, fourth and fifth subsection 3

165c, first up to and including the third subsection 3

165d 3

166 2

167 3

167a, first up to and including the fourth subsection 3



Decree on the Disclosure of Major Holdings and Capital Interests in Issuing institutions (Besluit melding zeggenschap en kapitaalbelang in uitgevende instellingen) Wft.

Tariff number:

2 3


4 3


6 3

7 3



Decree on public bids Tariff number:

3 4


5, first, fourth and fifth subsection 4

6 4

7 4

10 4

11 4

12 4

13 4

14 4



17 4

18, first subsection up to and including the third subsection 4

19 4

22 4

21 4

22 4

23 4

24 4


27 4

Section 4

1. The following fine applies in the event of a violation of a regulation in the following section of the General Administrative Law Act:

General Administrative Law Act Tariff number:

5:20 3

2. The following fine applies in the event of a violation of the section of the Prospectus regulation stated below:

Prospectus regulation Tariff number:


30 4

34 4

3. The following fine applies in the event of a violation of a regulation in the following section of the MiFID

implementation:

MiFID implementation regulation Tariff number:

7 3




24 3







36 3

37 3

Section 5

The following fines apply in the event of a violation of a regulation in the following sections of the Further Regulations stipulated by virtue of the sections 31, 35, 54, 56, 58, 59, 66, 68, 69, 70, 71, 84, 110, 112, 118, 123, 124, 133, 134, 164, 165 and 167 of the Decree on the Supervision of the Conduct of Business of financial firms:

Further Regulations Tariff number:

2:1, first up to and including the ninth subsection 3

2:2, first up to and including the sixth subsection 3

2:3 3

2:4 3

3:1 3

3:11 3

3:12 3


5:1 3


5:3 3


5:5 4

5:6 4

5:8 3

5:9 3


6:3 3

6:4 3

6:5, first, second and third subsection 2




6:9 2

6:10, first, fifth and sixth 3

6:11 3


6:13, first, second and third subsection 3


6:21 2



6:24 3

Section 6

1. If the fine is imposed on a person who belongs to one of the categories listed below, the amount of the fine also depends on the person's ability to pay:

a. financial firms; b. representatives of an insurance company; c. holders of a declaration of no objection as referred to in Sections 3:95, 3:96 or 5:32 of the Act on Financial

Supervision; d. persons who, in or from the Netherlands commercially beyond a restricted circle attract callable funds of

others than professional market parties, obtain the disposal or have the disposal over such funds, or in carrying out a profession or running a company perform duties for these activities as an intermediary; and

e. persons and companies, not belonging to one of the categories mentioned in the sections a up to and including d, in the event that it concerns a violation of section: 1°. 5:70, 5:71 or 5:72 of the Act on Financial Supervision; 2°. 5:34 first or second subsection, 5:34 first up to and including fourth subsection, 5:36, 5:37, 5:38, first or

second subsection, 5:39, first subsection, 5:40, 5:41, first or second subsection, 5:42, 5:43, first and second subsection, 5:44, 5:48, third up to and including the eight or tenth subsection, 5:50 or 5:51 of the Act on Financial Supervision; or

3°. 5:26, first subsection, 5:28, first or second subsection, 5:30, first or third subsection, 5:31, 5:32, first or fourth subsection, of the Act on Financial Supervision.

2. The ability-to-pay principle is expressed in the level of the fine by multiplying the amount of the fine, as

determined based on Section 3, 4 and 5 by the by virtue of Section 7 applicable ability-to-pay factor.

3. In the event that the supervisor does not have the necessary information at its disposal to determine the ability to pay, the supervisor requests the person on whom the fine shall be imposed to provide this information within a reasonable period to be set by the supervisor.

4. If the person in question does not provide the information referred to in the third subsection within the term specified in that subsection, the ability-to-pay factor five is applicable when determining the amount of the fine.

5. In the event that a fine is imposed on a person, who belongs to several of the categories mentioned in the first section, the category applies that results in the highest ability-to-pay factor.

Section 7

The ability-to-pay factors referred to in Section 6, subsection two, are:

a. ability-to-pay factor one: 1°. investment firms, asset managers, investment institutions and custodians with equity capital of less than

€ 500,000; 2°. credit institutions and clearing institutions with a balance sheet total of less than € 50,000,000; 3°. prepaid funeral services insurance companies and non-life insurance companies with a balance sheet

total of less than € 5,000,000; 4°. life insurance companies with a balance sheet total of less than € 15,000,000; 5°. financial service providers, not being financial firms as referred to under 1 up to and including 4, of

which the number of employees, measured in full-time equivalents, who are directly engaged in providing financial services is fewer than 15;

6°. persons who, in or from the Netherlands commercially beyond a restricted circle attract callable funds of others than professional market parties, who obtain the disposal or have the disposal over such funds, or who in carrying out a profession or running a company perform duties for these activities as an intermediary with a turnover of less than € 100,000;

7°. persons and companies, not being financial firms as referred to under 1 up to and including 6, with equity capital of less than € 150,000.

b. ability-to-pay factor two: 1°. investment firms, asset managers, investment institutions and custodians with equity capital of at least €

500,000 but less than € 5,000,000; 2°. credit institutions and clearing institutions with a balance sheet total of at least € 50,000,000 but less

than € 500,000,000; 3°. prepaid funeral services insurance companies and non-life insurance companies with a balance sheet

total of at least € 5,000,000 but less than € 25,000,000; 4°. life insurance companies with a balance sheet total of at least € 15,000,000 but less than € 75,000,000; 5°. financial service providers, not being financial firms as referred to under 1 up to and including 4, of

which the number of employees, measured in full-time equivalents, who are directly engaged in providing financial services is at least 15 but fewer than 25;

6°. persons who, in or from the Netherlands commercially beyond a restricted circle attract callable funds of others than professional market parties, who obtain the disposal or have the disposal over such funds, or in carrying out a profession or running a company perform duties for these activities as an intermediary with a turnover of at least € 100,000 but not more than € 200,000;

7°. persons and companies, not being financial firms as referred to under 1 up to and including 6, with equity capital of at least € 150,000 but less than € 300,000.

c. ability-to-pay factor three: 1°. investment firms, asset managers, investment institutions and custodians with equity capital of at least €

5,000,000 but less than € 50,000,000; 2°. credit institutions and clearing institutions with a balance sheet total of at least € 500,000,000 but less

than € 5,000,000,000; 3°. prepaid funeral services insurance companies and non-life insurance companies with a balance sheet

total of at least € 25,000,000 but less than € 125,000,000; 4°. life insurance companies with a balance sheet total of at least € 75,000,000 but less than € 375,000,000; 5°. financial service providers, not being financial firms as referred to under 1 up to and including 4, of



7°. persons and companies, not being financial firms as referred to under 1 up to and including 6, with equity capital of at least € 300,000 but less than € 500,000.

d. ability-to-pay factor four: 1°. investment firms, asset managers, investment institutions and custodians with equity capital of at least €

50,000,000 but less than € 500,000,000; 2°. credit institutions and clearing institutions with a balance sheet total of at least € 5,000,000,000 but less

than € 50,000,000,000; 3°. prepaid funeral services insurance companies and non-life insurance companies with a balance sheet

total of at least € 125,000,000 but less than € 500,000,000; 4°. life insurance companies with a balance sheet total of at least € 375,000,000 but less than €

1,500,000,000; 5°. financial service providers, not being financial firms as referred to under 1 up to and including 4, of



7°. persons and companies, not being financial firms as referred to under 1 up to and including 6, with equity capital of at least € 500,000 but less than € 5,000,000.

e. ability-to-pay factor five: 1°. investment firms, asset managers, investment institutions and custodians with equity capital of at least €

500,000,000; 2°. credit institutions and clearing institutions with a balance sheet total of at least € 50,000,000,000; 3°. prepaid funeral services insurance companies and non-life insurance companies with a balance sheet

total of at least € 500,000,000; 4°. life insurance companies with a balance sheet total of at least € 1,500,000,000; 5°. financial service providers, not being financial firms as referred to under 1 up to and including 4, of

which the number of employees, measured in full-time equivalents, who are directly engaged in providing financial services is at least 50;

6°. persons who, in or from the Netherlands commercially beyond a restricted circle attract callable funds of others than professional market parties, obtain the disposal or have the disposal over such funds, or in carrying out a profession or running a company perform duties for these activities as an intermediary with a turnover of at least € 400,000;

7°. persons and companies, not being financial firms as referred to under 1 up to and including 6, with equity capital of at least € 5,000,000.

Section 8

The sections of this Decree shall enter into force at a time to be determined by Royal Decree. Different times may be set for different sections or parts thereof.

Section 9

This Decree shall be cited as: Decree on Fines pursuant to the Act on Financial Supervision (Besluit boetes Wft).

We hereby order and command that this Decree and the accompanying Explanatory Memorandum and appendix be published in the Bulletin of Acts, Orders and Decrees (Staatsblad). The Hague, 12 October 2006

Beatrix The Minister of Finance, G. Zalm

Published on the thirty-first of October 2006

The Minister of Justice,

E. M. H. Hirsch Ballin

decree of 12 october 2006, concerning rules regarding the ... · (text applicable as at 08-02-2008)...

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