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Screenshot of a breaking news alert e-mail from Q2 2017
The Netherlands Authority for the Financial Markets (AFM) imposed an order for incremental penalty payments of €2,000 per business day on Alfred Sturz, trading under the name of Sturz Financieel Advies in Zoetermeer.
Sturz operates a financial consultancy, licensed by the AFM. Being under the supervision of the AFM, Sturz is required to complete the 2016 Market Monitor for advisers and intermediaries. The Monitor provides the AFM with insight into the market, thus enabling it to target the supervision more precisely.
Despite repeated requests, Sturz has not delivered the required information to the AFM. Accordingly, the AFM is imposing a penalty on Sturz. For each further business day that Sturz fails to meet its obligation to provide the information, the penalty will increase by €2,000, up to a maximum of €20,000.
What is an order for incremental penalty payments?
An order for incremental penalty payments is a method for pressurising a company or a person to perform or refrain from performing a certain action. If this is not done by the specified deadline, a financial penalty must be paid to the AFM.