The Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) have updated their Simplified Fine Procedure (Procedure vereenvoudigde afdoening boetezaken). This procedure allows for simplified settlement of a fine imposed by AFM or DNB. It was originally introduced by the AFM, which already applies it for four years.
The supervisory authority determines whether a case is suitable for simplified settlement. Financial undertakings may also express interest in the procedure, but the simplified procedure is not a right of the undertaking. AFM or DNB ultimately decides whether the procedure can be applied, as certain cases may not be suitable for this procedure. The simplified fine procedure works best when the facts of the case are clear, the financial institution is cooperative and both AFM/DNB and the financial undertaking benefit from a quick and definitive resolution.
This procedure is attractive for financial institutions because cooperation results in a 15% reduction of the total fine. At the same time, the undertaking waives its right to objection (bezwaar) and appeal (beroep).
If the institution accepts the offer for a simplified fine procedure, the supervisor issues an abbreviated fine decision and publishes the fine. Payment by the financial institution closes the matter definitively.
The press releases of the DNB and AFM including the Simplified Fine Procedure can be found here and here (Dutch only).