Court suspends publication of DNB fine
(Thomson Reuters ONE) -
The Administrative Court (bestuursrechter) in Rotterdam established in summary
proceedings yesterday, that the Dutch Central Bank (DNB) is not allowed to
publish its resolution pre-emptively to impose an administrative fine on Delta
Lloyd Levensverzekering NV. Among others, the Court decided that DNB's argument
to disclose the resolution early, under Section 1:97 (1.b) of the Financial
Supervision Act (Wet op het financieel toezicht - Wft), is not applicable. As a
consequence, the resolution must remain confidential until full completion of
the legal proceedings and a final decision has been rendered on the merits and
the amount of the fine.
DNB's reason for publishing the resolution was that a legislative change
effective from 1 August 2014[1] required it to make a pre-emptive announcement
of its imposition of the fine. The Administrative Court rejected, among others
this argument, on the grounds that the resolution to impose the fine came under
the old regime, and any publication should consequently be suspended until full
completion of the legal proceedings and a final decision has been rendered on
the merits and the amount of the fine.
Given the ongoing legal proceedings, Delta Lloyd will not make any further
comments on the case. For the sake of completeness, reference is made to the
relevant Delta Lloyd press releases of 22 and 23 December 2014.
--------------------------------------------------------------------------------
[1] Specifically Article 10 of the Decree concerning administrative fines in the
financial sector, whereby the second category of fines pertaining to Section
3:10 (1) and Section 3:17 (1) of the Financial Supervision Act and Article 23
(1) of the Decree on Prudential Rules pursuant to the Financial Supervision Act
has been replaced by the third category of fines.
Full press release:
http://hugin.info/142905/R/1890661/669427.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Delta Lloyd via GlobeNewswire
[HUG#1890661]
Unternehmensinformation / Kurzprofil:
Datum: 30.01.2015 - 12:45 Uhr
Sprache: Deutsch
News-ID 368138
Anzahl Zeichen: 2651
contact information:
Town:
Amsterdam
Kategorie:
Business News
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"Court suspends publication of DNB fine"
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