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AFM fines AFAB for inadequate safeguarding quality of financial services provision

De Brauw Blackstone Westbroek
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Netherlands
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February 11 2013

AFAB Holding N.V. ("AFAB") was fined EUR 6,000 by the AFM on 5 August 2010 because employees of AFAB Geldservice B.V. ("AFAB Geldservice") had failed

Fines and periodic penalty payments in case of violation of EU regulations

De Brauw Blackstone Westbroek
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Netherlands
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February 11 2013

A decree enabling the Netherlands Authority for the Financial Markets ("AFM") and the Dutch Central Bank ("DNB") to impose a fine or periodic penalty

US banks agree to settle mortgage-linked disputes with regulator and home-owners

De Brauw Blackstone Westbroek
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Netherlands, USA
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February 11 2013

Several large commercial US banks have settled legal disputes with homeowners over illegal foreclosure practices. The banks, which include Citigroup

DNB's supervisory themes for 2012: tackling cybercrime

De Brauw Blackstone Westbroek
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Netherlands
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July 20 2012

A growing cybercrime economy has led DNB to choose cybercrime as one of its supervisory themes for 2012

Act introducing suitability test and closer cooperation between financial supervisors

De Brauw Blackstone Westbroek
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Netherlands
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July 20 2012

This Act has come into force on 1 July 2012 and amends the current rules regarding the expertise required of day-to-day policy makers at financial undertakings and of members of the supervisory body at those undertakings

Governance of financial supervisors DNB and AFM strengthened

De Brauw Blackstone Westbroek
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Netherlands
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April 26 2012

An act strengthening the governance of DNB and the AFM entered into force on 16 February 2012

The Netherlands to join joint FATCA statement

De Brauw Blackstone Westbroek
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Netherlands, USA
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April 26 2012

The US Foreign Account Tax Compliance Act ("FATCA") will come into force on 1 July 2013

Case law on prudent person rule for pension funds: district court rules against DNB

De Brauw Blackstone Westbroek
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Netherlands
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April 26 2012

On 15 March 2012, the District Court of Rotterdam reversed a decision of the Dutch Central Bank ("DNB") to instruct a pension fund to substantially reduce its investment in gold

Introduction of suitability test for daily policy makers

De Brauw Blackstone Westbroek
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Netherlands
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January 20 2012

A bill was adopted by parliament on 20 December 2011 introducing a suitability test for (daily) policy makers of financial institutions and trust offices in the Netherlands

Bill limiting liability of financial supervisors

De Brauw Blackstone Westbroek
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Netherlands
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January 20 2012

Legislation currently in force provides no special liability regime for financial supervisors

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