On 2 March 2011, the AFM levied an administrative fine on an individual for violation of the prohibition on insider trading during the takeover battle over food retailer Super de Boer.
The individual had attended a congress for employees and entrepreneurs of Schuitema (renamed C1000), a rival food retailer, in September 2009. Shortly after a speech of a director of Schuitema on the implications of the public bid on the shares in Super de Boer by Jumbo, the individual contacted a broker to put in a purchase order for Super de Boer shares. According to the AFM the aforementioned speech contained information of a precise nature which was not public and which, if it were made public, would have a significant influence on the share price of Super de Boer. As such, the individual made use of information about a public bid by Schuitema, while he knew or should have reasonably suspected that he had inside information at that time.
Pursuant to the new penalty regime (as per 1 August 2009), a violation of the insider trading prohibition can be fined up to a maximum amount of EUR 4 million (base amount: EUR 2 million). In the case at hand, the AFM reduced the fine to EUR 114,000, mainly taking into account the limited financial means of the offender.