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Licensing as a whole A licence provides extra security for customers.

Licensing as a whole A licence provides extra security for customers.

De facto administration by Mr Bak Mr Bak ended up being among the two directors of BA Finance and had been straight active in the committal regarding the offense. He had been conscious of the offense, he had been able to stop the offense being committed, in which he neglected to achieve this. Based on the requirements manufactured by situation legislation, he had been consequently a de facto supervisor at enough time for the offence.

The bottom level of the fine with this offence is €2,000,000. This base amount may be increased or lower in conformity with all the severity or even the period for the offense, or even the amount of culpability. The AFM considers it appropriate to raise the base amount by 25% on the basis of the seriousness of the offence, and by 25% on the basis of the degree of culpability in this case. Whenever developing the total amount of the fine, the AFM also takes account associated with the position that is financial of offender. The fine has been set at €100,000 in view of Mr Bak’s financial position.

ahead of the AFM funds a licence, it carries out tests to ascertain (among other items) whether an organization satisfies what’s needed of properness, physical fitness and integrity. Moreover, a company with a licence must take notice of the alleged permanent guidelines of conduct, such as the exercise of due care within the supply of solutions to customers.

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