Delta Lloyd Asset Management accepts the Netherlands Authority for the Financial Markets’ (AFM) decision to impose a fine, which was published on 3 August, and has paid the related fine of € 750,000.
Further to the administrative court ruling in the legal dispute with the Dutch Central Bank (DNB) of 31 July 2015, Delta Lloyd Asset Management has decided to withdraw the pro forma objection to the AFM fine. As a result, the matter has now been resolved for Delta Lloyd Asset Management. Delta Lloyd already put the legal dispute with DNB behind it earlier this year.
The AFM fine was imposed for lack of sound business practices at Delta Lloyd Asset Management in the period between 1 April 2012 and 26 November 2014. AFM’s decision to impose a fine, which was published today, addresses the internal governance procedures involving transactions that Delta Lloyd Asset Management conducted for the purposes of the Delta Lloyd NV’s balance sheet. The investment funds and other mandates of Delta Lloyd Asset Management were not covered in the DNB and AFM investigations.
The governance procedures have been tightened by the new Board of Delta Lloyd Asset Management. Jacco Maters, Managing Director of Delta Lloyd Asset Management: “Thankfully, we have been able to resolve this matter. We have implemented major improvements in the organisation. The allocation of roles has changed. The Compliance function has been permanently embedded into the organisation and the conditions for fostering sound business practices have improved. This means that we can go back to focusing all our energy and efforts on the future and on our clients.”
Source: Delta Lloyd
