The Dutch Trade and Industry Appeals Tribunal holds that separation of functions must be applied to all levels within administrative authority (Fortis)

A. Facts and procedure On 9 February 2006 the Dutch Trade and Industry Appeals Tribunal (‘Tribunal’) gave a judgment [1] on appeal against a ruling [2] of the District Court of Rotterdam (“District Court”). The case concerns the administrative decision of 5 September 2001 by which the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten,“the Authority”) [3] imposed a fine on MeesPierson, a Dutch bank. MeesPierson was fined for misleading its clients by making a profit of selling certain shares. According to the Authority, MeesPierson had thereby violated Articles 25 and 29 of the ‘Nadere Regeling toezicht effectenverkeer 1999’, which require brokers to handle in the interest of clients and prohibit misleading activities. During the proceedings of this case

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Authors

  • De Nederlandsche Bank (DNB)
  • Smeets Van Empel advocaten (Amsterdam)

Quotation

Margot Aelen, Loes Brekhof, The Dutch Trade and Industry Appeals Tribunal holds that separation of functions must be applied to all levels within administrative authority (Fortis), 9 February 2006, e-Competitions Bulletin February 2006, Art. N° 38343

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