The Dutch Authority for the Financial Markets (AFM) has imposed a EUR 34,000 fine on M. Plat for collaborating with Grinta Invest, an unlicensed asset manager, by promoting the firm and introducing investors. The AFM qualified this conduct as co-perpetration of unlicensed asset management and linked the promotional activity to investors ultimately losing their money. Plat promoted Grinta Invest via a website, acted as a contact person and guided investors through the sign-up process, and received high commissions, including 10% of the capital invested by clients; the fine was set at the gross benefit gained from the breach. The AFM also reiterated that asset managers must be licensed and highlighted recurring pitfalls for finfluencers and other promoters, including working with unlicensed parties and receiving fees for bringing in clients, while urging consumers to check the AFM registers before engaging with providers or intermediaries. The AFM stated that the press release does not show whether an objection or appeal has been lodged against the measure.
Dutch Authority for the Financial Markets 2025-01-17
Dutch Authority for the Financial Markets fines affiliate EUR 34,000 for promoting unlicensed asset manager Grinta Invest
The Dutch Authority for the Financial Markets (AFM) fined M. Plat EUR 34,000 for co-perpetrating unlicensed asset management with Grinta Invest by promoting the firm and introducing investors. Plat's activities included website promotion, acting as a contact person, and receiving commissions, leading to investor losses. The AFM emphasized the necessity for asset managers to be licensed and warned against collaborating with unlicensed parties.