DELTA LLOYD The Administrative Court (bestuursrechter) in Rotterdam established in summary proceedings yesterday, that the Dutch Central Bank (DNB) is not allowed to publish its resolution pre-emptively to impose an administrative fine on Delta Lloyd Levensverzekering NV. Among others, the Court decided that DNB's argument to disclose the resolution early, under Section 1:97 (1.b) of the Financial Supervision Act (Wet op het financieel toezicht - Wft), is not applicable. As a consequence, the resolution must remain confidential until full completion of the legal proceedings and a final decision has been rendered on the merits and the amount of the fine.
DNB's reason for publishing the resolution was that a legislative change effective from 1 August 2014[1]:
#_ftn1 required it to make a pre-emptive announcement of its imposition of the fine. The Administrative Court rejected, among others this argument, on the grounds that the resolution to impose the fine came under the old regime, and any publication should consequently be suspended until full completion of the legal proceedings and a final decision has been rendered on the merits and the amount of the fine.
Given the ongoing legal proceedings, Delta Lloyd will not make any further comments on the case. For the sake of completeness, reference is made to the relevant Delta Lloyd press releases of 22 and 23 December 2014.
[1]:
#_ftnref1 Specifically Article 10 of the Decree concerning administrative fines in the financial sector, whereby the second category of fines pertaining to Section 3:10 (1) and Section 3:17 (1) of the Financial Supervision Act and Article 23 (1) of the Decree on Prudential Rules pursuant to the Financial Supervision Act has been replaced by the third category of fines.
http://hugin.info/142905/R/1890661/669427.pdf
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Delta Lloyd via Globenewswire
