Dutch Financial Regulator Fines Vantage Markets Since it 'Failed to Cooperate with Investigation'

On November 12, the Dutch Authority for the Financial Markets (AFM) announced a penalty order, issued on October 24, on CFD broker Vantage Markets.

The AFM has launched an investigation into Vantage Markets' local financial activities in an attempt to determine whether the broker was illegally providing investment services in the Netherlands.

“The AFM wants to determine whether Vantage Markets needs a license from the AFM,” the regulator said, emphasizing that the company (Vantage Global Limited) “does not have a license to offer investment services in the Netherlands”.

The AFM reportedly fined Vantage Markets on October 24 after repeatedly requesting the company to provide the necessary information to cooperate with the investigation but not receiving commanded information from the company.

If Vantage continues to fail to comply with the requirements, the penalty amount will be  €10,000 per day, up to a maximum of €100,000.

A spokesperson for Vantage said that the company's legal team was fully cooperating with the AFM's investigation into the matter, Finance Magnates reports.

A representative of the broker said, “Vantage employees do not solicit business in areas where we are not authorized to do so; including but not limited to the Netherlands. This is very important to us and strictly enforced by all employees.”

The representative also emphasized that anyone who visit Vantage's website from the Netherlands are reminded that “Vantage and its affiliated entities do not operate in your home jurisdiction”.

In addition, Vantage said it wanted to “clarify any misunderstandings in the countries where we do not have a presence.”