The Financial Markets Authority (AFM) of the Netherlands has issued a penalty payment order against Vantage Global Limited (Vantage Markets).
The reason for the order is Vantage Markets’ lack of cooperation with the AFM’s investigation. The AFM is investigating whether Vantage Markets has illegally offered investment services in the Netherlands. The AFM has therefore requested information from Vantage Markets. Because Vantage Markets is not providing this information, the AFM is imposing a penalty payment order. The penalty payment amounts to €10,000 per day up to a maximum of €100,000.
The AFM has launched an investigation into the activities of Vantage Markets. This company is based in Vanuatu and offers retail investors the opportunity to trade in high-risk financial instruments such as Contract for Differences (CFDs). The AFM wants to determine whether Vantage Markets needs a license from the AFM. In doing so, the AFM is also investigating the collaboration with Dutch intermediaries.
As part of its investigation, the AFM has repeatedly requested information from Vantage Markets, which Vantage Markets has not (fully) provided despite repeated requests. That is why Vantage Markets received a penalty payment order on 24 October 2024. Vantage Markets must still comply with the AFM’s information requests.
For each day that Vantage Markets fails to comply, the penalty payment increases by €10,000 up to a maximum of €100,000.
