• NLD AFM fined Merian Global Investors (UK) Ltd for not reporting short selling.

Violations

• Fine imposed because of failure to comply with regulations on reporting net short positions from 8 October 2014 to 19 January 2018, in violation of short selling regulation.
• Merian, now named Jupiter, failed to report 78 net short positions to NLD AFM on time.

Penalty

• Basic fine for violations is €500,000; amount was initially reduced to €350,000 due to the cooperative attitude of investment firm, but Merian objected to this fine decision.
• NLD AFM considers administrative fine of a total of €250,000 appropriate in this case.
• Circumstances of the case have been taken into account when determining the fine.
• Include no previous violations, full cooperation in establishing violation, measures taken to prevent reoccurance of violation, AFM lack of warning prior to fine imposition.

Appeal

• Merian lodged an appeal against decision on objection with District Court of Rotterdam.
• On 25 November 2021, Court of Rotterdam declared the appeal unfounded.
• Merian has not lodged an appeal against Court's decision, which makes decision final.