Netherlands – AFM Fines $275K for Failure to Report Short Selling

Netherlands – AFM Fines $275K for Failure to Report Short Selling

On 30 March 2022, NLD AFM issued €250k fine for short selling reporting failure.

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


  • 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.


  • 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.


  • 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.