DSI appeal against Disciplinary Committee ruling on illegal investment services by certified professional upheld, but no sanction imposed.

On 30 April 2025, the DSI Appeal Committee issued its ruling in a case involving a former employee of an investment firm, who served as a Senior Investment Manager.

The appeal concerned a review of the Disciplinary Committee’s decision dated 27 August 2024. In that decision, the Committee upheld a complaint from DSI regarding an allegation of conflict of interest involving the certified professional.

Article 7.1.8 of the Code of Conduct: DSI Core Principle 7 – Be clear about interests

The other complaints brought by DSI were dismissed. The Disciplinary Committee chose not to impose any sanctions on the respondent.

DSI raised three grounds of appeal against this ruling. First, DSI argued that the Disciplinary Committee should have ruled on whether the certified professional engaged in secondary activities in violation of DSI’s Code of Conduct. Secondly, DSI claimed the Committee made an incorrect decision on whether the certified professional provided investment services through his private company without holding an AFM licence. Finally, DSI contended that no sanction was wrongly imposed.

The DSI Appeal Committee found the second ground of appeal to be valid and upheld the complaint regarding the provision of illegal investment services through the certified professional’s private company.

Articles 7.1.5 and 7.1.6 of the Code of Conduct: DSI Core Principle 5 – Comply with Rules

The remaining grounds of appeal were rejected. Like the Disciplinary Committee, the Appeal Committee decided not to impose any sanction on the certified professional.