Over the past period, DSI has conducted and resolved various Disciplinary Investigations. One of the outcomes involved a reprimand issued by the DSI Disciplinary Committee to a Senior Relationship Manager Private Banking employed at a bank. We have summarized the results of all investigations in a brief overview. This summary provides insights into the various ways DSI handles disciplinary matters.

Revocation of Certification by DSI

On December 14, 2022, DSI revoked the certification of a partner from an investment firm under article 6.2 of the General Regulations. This article allows for certification revocation if the certified individual no longer complies with DSI’s regulations or breaches any provision therein. DSI believed that revocation was appropriate in this case due to the certified individual receiving a fine from the AFM (Authority for the Financial Markets). Additionally, the certified individual had not fulfilled the obligation to complete the Permanent Professional Competence program.

The certified individual had the option to appeal the revocation decision by DSI through the DSI Disputes Committee. However, the certified individual chose not to appeal, making the revocation final.

Transaction

Under the General Regulations, DSI is empowered to impose disciplinary measures through a transaction, which may entail a fine or an educational measure.

On January 3, 2023, DSI presented a transaction proposal to an investment advisor employed at a bank. DSI’s investigation had revealed that the certified individual had accessed customers’ bank accounts without a valid business reason. When considering the transaction proposal, DSI took into account measures already imposed by the bank and the certified individual’s demonstrated insight into their erroneous actions, which they also self-reported to DSI.

The transaction involved a corrective measure in the form of a mandatory integrity and critical judgment workshop. The certified individual accepted the transaction and has successfully completed the workshop, along with the accompanying examination.

Dismissal

On January 12, 2023, DSI decided to conclude an investigation against a DSI certified securities trader. DSI had initiated the investigation due to media reports about a criminal inquiry into insider trading. Upon receiving confirmation that the public prosecutor’s office had dropped the case against the trader, DSI closed the file.

Disciplinary Committee ruling

On February 21, 2023, the DSI Disciplinary Committee issued a ruling in a case involving a Senior Relationship Manager Private Banking employed at a bank. In the complaint, DSI highlighted the certified individual’s careless handling of confidential information and their actions giving rise to the appearance of a conflict of interest. The Disciplinary Committee found DSI’s complaint justified and imposed a reprimand on the certified individual.