Appeals Committee ruling | DSI-2025

DSI Appeals Committee ruling dated April 30, 2025.

On April 30, 2025, the DSI Appeals Committee ruled in a case against a former employee of an investment firm, who worked there as a Senior Investment Manager. The appeal concerns a review of the DSI Disciplinary Committee’s decision of August 27, 2024. In that ruling, the Disciplinary Committee upheld a DSI complaint regarding the accusation of a conflict of interest of the certified.

DSI raised three grounds of appeal against the ruling. According to DSI, the Disciplinary Committee should have ruled on whether the certified had performed ancillary activities in violation of the DSI Code of Conduct. In addition, DSI believes that the DSI Disciplinary Committee made an incorrect decision as to whether the certified investment service provider provided investment services through his own company without having an AFM license. Finally, DSI believes that the certified person wrongfully did not receive a sanction.

Appeals Board ruling

The DSI Appeals Committee ruled that the second ground of appeal succeeded and declared the part of the complaint that the certified person provided illegal investment services from his private company to be founded. The other grounds for appeal were rejected. The Appeals Committee – like the Disciplinary Committee – refrained from imposing a measure on the certified.

Articles DSI Code of Conduct applicable: 7.1.5, 7.1.6, 7.1.8

Linkage to DSI Core Principles:

• Core principle 5: Comply with rules.
  Providing investment services without a license violates applicable laws and regulations.
• Core principle 7: Be clear about interests
  Failure to avoid the appearance of conflicts of interest damages trust in the industry.
• Core principle 1: Take responsibility.
  The professional should have taken responsibility for strictly separating business roles and adhering to the Code of Conduct.