ABN Amro Fined €2M For Not Disclosing Chairman’s Exit

Law360, London (November 21, 2019, 12:46 PM GMT) -- The Dutch financial watchdog said Thursday it has fined ABN Amro €2 million ($2.2 million) for failing to tell shareholders in 2016 that its former chairman was retiring, in a breach of Europe’s market abuse rules.

The Dutch Authority for the Financial Markets said it hit ABN Amro Bank NV with the penalty because the Netherlands-based lender did not alert the market that its former chairman, Gerrit Zalm, was leaving the bank until September 2016. He left four months later.

The disclosure did not come until two months after a Dutch daily newspaper published an article providing “an accurate picture” of...

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