Why does ABN AMRO believe that the Autoriteit-FM has incorrectly invoked this rule?
The scope of the rule that stabilisation is only allowed if it is carried out for the account and risk of the syndicate is that stabilisation may not be effected for the account and risk of the issuer. There would be an unacceptable conflict of interest if the issuer were to pay for the cost of stabilising its own shares. To meet the rule, it is not required that stabilisation is effected for the risk and account of all members of the syndicate. The rule only requires that stabilisation is effected for the risk and account of one or more members of the syndicate. Since in the case of WOL the stabilisation was partly effected for the account and risk of one member of the syndicate, ABN AMRO, the rule was not violated. Ad 2. ABN AMRO allegedly created a misleading impression of affairs among investors with respect to the price of the WOL shares 2.1 How does this criticism of the Autoriteit-FM relate to price stabilisation? Only if ABN AMRO cannot invoke the defence of a “safe harbour”, u
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