Naming and Shaming in Financial Market Regulations: A Violation of the Presumption of Innocence?

Abstract

Naming and shaming in the financial markets has become a well-known enforcement tool by national supervisors both within and outside the EU. The Netherlands is one of the Member States which permits the publication of offences and administrative sanctions including the name of the offender. However, such publication practice might raise some concerns in the light of certain fundamental human rights. For instance, does naming and shaming violate the presumption of innocence? This article tries to answer this question by evaluating the Dutch publication regime under the Financial Supervision Act. Are the legal safeguards as provided under this Act sufficiently adequate to prevent an infringement of the presumption of innocence?