The CNMV made progress last year in serious or very serious disciplinary proceedings that end up in court. During the past year, the number of fines that acquired administrative finality amounted to 8.67 million euros, 36% more than in the previous year. They are those that have already exhausted all appeal channels and are only pending payment.
As indicated by the market supervisor in its 2022 annual report, the sanctions that are now awaiting administrative finality amount to 720,000 euros, when just a year ago the amount stood at 3.28 million euros.
For both this body and the National Commission for Markets and Competition (CNMC), the sanctioning activity is not only measured by the number of fines imposed, but also by those that end up prospering and overcoming all judicial procedures.
The CNMV has been successful in most of the procedures that reach the courts. Last year the National Court handed down 15 sentences on disciplinary proceedings, of which 12 were rejected, that is, favorable to the body chaired by Rodrigo Buenaventura. In three other cases, there were appeals.
The Supreme Court and the Constitutional Court ruled against an appeal and another for amparo, in both cases dismissing, with which the CNMV also managed to move forward with the files.
With the approval of the new Securities Market Law, which came into force at the beginning of April, due to the sanctions imposed by the CNMV, it is no longer possible to file an appeal before the Ministry of Economy, but those affected who are dissatisfied they must resort to justice. Last year eleven appeals were filed, of which two were dismissed.
Last year, the CNMV also imposed 45 fines for 6.38 million euros, 36% more than in the previous year, although less than in 2020. The filed files incorporated sanction proposals for 2.13 million euros.
Most of the sanctions, 20, corresponded to cases of market abuse and, within this category, ten were for manipulation, eight for use of privileged information and two for other breaches in the matter. Of all the sanctions, ten were appealed in court.
