July 24, 2021

The CNMV fined Santander with 4.5 million euros for very serious infringement

The CNMV fined Santander with 4.5 million euros for very serious infringement



The National Securities Market Commission (CNMV) has imposed a fine of 4.5 million euros on Banco Santander for committing a very serious infraction, "for not acting in the best interests of its clients and receiving incentives that are not allowed".

According to the Official State Gazette (BOE), the CNMV has published the sanction once it has been declared administratively binding.

The sanction, imposed by means of Resolution of the Board of the CNMV on September 27, 2018, establishes a fine for Santander for the commission of a very serious infraction "on the legal regime of investment services companies and other entities that provide investment services, for not acting in the best interest of their clients and perceive incentives not allowed ".

The resolution imposed by the aforementioned sanction is only final in administrative proceedings.

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