August 3, 2020

The CNMV sanctions Santander with 4.5 million, one of the largest fines in its history


MUpdated:

The National Securities Market Commission (CNMV) has sanctioned this Tuesday with a fine of 4.5 million euros Santander for a "very serious" infringement for "not acting in the best interests of its customers and receiving incentives that are not allowed".

The resolution, published today by the Official State Bulletin (BOE), was approved by the board of the agency on September 27 and although it is firm in administrative proceedings can be appealed if a remedy is filed in the Contentious-Administrative Chamber of the National Court.

This ruling has responded to what the regulator considers a "very serious" infringement typified in article 284.1, of the Consolidated Text of the Securities Market Law and with article 59 of Royal Decree 217/2008, of February 15, on investment services companies "for not acting in the best interest of its clients" and perceive incentives not allowed ", has been noted since the resolution published.

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