BOE-A-2026-4658 ·27 February 2026 ·Resolution Low impact
Tax

Demium Capital, SGEIC, SA: €100,000 fine for very serious breach in conflict of interest management

The CNMV has imposed a €100,000 fine on Demium Capital, SGEIC, SA, for committing a very serious infringement as defined in Article 93(p) of Law 22/2014. The breach stems from failure to comply with the conditions of its authorisation as an SGEIC, specifically regarding the management of conflicts of interest, staff independence, and the absence of a transaction validation committee with binding powers (Art. 42.2 and 45.1(c) of Law 22/2014). The sanction is final through administrative channels following the entity's decision not to appeal.

In 2 key points

  1. €100,000 fine for a very serious infringement (Art. 93(p) Law 22/2014) (art. 93.p de la Ley 22/2014)
  2. Failure to implement conflict of interest management measures and lack of a binding validation committee (art. 42.2 y 45.1.c de la Ley 22/2014)

How it affects those involved

For the sanctioned entity, the resolution entails a direct economic cost of €100,000 and the finality of the sanction via administrative channels (Art. 92.2 Law 22/2014). For the closed-ended collective investment scheme management company (SGEIC) sector, the resolution highlights the mandatory requirement to maintain strict independence measures and validation committees to avoid sanctions for failing to meet authorisation conditions (Art. 42.2 Law 22/2014).

Lifecycle

2026-02-27PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.
PDF on boe.es

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