BOE-A-2026-4961 ·2 March 2026 ·Resolution Low impact
Tax

CNMV imposes fines of up to EUR 70,000 for very serious market abuse offences

The CNMV has published the resolution regarding sanctions for very serious offences classified under the Securities Market Act (Royal Legislative Decree 4/2015) related to market abuse (Art. 282.16.c and b). The sanctions stem from the unlawful disclosure of inside information and the acquisition of shares while in possession of such information concerning a takeover bid for BIOSEARCH, SA. The sanctioned parties have waived their right to administrative appeals, meaning the sanctions are now final at the administrative level (Art. 335 of Law 6/2023).

In 3 key points

  1. EUR 70,000 fine for unlawful disclosure of inside information, Art. 282.16.c (art. 282.16.c)
  2. EUR 15,000 fines for share acquisition using inside information, Art. 282.16.b (art. 282.16.b)
  3. Sanctions are final at the administrative level due to the waiver of appeals by the interested parties (art. 335 de la Ley 6/2023)

How it affects those involved

For the sanctioned individuals, fines amount to EUR 70,000 for the person who disclosed the information and EUR 15,000 for each shareholder purchaser (Art. 282.16). The effect is that the sanctions are final administratively following the waiver of appeals, leaving only the option of judicial review before the National High Court.

Lifecycle

2026-03-02PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.
PDF on boe.es

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