BOE-A-2026-6638 ·21 March 2026 ·Resolution Low impact
Tax

Individuals: fines of up to EUR 200,000 for unlawful disclosure and use of inside information

The CNMV has published sanctions imposed on five individuals for serious and very serious infringements related to market abuse (Art. 335 of Law 6/2023). The sanctions stem from the unlawful disclosure and use of inside information regarding the takeover bid by Kaixo Telecom for Euskaltel, SA in March 2021. The sanctioned parties have waived their right to administrative appeals, meaning the sanctions are now final in the administrative sphere.

In 3 key points

  1. EUR 200,000 fine for a very serious infringement (unlawful disclosure of inside information), Art. 1 (art. 1)
  2. Fines between EUR 25,000 and EUR 60,000 for a serious infringement (use of inside information), Arts. 2 and 5 (art. 2; art. 5)
  3. Sanctions are final in the administrative sphere due to the waiver of appeals, Art. 335 of Law 6/2023 (art. 335 de la Ley 6/2023)

How it affects those involved

For the individuals involved, the resolution entails the obligation to pay fines ranging from EUR 25,000 to EUR 200,000 depending on the severity of the infringement (Arts. 1 and 5). The effect is the administrative finality of the sanctions following the waiver of appeals, leaving only the possibility of judicial review before the National High Court (Audiencia Nacional).

Lifecycle

2026-03-21PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.
PDF on boe.es

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