This Monday, the National Securities Market Commission (CNMV) imposed a fine of 680,000 euros on Gestión de Assets Mobiliarios and three of its managers for committing various offenses of varying degrees.
As published by the Official State Gazette (BOE), the stock exchange controller fined the entity €435,000 for committing five very serious offenses (three classified in article 283.3, one in article 283.11 and another in article 283.8) and a serious violation (classified in section 295.13), all in accordance with the Securities Market Act.
Concretely, these sanctions are produced byto use client funds for the entity’s own activities repeatedly and seriously in the period inspected and between January 1, 2022 and June 30 of this year, as well as for present serious and persistent deficiencies over time in transaction records and customer order receipts.
Likewise, the fine is motivated by the transmission to the CNMV of information on own resources containing inaccurate and misleading data; due to the reduction of own resources to a level below 80 percent of the established minimum – remaining in this situation for at least 16 consecutive months – and due to the serious and repeated deficiencies noted in the internal control mechanisms.
The company was in turn sanctioned for the commission of a serious offense (classified under article 295.13) linked to non-compliance with the ban on market manipulation in the context of part of its operations carried out in as a liquidity provider on EiDF shares between March 4 and May. 18, 2022.
It should be noted that, having waived the right to appeal, The sanctions became final by administrative means.
Fines for managers
At the same time, they were personally fined for professional misconduct of these efforts and also in accordance with the Securities Market Law, the CEO, Juan José Llinares Santisteban; the management consultant, Francisco Javier Caro Fernández; and the director and general manager, Ernesto González Quesada, for a value of 245,000 euros.
Specifically, Llinares was sanctioned with the payment of a fine of 125,000 euros; Expensive at 62,000 euros and González another at 58,000 euros.
Likewise, since the appeal was waived, the sanctions have become final by administrative means.
