TITLE: Spain's National Securities Market Commission Publishes Sanction Against Banco de Sabadell
BODY:
On February 12, 2026, the Comisión Nacional del Mercado de Valores (CNMV), Spain's National Securities Market Commission, published a final administrative sanction against Banco de Sabadell, SA for a serious breach of securities regulations.
The CNMV imposed a fine of €1,500,000 on Banco de Sabadell for failing to inform retail customers who subscribed to promissory notes issued by the bank of their implicit costs between January 1 and October 15, 2023. Additionally, the bank failed to provide required warnings about the deviation between the price paid and the fair value of these instruments, as mandated by CNMV Circular 1/2018 of March 12. These failures constitute a very serious infraction under Article 293.1(a) of Law 6/2023 of March 17 on Securities Markets and Investment Services, specifically breaching Articles 200 and 201 of the same legislation and its implementing regulations.
The sanction became final through administrative proceedings following a Council resolution dated June 24, 2025. The CNMV published the sanction in accordance with Article 335 of Law 6/2023 and pursuant to the delegation of powers established in the CNMV Council Agreement of March 5, 2025.
The sanction is subject to judicial review by the Contentious-Administrative Chamber of the National Court (Audiencia Nacional). This enforcement action underscores the CNMV's commitment to protecting retail investors and ensuring compliance with disclosure and transparency requirements in securities markets.
REFERENCE:
Boletín Oficial del Estado, Núm. 54, March 2, 2026