The CNMV imposes 19.4 million in fines in 2025, 58% more

BarcelonaThe National Securities Market Commission (CNMV) has stepped up its sanctioning activity during 2025. This is stated in the annual report that the stock market regulator published this Wednesday, in which it analyzes the macroeconomic context, the state of the markets and its own internal operations. According to the document, the body chaired by Carlos San Basilio imposed a total of 71 fines last year on financial activities outside of regulation, 20 more than the previous year. The total amount, however, has been much more significant: it has reached 19.4 million euros, an increase of almost 58% compared to 2024.

Some of the resolved cases, it must be said, had been opened in 2024. On average, the Commission's investigations into the type of sanctioned financial activities last about eight months. In total, 15 new cases were opened during the year, many of them still under investigation; while about twenty of those that had been initiated before January were closed.

The vast majority of sanctions, 77%, have been imposed for various market abuses, such as market manipulation or the use of inside information. The latest relevant fines declared for this type of behavior, it should be recalled, were those sanctioning former footballer Gerard Piqué and businessman José Elías, of about 300,000 euros each, for operating with inside information in the purchase of Aspy Global by Atrys Health, a company of which the founder of Audax Renovables was CEO at the time of the events.

More trading, fewer "chiringuitos"

According to the Commission's report, during 2025, 458 of what are known as financial "chiringuitos" were detected, meaning entities that operate with financial assets without a license. Many of these firms are dedicated to crypto-assets, now regulated by the new European regulation MiCA. The Spanish market regulator processed up to 1,273 claims from financial users; and more than a thousand complaints from whistleblowers of possible financial infringements were attended to, 10% more than the previous year.

All this occurred during a period of special activity in the stock markets and financial environments of the State. The CNMV's evaluation document details a "notable strength" in Spanish equities, with a 40.5% year-on-year increase in trading, exceeding one trillion euros transacted, the highest in over a decade. The Ibex-35 has reached its historic highs, with an increase in the aggregate capitalization of large companies close to 50%; while the total of those listed on regulated markets grew by 42.2%, to nearly 1.1 trillion euros, also the ceiling of the historical series.