CNMV Imposes Notable Fines for market Manipulation in Renewable Energy Sector

Madrid – Teh National Securities Market Commission (CNMV) has levied substantial fines against Fernando Romero, founder and former president of EIDF, along with his brother Óscar Antonio Romero, and other individuals, arkaitz Lozano hurtado and Enrique Noya Santos. the penalties also extend to the entities Vizcaya and Albujón Solar 81, all for engaging in market manipulation related to renewable energy stocks in 2022. This action underscores the CNMV’s commitment to maintaining the integrity of the spanish securities market.

According to the Official State Gazette (BOE), Fernando Romero faces the largest individual fine, totaling two million euros. Companies Vizcaya and Albujón Solar 81 are each penalized with 1.5 million euros. Óscar Antonio Romero will pay a fine of one million euros, while Arkaitz Lozano Hurtado and Enrique Noya Santos are fined 300,000 euros and 100,000 euros, respectively.

The CNMV steadfast that the infractions constitute a “very serious” violation of the Securities Market Law,specifically articles 282.15 and 15 of Regulation (EU) No 596/2014, concerning market abuse. The manipulation centered on the trading of shares in energy, innovation, and photovoltaic development companies during the fourth quarter of 2022.

Fernando Romero voluntarily resigned from his position as advisor and president of EIDF in October of the previous year, with Eduard romeu succeeding him.While the CNMV’s decision is final within the administrative realm, those sanctioned have the right to appeal through the Contentious-Administrative Chamber of the National Court.