La CNMV multa con 1,05 millones a Sapiens Markets y a sus tres consejeros

The Spanish Financial Market Supervision Authority, the CNMV, has imposed a total fine of 1.048 million euros on Sapiens Markets EU, a value investment firm operating under the Darwinex brand, and three of its board members for three serious violations. These infractions revolve around the protection of clients' money, product governance, and informational obligations. The CNMV's administrative decision, solidified after affected parties declined to appeal in court, could still be subject to judicial review.

Most of the penalties target the company itself, with Sapiens Markets EU required to pay a hefty 600,000 euros. The supervisory authority has also sanctioned Ignacio Sánchez-Asís Sanz, the chairman of the board, with a 128,000-euro fine, and Juan Colón Bolea and Javier Colón Bolea, the other two board members, with 160,000 euros each.

The most severe violation, concerning the inadequate safeguarding and protection of clients' cash funds, the maintenance of records, internal controls, and outsourcing of essential activities, has resulted in a 300,000-euro fine for the company, 80,000 euros for Juan and Javier Colón Bolea, and 64,000 euros for Sánchez-Asís.

The second infringement pertains to breaches in product governance, with penalties totaling 100,000 euros for the firm, 30,000 euros for each of the two Colón Bolea members, and 24,000 euros for Sánchez-Asís. Lastly, the third violation concerns insufficient information provision to clients and inadequate assessment, leading to 200,000 euros for Sapiens Markets EU, 50,000 euros for each of the two Colón Bolea board members, and 40,000 euros for Sánchez-Asís.

Despite the firm being officially registered with the CNMV since July 2022, the sanctions are now finalized in administrative proceedings, though they may still be reviewed by the Contencioso-Administrative Division of the National Court.