The commission and its powers
When the regulator (The National Commission on the Securities Market) finds any of the aforementioned attitudes, either ex officio or through a complaint, that do not comply with the rules, it will send a requirement to the possible offender, or may previously announce a “warning” on the Commission’s website warning that the provider is a Bucket shop.
Procedural lawyers before the National Securities Market Comission
Although it is true that in this type of proceedings it is not necessary to have legal advice, it is advisable in order to avoid a possible sanction, reduce it or even avoid the repetition of the same in the future for not having a compliance program adapted to the regulations.
At Navas & Cusí we are lawyers specialized in proceedings before the National Securities Market Commission, having handled all kinds of procedures such as the following:
- The interposition of warning to trading education companies: This is a common case in the last years, propitiated by the enormous amount of data that can be available immediately and the CFD’s providers. In recent years many companies have emerged that provide trading education services, which can sometimes be a recommendation to buy securities, acting outside the scope of the educational activity.
- Failure to file annual reserved statements or IRE statements: During the first two months of the year it is mandatory for firms providing investment services to prepare and deliver to the Commission a summary of their activity through the so-called reserved statements. On many occasions this is due to the lack of knowledge of this regulation or to the fact that the rendering company has not performed any effective service, even if this is the case, it is mandatory to comply with the procedure.
- Market abuse or operating with privileged information: Another situation that is suffering an increase due to the capacity of information exchange nowadays. In these cases, we can find how workers of the companies or members of the board, or relatives of these, operate when they are forbidden to do so because they have privileged information. It is highly recommended to have a lawyer to reduce the possible sanction.
- Failure to notify the acquisition of a significant shareholding as a relevant fact: this usually occurs in situations in which the shares are bought and sold privately. The rule is clear, and requires that the commission be notified almost immediately; if this is not done, expert advice is needed to complete the notification and avoid the sanction.
All of the above are a small list of all the actions that Navas & Cusí has taken before the CNMV, even having filed a complaint to the regulator for the damages caused by specific financial products.
Therefore, at Navas & Cusí we have a team of experts in proceedings before the National Securities Market Commission, who will be able to advise you on everything necessary.