Spain’s National Court has confirmed a €15,000 fine against an 'El Confidencial' journalist for insider trading. The case marks the first time a Spanish reporter is sanctioned for market abuse. The journalist plans to appeal.
Spain’s National Court has confirmed the €15,000 penalty imposed on Agustín Marco, deputy director at 'El Confidencial', for using insider information to buy shares in OHL. The ruling, issued by the Third Section of the Administrative Chamber, fully endorses the decision of the Comisión Nacional del Mercado de Valores (CNMV) and the subsequent confirmation by the Ministry of Economic Affairs and Digital Transformation. This marks the first time a Spanish journalist has been sanctioned by the courts for a serious market abuse violation involving privileged information.
The events date back to March 2019, when Marco purchased 15,000 shares of OHL for €15,000, just days before publishing an exclusive report revealing that the Italian group Salini Impregilo was seeking to acquire a stake in the company. The article, published on March 11, 2019, detailed negotiations involving GBS Finanzas and a former OHL board member. The news triggered an immediate 6.8% surge in OHL’s share price, followed by a rally that saw shares climb over 25% in the following week. Based on the closing price on the day of publication, Marco’s investment showed a latent gain of €857, or 5.7% in a single day.
The CNMV launched an investigation in May 2019 after detecting unusual trading activity. By May 2022, the regulator’s board concluded that Marco had committed a very serious infraction under Spain’s Securities Market Law and imposed the €15,000 fine. The sanction was upheld by the Minister of Economic Affairs, Nadia Calviño, in November 2022. Marco then appealed to the National Court, seeking to overturn the penalty and recover the amount paid.
Throughout the proceedings, Marco argued that he kept a strict separation between his journalistic work and personal investments. He claimed his decision to buy OHL shares was based on public information about management changes and previously reported buyer interest. He also stated that he learned the details of the acquisition talks only after making the purchase and did not sell the shares after the price spike, instead holding them as their value later dropped by over 40%. Marco further alleged procedural irregularities in the CNMV’s investigation and suggested possible bias due to his past reporting on the Banco Popular collapse.
The court rejected all of Marco’s arguments. The judges emphasized that European market abuse regulations penalize any transaction made while in possession of privileged information, regardless of whether the shares are later sold or profits realized. The ruling noted that journalists, by controlling the timing of publication, can directly influence market reactions, fitting the typical pattern of insider trading. The court also clarified that the law requires classifying such infractions as very serious when the information is obtained through professional activity. The €15,000 fine was deemed proportionate, and Marco was ordered to pay legal costs.
This case highlights the growing scrutiny of market conduct in Spain and the responsibilities of financial journalists. The CNMV’s approach aligns with broader European efforts to ensure market integrity and equal conditions for all investors. For context, similar regulatory actions have been seen in other EU countries, and Spain’s stance reflects a tightening of enforcement. The journalist’s intention to appeal to the Supreme Court suggests the legal debate over the boundaries of journalistic activity and market rules is not yet over. In related developments, Italy has recently extended border checks for travelers from Spain, citing security concerns, as reported in recent coverage of cross-border regulatory measures.
