A €15,000 penalty against Agustín Estructura, deputy director at 'El Confidencial', has been upheld by Spain’s National Court. The fine was imposed for using insider information to buy shares in OHL. The ruling, issued by the Third Section of the Administrative Chamber, backs the decision of the Comisión Nacional del Mercado de Valores (CNMV) and its later confirmation by the Ministry of Economic Affairs and Digital Change. It marks the first time a Spanish journalist has been sanctioned by the courts for a serious market abuse violation involving privileged information.
In March 2019, Estructura bought 15,000 shares of OHL for €15,000, just days before publishing an exclusive report that the Italian group Salini Impregilo was seeking a stake in the company. Published on March 11, 2019, the article detailed negotiations involving GBS Finanzas and a former OHL board member. OHL’s share price jumped 6.8% immediately after the news, then climbed more than 25% over the following week. Based on the closing price on the day of publication, Estructura’s investment showed a latent gain of €857, or 5.7% in a single day.
The CNMV opened an investigation in May 2019 after detecting unusual trading activity. By May 2022, the regulator’s board had found that Estructura committed a very serious infraction under Spain’s Securities Market Law and imposed the €15,000 fine. Nadia Calviño, then Minister of Economic Affairs, upheld the sanction in November 2022. Estructura appealed to the National Court, seeking to overturn the penalty and recover the amount paid.
The legal structure for market abuse turns on the nature of the information. Under Spain’s former Securities Market Law, privileged information meant specific, non-public information about securities that could materially affect their price if made public. The law barred trading while in possession of such information. It also prohibited passing it to others or recommending transactions in the affected securities. Insider dealing was classified as a very serious infringement.
Throughout the proceedings, Estructura argued that he kept his journalistic work separate from his personal investments. He said his decision to buy OHL shares relied on public information about management changes and previously reported buyer interest. He also said he learned the details of the acquisition talks only after buying the shares. He did not sell after the price spike, instead holding them as their value later fell by more than 40%. Estructura also alleged procedural irregularities in the CNMV’s investigation and suggested possible bias because of his past reporting on the Banco Popular collapse.
The court rejected Estructura’s arguments. The judges said European market abuse regulations penalize transactions made while a person possesses privileged information, whether or not the shares are later sold or a profit is made. The ruling noted that journalists can directly influence market reactions through the timing of publication, a consideration in the insider-trading case. It also said the law classifies such infractions as very serious when the information is obtained through professional activity. The €15,000 fine was deemed proportionate, and Estructura was ordered to pay legal costs.
The case brings scrutiny to market conduct in Spain and the responsibilities of financial journalists. The CNMV’s approach aligns with broader European efforts to protect market integrity and ensure equal conditions for investors. Similar regulatory actions have occurred in other EU countries, while Spain’s stance reflects tighter enforcement. Estructura intends to appeal to the Supreme Court, leaving the legal debate over the boundaries of journalistic activity and market rules unresolved. Separately, Italy has recently extended border checks for travelers from Spain, citing security concerns, as reported in recent coverage of cross-border regulatory measures.
