Spain’s National Court has confirmed a €15,000 penalty against Agustín Marco, deputy director at El Confidencial, for buying OHL shares with privileged information. The ruling marks a precedent for journalists under market abuse laws.
The National Court has confirmed the €15,000 fine imposed by the Comisión Nacional del Mercado de Valores (CNMV) on Agustín Marco, deputy director of El Confidencial, for purchasing shares in OHL while in possession of insider information. This decision, delivered by the Third Section of the Administrative Chamber, fully endorses both the regulator’s original resolution and its subsequent confirmation by the Ministry of Economic Affairs and Digital Transformation. The case stands out as the first time a Spanish journalist has received an administrative sanction for market abuse.
The court’s ruling highlights that European regulations on market abuse penalize the act of executing a financial transaction while holding privileged information, regardless of whether the transaction later results in profit or loss. The judges emphasized that the law’s intent is to safeguard market integrity and ensure equal conditions for all investors. In Marco’s case, the court noted that the timing of the information’s publication—days after the share purchase—was particularly relevant, as journalists can control when sensitive information becomes public, potentially triggering market reactions.
The CNMV had classified Marco’s infraction as “very serious” under Article 282.16 of the Securities Market Law. According to the regulator, Marco bought OHL shares on March 7, 2019, while aware of confidential information about the company. The CNMV’s board formalized the sanction on April 27, 2022, and published it in the Official State Gazette. After exhausting administrative appeals, Marco challenged the decision in the National Court, which has now rejected his arguments and upheld the penalty. The court also dismissed claims of procedural unfairness during the CNMV’s investigation and found the €15,000 fine proportionate, ordering Marco to pay legal costs.
The ruling underlines that when privileged information is obtained through professional activity, the law considers the violation especially severe. The court’s reasoning aligns with recent debates in Spain about the boundaries of journalistic activity and financial regulation. For context, similar tensions over the intersection of media, business, and legal oversight have surfaced in other Spanish regions, such as the controversy surrounding economic influence in Catalan chambers, as reported in recent coverage of Catalonia’s chamber law changes.
Marco has announced plans to appeal the decision to the Supreme Court. The outcome of this case could have lasting implications for journalists who handle sensitive financial information in Spain. The CNMV, Spain’s main financial markets regulator, has increased its scrutiny of insider trading and market abuse in recent years, reflecting broader European efforts to strengthen market transparency. The case also highlights the growing legal risks for media professionals operating at the intersection of journalism and financial markets, especially as digital platforms accelerate the dissemination of market-moving news. While the fine itself is modest, the precedent it sets may influence newsroom practices and compliance protocols across the sector.
