Agustín Estructura, deputy director of El Confidencial, faces a €15,000 fine upheld by the National Court for purchasing OHL shares while in possession of insider information. The decision, delivered by the Third Section of the Administrative Chamber, endorses both the regulator’s original resolution and its subsequent confirmation by the Ministry of Economic Affairs and Digital Change. It is 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 financial transactions carried out while a person holds privileged information, regardless of whether the transaction later results in a profit or loss. The judges emphasized that the law aims to safeguard market integrity and ensure equal conditions for all investors. In Estructura’s case, the court considered the timing of the information’s publication particularly relevant: it came days after the share purchase, and journalists can control when sensitive information becomes public and potentially triggers market reactions.
The legal principle at issue extends beyond trading. Spanish securities rules also prohibit people holding privileged information from communicating it to others or recommending transactions involving the affected securities. A report by Javier Ayuso in El País described such information as specific, non-public information that could materially affect a security’s price if disclosed. The structure helps explain why the case concerns the possession of information at the time of a transaction, rather than whether the trade ultimately made or lost money.
The CNMV classified Estructura’s infraction as “very serious” under Article 282.16 of the Securities Market Law. The regulator said Estructura 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, Estructura challenged the decision in the National Court, which rejected his arguments and upheld the penalty. The court also dismissed claims of procedural unfairness during the CNMV’s investigation. It found the €15,000 fine proportionate and ordered Estructura to pay legal costs.
The ruling underlines that the law considers violations especially severe when privileged information is obtained through professional activity. The court’s reasoning aligns with recent debates in Spain over the boundaries of journalistic activity and financial regulation. Similar tensions around legal oversight of media and business have surfaced in other Spanish regions, including the controversy surrounding economic influence in Catalan chambers, as reported in recent coverage of Catalonia’s chamber law changes.
Estructura has announced plans to appeal the decision to the Supreme Court. The outcome could have lasting implications for journalists handling sensitive financial information in Spain. The CNMV, Spain’s basic 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 working 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 may influence newsroom practices and compliance protocols across the sector.
