CNMV Fine of €190,000 to Soltec: What Listed Companies Must Know

Key data

Publishing incorrect results to the market has a concrete price: €190,000. That is what it has cost Soltec Power Holdings, SA the communication of erroneous data in its 2023 fiscal year results, classified as "Other Relevant Information" before the CNMV. The Resolution of July 17, 2026, published in the BOE on August 3, 2026, makes public this sanction for serious infraction of the Law 6/2023 on Securities Markets and Investment Services and the EU Regulation 596/2014 on market abuse.

The company waived its right to appeal in administrative proceedings, making the sanction final for administrative purposes, although it maintains the possibility of review before the National Court.

What does this regulation establish?

The CNMV resolution documents and makes public the sanction imposed on Soltec Power Holdings for having communicated to the market its 2023 fiscal year results with incorrect data, through the "Other Relevant Information" (ORI) channel. This channel is the official mechanism by which listed companies communicate significant facts that may influence the price of their securities.

The two violated regulations are:

• Law 6/2023 on Securities Markets and Investment Services: regulates the transparency and information integrity obligations of companies listed on Spanish markets.
• EU Regulation 596/2014 on market abuse (MAR): European regulation of direct application that prohibits the dissemination of false or misleading information that may distort the price of financial instruments.

The infraction is classified as serious, which implies significant economic sanctions and publication of the sanction. The company chose not to appeal in administrative proceedings, accepting the finality of the resolution, although it retains the possibility of challenging it before the National Court.

Economic and operational impact

For Soltec Power Holdings, the direct and immediate cost is €190,000. But the real impact goes beyond the fine amount:

• Market reputation: the official publication of the sanction in the BOE creates a permanent public record of regulatory non-compliance, with potential effect on investor and analyst confidence.
• Internal review cost: any company that receives a sanction of this type must review its processes for validating public financial information, which implies additional costs for internal audit and legal advice.
• Risk of legal proceedings: if the company decides to go to the National Court, procedural costs and legal representation are added to the fine amount.
• Sector-wide deterrent effect: the publication of the sanction acts as a warning signal for other listed companies, raising the standard of diligence required in the communication of financial information.

Who does it affect?

Directly, this resolution affects Soltec Power Holdings, SA. By extension, it is a mandatory reference for:

• Companies listed on Spanish securities markets (Stock Exchange, BME Growth, MAB).
• Directors and board members responsible for communicating financial information to the market.
• Chief Financial Officers (CFOs) and financial reporting teams of listed companies.
• Board Secretaries and compliance officers in listed companies.
• Auditors and legal advisors who supervise information submitted to the CNMV.
• Companies in the process of going public that must establish their market communication protocols.

Practical example

Imagine a company listed on BME Growth that, at the close of the fiscal year, publishes its annual results as "Other Relevant Information" with an error in the EBITDA figure due to a failure in the consolidation of a subsidiary. The error is not detected until weeks later, when the correction is published.

Following the precedent of Soltec Power Holdings, this type of error—even if unintentional—may constitute a serious infraction of Law 6/2023 and EU Regulation 596/2014. The CNMV has the authority to impose a fine of up to €190,000 or more, depending on the severity and impact on the market. Additionally, the sanction is published in the BOE, with consequent reputational damage.

The key is that the regulation does not distinguish between intentional error and error due to negligence: the obligation of accuracy rests with the issuing company, and non-compliance is sanctioned regardless of the reason.

What should companies do now?

1. Review the public financial information validation protocol: before submitting any communication as "Other Relevant Information" or "Relevant Fact" to the CNMV, establish a double verification process with the CFO, internal auditor, and legal advisor.
2. Audit recent market communications: review the ORI and relevant facts published in the last 12-24 months to detect possible inaccuracies before the CNMV does.
3. Train the reporting team: ensure that those responsible for preparing public financial information are aware of the obligations arising from Law 6/2023 and EU Regulation 596/2014.
4. Establish a quick correction procedure: if an error is detected in an already published communication, act immediately with a corrective communication to the CNMV to minimize regulatory impact.
5. Document the preparation process: maintain an internal record of who validates each market communication and on what date, as evidence of due diligence in the event of an inspection.

Official source

Consult complete regulation in official source

Notice: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-16923