CNMV fines Gesconsult €115,000 for falsifying venture capital fund accounts

Key data

Managing a venture capital fund in Spain entails very specific obligations before the CNMV. When these are not met, the consequences are economic and reputational. The resolution published on August 3, 2026 in the BOE makes this clear: €115,000 for Gesconsult, SA, SGIIC and €85,000 for its executive Juan Lladó García-Lomas for three violations detected in the management of the Impulse Technology Transfer CLM, FCR fund.

What is relevant for the sector is not just the amount: it is that the three sanctioned violations are errors that can be committed by any manager that does not have robust internal controls over financial information, assigned human resources, and compliance with investment policy.

What does this regulation establish?

The CNMV resolution details three violations committed in the management of the Impulse Technology Transfer CLM, FCR fund, with different severity levels and sanctions:

The sanctions are final in administrative proceedings, as the interested parties waived their right to appeal. However, they can be reviewed by the National Court in contentious-administrative proceedings.

Economic and operational impact

The Gesconsult case has three business implications for any closed-end fund manager:

• Direct fine risk: €200,000 in total, divided between the management company (€115,000) and the responsible executive (€85,000). The CNMV does not only sanction the entity: it sanctions the individuals who direct it.
• Reputational risk: Final CNMV sanctions are published in the BOE and are publicly accessible. They affect the attraction of new investors and the renewal of mandates.
• Operational risk: A violation for insufficient human resources or investment outside policy can lead to a review of the manager's authorization, with consequences far more serious than the economic fine.

The most serious violation—false accounts—is particularly relevant: it prevented the CNMV from knowing the real value of the fund's assets, which directly affects investors and market integrity.

Who does it affect?

• Management Companies of Collective Investment Institutions (SGIIC) that manage venture capital funds (FCR)
• Managers of closed-end collective investment funds (FICC, FCR, FCRE, FCRPE)
• Executives and managing directors of managers with responsibility for financial information submitted to the CNMV
• Investment directors and compliance officers in private capital managers
• Auditors and advisors who review annual accounts of funds supervised by the CNMV

Practical example

A mid-sized manager with several venture capital funds in its portfolio decides to assign to one of them—the smallest—a reduced team to optimize costs. Simultaneously, faced with an investment opportunity outside the profile defined in the prospectus, it decides to invest without first modifying the regulations. When closing the fiscal year, the annual accounts are prepared with valuations of investees that do not reflect the real deterioration of assets.

Result: three violations exactly equivalent to those sanctioned in the Gesconsult case. The potential fine for the manager would be €115,000 and for the responsible executive, €85,000. This is added to the reputational cost of publication in the BOE and possible additional CNMV scrutiny of the other managed funds.

What should companies do now?

1. Review the annual accounts of the last fiscal year for each managed fund: verify that the asset valuation is complete, truthful, and consistent with the accounting criteria required by the CNMV before submission.
2. Audit the human resources assigned to each fund: verify that the dedicated team complies with the conditions established in the manager's authorization. If there are deviations, document and correct before the next supervision.
3. Verify the active investment policy: compare each investment made or in progress with the fund's prospectus and regulations. If investments have been made outside policy, evaluate with legal advice whether it is necessary to notify the CNMV or modify the regulations.
4. Establish an internal validation protocol before submitting any periodic information to the CNMV: double review by the compliance officer and the signing executive.
5. Remember that responsibility is personal: executives can be sanctioned individually, regardless of the fine to the management company. Ensure that internal procedures leave a trail of decisions made.

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-2026-16921