Financial adviser. Insider trading

Commentary on the Tribunal Supremo of 27 september 2011

Abstract

The Supreme Court has confirmed a sanction of fine imposed by the National Securities Market Commission (CNMV) for serious infraction to a financial adviser for use of privileged information, with which it obtained a great economic benefit on having effected purchases and sales of actions of a company to which it was advising. Relevant information is the existence of an agreement of confidentiality between adviser and company, clause that was damaged by the adviser on having operated in the sale of actions across an opaque account in a tax haven. The content of the information available to the adviser, is highlighted by its direct involvement in the preparation of the preliminary conditions of the offer made by the company to acquire a 81.55% of another company, where you could get the valuation of the company and the indicative value of sale of shares of that commercial.