スペインの証券取引委員会は、詐欺的な高利の定期預金を偽った優先株式の欺瞞販売で、9の銀行や信用金庫に対して17件の懲戒処分を実施
La CNMV abrirá expediente a nueve entidades por mala gestión de preferentes
Clientes bancarios tienen todavía 5.500 millones en preferentes pendientes de cambio
EP Madrid 20 NOV 2012 - 21:07 CET
The CNMV will record nine entities preferred by mismanagement
Bank customers are still 5,500 million in outstanding preferred exchange
Madrid EP 20 NOV 2012 - 21:07 CET
The National Securities Market Commission (CNMV) plans to open 17 to nine disciplinary groups perform financial malpractices in the marketing of preference shares with a value of 5,900 million euros. Of these 17 cases (which were launched before the change of president in the institution), six are already initiated in the short term will open the remaining eleven, as detailed on the CNMV CEO, José María Marcos, the Subcommittee Transparency of Financial Products and Mortgage Congress.
These records relate to a series of defaults by financial institutions. Of the 17 cases, namely, six of the breaches relate to entities that have not assessed the suitability of the product despite the legal requirement. Six others respond to breaches of the banks that, having assessed the suitability of the product for the investor, have done so biased, so have concluded that the product was suitable when the conclusion would have been the opposite. This is compounded by inadequate nine breaches managing conflicts of interest in transactions between customers and two for inadequate disclosure to investors.
Mark explained that the purpose of these records is to promote "market discipline" and try to prevent bad practices from occurring in the future.
5,500 million without trade
The CEO of the CNMV maintained that after the intervention of the regulator in 2011, were exchanged for 17,000 million preferred securities, but preferred remaining 5,500 million retail investors hold pending change. "They are very difficult to tackle swaps since they are shares of companies that are in the FROB or group 2 and must comply with the provisions of Royal Decree Law last August, among other things, the legislation on state aid "he said.
As for the problems encountered by the CNMV in the analysis of the preferred highlight the discrepancy that occurs between verbal information and contractual customer operations and discrepancy about whether or not there was the acquisition of the preferred following a recommendation from the distributor.
Two other issues that the Commission found to have been sold to the preferred customers for whom the product was not suitable, even after being warned of this fact, and inadequate management of conflicts of interest.
Regulatory changes to avoid problems
As for the proposals offered by the CNMV to avoid problems with preference, the CEO regularly called for the regime to launch new products by institutions, "so that should analyze the target audience to be lead. "
Also choose to establish a kind of professional qualification requirement sales network, because sometimes you do not have sufficient knowledge of the product and to adequately inform investors, and strengthen informed consent. Mark stressed the importance of providing for particularly complex products a reflection period for the customer at least had time to detect discrepancies between verbal and contractual information and, where appropriate, seek the advice deemed appropriate.
Another measure that defends the supervisor is to limit the marketing of the products particularly complex area of advice. In this case, points out that if not sold in that spectrum, the client "firm of his own handwriting that is making the acquisition without following a buy recommendation from the state."
Finally, he stressed that it would be "important" to anticipate the time when the public can CNMV sanctions for the effect of market discipline is earlier in time and also investors "in a civil court to defend their rights."
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