The CNC Council has ordered fines of €46,490,000 on Telefónica Móviles de España, €43,525,000 on Vodafone and €29,950,000 on Orange. The CNC Council, however, did not consider it appropriate to impose regulatory measures on the parties as had been recommended by the Investigations Division, in view of two basic considerations: (i) the conduct has only been evidenced through the year 2009; and (ii) the Council believes the Council of the Market Commission (Comisión del Mercado de las Telecommunicaciones) (CMT) is better positioned to design the ex ante regulation of these markets.

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