The Spanish National Securities Market Commission (CNMV) expects to impose sanctions on six out of ten banks and savings banks that issued preference shares between 2009 and 2011 due to malpractice in the trading of those financial products. The CNMV, which has already commenced seven disciplinary proceedings for trading malpractice in 2012, opened another two in the course of September and has announced that two more will be commenced before the end of the year. Nineteen entities will face those disciplinary proceedings by the end of 2012.

Julio Segura, president of the CNMV, argued that "it is impossible and illegal to forbid investors from trading preference shares provided that they meet a set of requirements."

The outgoing president flatly denied accusations of inaction levelled against the CNMV in relation to these types of transactions and argued that the law does not at times allow certain practices to be punished, although it might seem the right thing to do.