The Bank of Spain has imposed a fine of 540,000 euros on the company Sociedad de Tasación due to a “very serious” infringement. According to the regulator, the company presented deficiencies in its administrative, technical or personnel organization and in its internal control procedures. These failures made it impossible to guarantee the entity’s capacity to accurately know the real estate market in which it operates, as well as the compliance with the valuation rules and the obligations of professional independence and incompatibilities of its staff.
Fines to the company’s executives
In addition to the overall sanction, the Bank of Spain has imposed individual fines on the members of the company’s management body, with the following outstanding amounts:
- Juan Fernández-Aceytuno Sáenz de Santa María, Chief Executive Officer: 16,000 euros.
- Tomás Nicolau Camino, general manager: 12,000 euros.
- Ignacio Morer de Llorens, Chairman: 6,000 euros.
- Marcelo Rodrigo González and Fernando Carlos Martín Yáñez, directors: 6,000 euros each.
- Ignacio Estevas Guilmain, director: 4,500 euros.
Impact of the sanction
The Bank of Spain highlighted that these sanctions reflect the seriousness of the deficiencies detected, which compromise Sociedad de Tasación’s ability to operate independently and rigorously in the real estate market. The regulator stressed the importance of having robust internal procedures in place to ensure compliance with applicable regulations. This sanction is a significant blow to the reputation of the company, which will have to improve its internal controls and guarantee its professional independence to avoid future penalties.
