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Spain fines Banco Santander SA over convertible bond sale-Reuters

Monday, 17 Feb 2014 07:09am EST 

Banco Santander SA:Spain's market regulator (CNMV) has fined Santander a total of 16.9 million euros ($23.1 million) over its sale of convertible bonds to clients in 2007-Reuters.CNMV said Santander made two serious infractions for not providing clients enough information about the instrument, which raised 7 billion euros ($9.6 billion) in two weeks, and levied two fines as a result.Santander said that Spain's High Court has agreed to hear its appeal against the fine.The bank said the instrument had the regulator's backing when it was introduced in 2007.CNMV declined to comment.The bond was paying a 4.8 percent fixed return until it was converted into shares of Santander in 2012.The penalty is not firm until the appeals process is finalised. 

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