Fideres Submits An Open Letter To The CNMV Highlighting The Use Of Encrypted and Unsupervised Chats By Banks

Today, Fideres has urged the CNMV to take action against the use of encrypted chats (WhatsApp, Telegram etc.) by financial institutions in Spain.

In August 2020, we took the initiative to write an open letter to the SEC to highlight the use of encrypted and unsupervised chats by regulated entities, urging the regulator to take legal action in this regard.

Since our petition, the SEC has imposed more than $2.5 billion in fines on financial institutions for enabling these practices.

These practices have facilitated the concealment of evidence of market manipulation by banks and other financial institutions. Fideres considers that the use of this type of chat could explain the apparent lack of evidence in the investigation of the derivatives cartel by the CNMC, whose fines worth 91 million euros have recently been annulled by the National Court as it has not been possible to prove a continuous infringement.

More information in our press release:

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