By Nathan Allen

Spain's market regulator has issued a 4.5 million euro ($5.11 million) fine to Banco Santander SA (SAN.MC), according to a Spanish government report published Tuesday.

The regulator, known by its Spanish initials CNMV, approved the fine in September.

It said it was sanctioning Santander over a failure to act in its customers' best interests and over the receipt of unlawful incentives.

The offences constitute a "serious infraction" of Spanish investor-protection laws, the CNMV said.

Santander can challenge the fine in Spain's national court.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

November 27, 2018 06:18 ET (11:18 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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