Overview
- The Supreme Court granted the CNV’s appeal on Thursday with votes from Horacio Rosatti, Carlos Rosenkrantz and Ricardo Lorenzetti and set aside the appellate ruling that had declared the sanctions extinguished.
- The underlying administrative case began in 2008 and led the CNV to sanction Eduardo and Mariana Costantini and the Compañía Inmobiliaria San Martín de Tours in 2018 for alleged trades and reporting failures tied to Consultatio S.A.
- A federal appeals court had annulled the CNV sanctions on the ground that the long administrative delay violated the right to a decision within a reasonable time.
- The Supreme Court found that the appeals court failed to apply the Ilic standard and a Procuración General dictamen that require courts to weigh the case’s complexity and the procedural behavior of the accused before declaring sanctions time-barred.
- The ruling reopens the path for the CNV to pursue enforcement while leaving the factual question of intent unresolved and likely requiring new administrative or judicial steps to re-evaluate evidence and possible sanctions.