CNMC considers that the fines envisaged in the future Railway Sector Law for companies in breach of the law are insufficient* The CNMC will be able to fine companies that fail to comply with its rulings up to a maximum of 300,000 euros. In Italy, France and the Netherlands, their regulators impose fines of up to 2%, 3% and 10% of the companies' annual revenues, respectively. The Single European Railway Area Directive requires regulators to have sufficient sanctioning capacity. Madrid, March 29, 2022.- The CNMC has published its report on the

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