The National Securities Market Commission (CNMV) () is the Spanish government agency responsible for the

financial regulation Financial regulation is a broad set of policies that apply to the financial sector in most jurisdictions, justified by two main features of finance: systemic risk, which implies that the failure of financial firms involves public interest consi ...

of the

securities markets A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers t ...

Spain Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...

. It is an independent agency that falls under the

Ministry of Economy A Ministry of Economy, Ministry of Commerce, Ministry of Economic Affairs, or Department of Commerce is a part of the government in most countries that is responsible for matters related to the economy or economic policy. List Examples of such mi ...

History

The CNMV was established in 1988 as part of a major reform of Spanish financial sector with the passing of law 24/1988 also known as the "Stock Market" act. Laws 37/1998 and 44/2002 have updated the powers and responsibilities of the agency establishing a regulatory framework to meet the requirements of the

European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...

. It also allowed for the development of the Spanish stock market in the European environment, incorporating new measures for the investor protection. On 23 May 2008, the then second vice-president and finance minister,

Pedro Solbes Pedro Solbes Mira (31 August 1942 – 18 March 2023) was a Spanish economist. He was the president of FRIDE, Madrid-based think tank. Life and career Solbes was born in Pinoso on 31 August 1942. While independent in the sense of not being a ...

, announced in the Economic and Financial Committee of Congress that the government was planning a realignment of responsibilities for the regulation of the financial system as agreed by finance ministers of the European Union (

ECOFIN The Economic and Financial Affairs Council (ECOFIN) is one of the oldest configurations of the Council of the European Union and is composed of the economics and finance ministers of the 27 European Union member states, as well as Budget Ministe ...

). The project was expected to separate prudential and supervisory regulation to improve efficiency in monitoring the solvency and competitiveness of financial intermediaries as well as market transparency. The

Bank of Spain The Bank of Spain (, ) is the national central bank for Spain within the Eurosystem. It was the Spanish central bank from 1874 to 1998, issuing the peseta. Since 2014, it has also been Spain's national competent authority within European Banki ...

, would have taken over some of CNMVs responsibilities and would be required to ensure the creditworthiness not just of banks and savings banks, but also from other financial institutions, including insurance companies and investment institutions. However almost a year and half after the announcement, on 19 September 2009, a digital newspaper that echoes the forecast said that the law on the unification of financial supervisors was due to reach Parliament in early 2010, but neither parliamentarians nor the bodies concerned had any time on their agenda to perform such a reform. According to sources from the Ministry of Economy, the restructuring will have to wait for a decision in the European Union, which is studying the matter with a view to adopting a common format that could actually be more similar the current system.

Purpose and functions

The aim of the CNMV is to ensure stability and transparency of financial markets, protect investors and make sure that brokers and intermediaries behave correctly. In exercising its powers the CNMV received a significant amount of information, much of which is contained in official records. This is considered public information. Action by the CNMV as a supervisory body is mainly focused on: *companies issuing securities to be placed publicly on the primary market *participants in the secondary securities markets *companies providing investment services and collective investment institutions In addition the CNMV exercises prudential supervision by seeking to ensure that the system is solvent and transactions are secure. The CNMV is also responsible for assigning the

ISIN Isin (, modern Arabic language, Arabic: Ishan al-Bahriyat) is an archaeological site in Al-Qādisiyyah Governorate, Iraq which was the location of the Ancient Near East city of Isin, occupied from the late 4th millennium Uruk period up until at ...

codes for all securities issued in Spain. Since 2022, new regulations have allowed the CNMV to specifically monitor advertising for all

cryptoasset A cryptocurrency (colloquially crypto) is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Individual coin ownership records ...

types and to include warnings about risks; advertisers and companies that market cryptoassets must inform the CNMV at least 10 days beforehand about the content of campaigns targeting more than 100,000 people.

Economic data

The Spanish securities market was worth 22.65 million euros in 2007, an increase from 13.72 million euros in 2006 according to the supervisor's annual accounts published in the official gazette (

Boletín Oficial del Estado The (''BOE''; "", from 1661 to 1936 known as the ''Gaceta de Madrid'', "") is the official gazette of the Spain, Kingdom of Spain and may be published on any day of the week. The content of the ''BOE'' is authorized and published by Royal Asse ...

International activities

The CNMV's is a member of both the

International Organization of Securities Commissions International is an adjective (also used as a noun) meaning "between nations". International may also refer to: Music Albums * ''International'' (Kevin Michael album), 2011 * ''International'' (New Order album), 2002 * ''International'' (The T ...

(IOSCO) and the

Committee of European Securities Regulators The Committee of European Securities Regulators (CESR) was an independent committee of European Securities commission, Securities regulators, in place from 2001 to 2010. On , it was replaced by the European Securities and Markets Authority (ESMA). ...

(CESR) and is actively involved in both organisations and its working groups. They bring together the

banking A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

and

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

sectors

world The world is the totality of entities, the whole of reality, or everything that Existence, exists. The nature of the world has been conceptualized differently in different fields. Some conceptions see the world as unique, while others talk ...

wide and within

Europe Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east ...

respectively. The CNMV also performs an important task of advising and assisting the Spanish authorities in their participation in the institutions of the

and is a regular adviser to the Directorate General of Treasury and Financial Policy and the European Securities Committee. It also participates in the review of company law and stock market participant. It also provides technical assistance to the

European Commission The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...

in assessing the financial sectors of accession countries that want to join the European Union. In

Ibero-America Ibero-America (, ) or Iberian America is generally considered to be the region in the Americas comprising countries or territories where Spanish or Portuguese are predominant languages (usually former colony, territories of Spain or Portugal). Sp ...

, the CNMV is working closely with the Iberoamerican Institute of Securities Market (IIMV) in helping to foster progress and modernization of securities markets in Latin America and developing training programs for cooperation. The CNMV is also involved in the Iberian Electricity Market (MIBEL), which was established by agreement between Spain and Portugal in 2004, and in the

Organisation for Economic Co-operation and Development The Organisation for Economic Co-operation and Development (OECD; , OCDE) is an international organization, intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and international trade, wor ...

(OECD), whose work on Principles of Corporate Governance it has been working with very actively.

Structure

The CNMV consists of a Council, an advisory committee and an executive committee. In addition there are three general managers: one for monitoring entities, one for other market supervision and one for legal service.

Council of the CNMV

The CNMV is governed by a Board and consists of the following members: *A President and Vice Chairman who is appointed by the Government based on advice from the Finance Minister, from among persons of recognized competence in matters relating to the securities market. *The Director General of the Treasury and Financial Policy and the Deputy Governor of the Bank of Spain, which have the role of Trustees ex officio. *Three members appointed by the Minister of Economy among persons of recognized competence in matters relating to the securities market. *The Secretary, who can advise but cannot vote. They are the Director General of Legal Service. Appointments lasts four years, following which may be renewed once.

CNMV Board

* Chairman:

Carlos San Basilio Carlos San Basilio Pardo (born 23 September 1965) is a Spanish economist and civil servant serving as chairman of the National Securities Market Commission since 2025. From 2010 to 2012, he served as director-general of Cofides. In 2012, he se ...

* Vice Chairwoman: Paloma Marín * Commissioner: Ms. María Dolores Beato Blanco * Commissioner: Mr. Juan Manuel Santos-Suárez Márquez * Commissioner: Ms. Helena Viñes Fiestas * Commissioner: Mr.

Carlos San Basilio Pardo Carlos San Basilio Pardo (born 23 September 1965) is a Spanish economist and civil servant serving as chairman of the National Securities Market Commission since 2025. From 2010 to 2012, he served as director-general of :es:Cofides, Cofides. In ...

(General Secretary of the Treasury and Finance Policy) * Commissioner: Ms. Margarita Delgado (Deputy Governor of the Bank of Spain) * Secretary: Ms. Patricia Muñoz González-Úbeda

References

External links

Website of the CNMV
{{DEFAULTSORT:Comision Nacional del Mercado de Valores 1988 establishments in Spain Government agencies established in 1988 Business in Spain Government agencies of Spain Financial regulatory authorities of Spain