National Securities Market Commission (CNMV)

Known in Spanish as the Comision Nacional del Mercado de Valores, the National Securities Market Commission (CNMV) is the regulatory body that oversees the securities markets and financial sector in Spain. The CNMV was established in 1988 as part of a reform of the Spanish financial system. 

The CNMV aims to protect investors by providing transparency and ensuring fair pricing practices in the securities market. It does this by collecting information from and monitoring organizations that issue or offer securities on secondary markets as well as those that provide investment services. The CNMV provides prudential supervision, guaranteeing the security of transactions and the stability and solvency of the financial system in Spain.

What are the Duties and Responsibilities of the CNMV?

The CNMV is responsible for supervising the primary market and the secondary market as well as post-trading activities. It also authorizes, registers and oversees all of the firms that provide services related to investment products. 

Primary Market Supervision

The primary securities market includes new issues of fixed-income or equity securities as well as public offerings of any securities that are already in circulation. The CNMV ensures that the public has access to all relevant information about the securities themselves as well as the issuer. 

Secondary Market Supervision

Spain’s secondary markets include the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges, government bond markets, the futures and options market, and the official corporate debt and private fixed-income market. It is the role of the CNMV here as well to ensure that the market is fully transparent and that trades are executed securely. The CNMV has the power to suspend trading of a given security if proper information is not provided. 

Post-Trading Activities

The CNMV oversees the central clearing houses and security depositories in Spain that carry out the post-trading activities such as clearing, settlement, and recording of trades. It is the CNMV’s responsibility to ensure that these activities are carried out securely and efficiently. 

Investment Firms 

All firms that provide investment products and services are required to register with CNMV. The Commission is then responsible for ensuring that the following types of businesses are in full compliance with all relevant regulations:

  • Companies providing investment services, including credit institutions
  • Crowdfunding platforms
  • Collective investment schemes
  • Closed-ended investment schemes, including venture capital
  • Collective investment scheme depositories

The CNMV conducts its supervisory activities primarily by collecting and analyzing information received from the businesses it monitors and through on-site inspections.

Stay in Compliance

All financial services companies operating in Spain are subject to the authority of the CNMV. To ensure that you fully comply with the relevant mandates, book a demo with LeapXpert and explore how our secure communication platform can integrate with your wider compliance strategy.