The CNMV, also know as the Comisión Nacional del Mercado de Valores or the National Securities Market Commission, is the primary government agency in Spain that is tasked with supervising and regulating the financial markets of Spain. Its primary focus is to ensure that the participants in the Spanish financial markets operate with transparency as well as to protect the interest of investors. While the CNMV is a government agency, it is an independent agency that is under the Spanish Ministry of Economy, Industry and Competitiveness. The CNMV was founded in 1988 as a result of the reforms in the Spanish financial industry instituted by the passing of the “Stock Market” act (Law 24/1988). In response to Spain’s membership in the European Union, Laws 37/1998 and 44/2002 was passed to update the powers and responsibilities of the CNMV to be in line with the EU’s financial regulatory environment especially in the domain of investor protection.show more
The CNMV is made up of 3 constituents, an advisory committee, an executive committee and a council. Apart the 3 bodies, there are also 3 general managers in the CNMV that are in charge of legal services, market supervision and corporate entities monitoring. At the apex of the CNMV is a board that governs the activities of CNMV. Membership of the board included the following:
Membership to the board is for a tenure of 4 years only which can in turn can only be renewed once.
As a supervisory body of the Spanish financial market, the CNMV is focused on companies that are going for public listing on the primary securities market. It also watches over all the stakeholders of the secondary securities markets. Finally, the CNMV also watches over providers of financial services particularly in the area of investment services.
As a member of the Committee of European Securities Regulators (CESR), the CNMV plays a key role in formulating policies that align the various segments the European financial markets to be in line with the EU’s goal of creating a single market in Europe.
Although the CNMV is not as prominent as the UK’s FCA or the Cypriot CySEC, it recently started to gain prominence on the world stage due to the Spanish government recognition of Bitcoin as currency and an asset. Since cryptocurrencies was first introduced in 2009, regulations surrounding this new form of currency are largely non-existent. In fact most governments have chosen to ignore cryptocurrencies and often dismissing them as fad. However with the official recognition given by the Spanish to Bitcoin, it has set the stage for the CNMV to becoming a major regulatory body in this new industry. In other words, it is possible that the CNMV would be the regulatory body that paves the way for digital currencies to be integrated into the European economy.