The CNMV - Comisión Nacional del Mercado de Valores is the Spanish regulator in charge of overseeing all the participants in the Spanish Stock Markets.
The CNMV – Comisión Nacional del Mercado de Valores is the key regulator in Spain. The regulator is in charge of overseeing all the participants in the Spanish Stock Markets. The regulator is also responsible for inspecting the activities of the market participants.
The regulatory body was created by the Securities Market Law, where it has organized the key in-depth reforms of this particular segment of the Spanish financial system. The Law 37 of 1998 has renewed the Securities Market Law. Moreover, it has established a regulatory guideline that is completely in line with the requirements of the EU and the will of the European Stock Markets.
The aim of CNMV – Comisión Nacional del Mercado de Valores
The key purpose of the Spanish regulator is to assure the fairness of the Spanish market and the proper formation of prices in it. Moreover, the regulator strives to assure the protection of investors across the region. The CNMV encourages the disclosure of any information that is needed to reach these aims.
The main focus of the CNMV’s work is Spanish investors’ community protection. To implement this in the proper way, the CNMV is concentrating on improving the quality of data disclosure to the market. Also they make special efforts in relation to the auditing and developing of the news disclosure requirements. Such requirements are related to the remuneration schemes for executives. That are connected to the prices of the share of the company where they work. Moreover, substantial efforts were put in order to detect and track the illegal actives by the unregistered intermediaries.
CNMV supervision over investment services firms
The actions of the CNMV are related to the companies which issue securities for the public usage, for the secondary markets and for the investment services firms. The Spanish regulator also exercises prudential supervision over the last two groups. In order to assure the safety of the transaction and the solvency of the system. Such entities comprise:
- Collective Investment Schemes. This group includes: investment funds (securities and real estate) and their running companies and investment companies (securities and real estate);
- Broker-Dealers and Dealers
- Portfolio Management Companies