What is the Advisory Committee?
The Advisory Committee is the advisory body of the CNMV's Board and is responsible for advising on any issues submitted to it by the latter.
Its report is mandatory in respect of aspects such as CNMV Circulars and technical guides. Likewise, the Advisory Committee advises on draft general provisions about matters related to the securities market which are submitted to it by the Government or the Ministry of Economic Affairs and Digital Transformation.
On a voluntary basis, these also include consultations from international bodies such as IOSCO, ESMA or the European Commission, as well as other initiatives fostered by the CNMV or the Committee itself. Similarly, certain issues, which not being mandatory or consultations from international bodies, and on which the opinion of the committee’s members is deemed relevant, are also submitted to the Advisory Committee.
The Committee has representatives from market infrastructures, issuers, investors, financial institutions and insurance companies, professional groups designated by the CNMV, the Investment Guarantee Fund and from each of the autonomous regions with powers in the area of securities markets which has an official secondary market in its territory.
This results in greater sectoral involvement, in accordance with internal recommendations of impact analysis of regulations.