International activities of the CNMV
CNMV's international activities are based on its membership and collaboration not only with the international institutions that associate with securities regulators and supervisors such as the International Organization of Securities Commissions (IOSCO) and the European Securities and Markets Authority (ESMA), but also with those cross-sector working groups such as the Joint Committee of the European Supervisory Authorities (ESAs) that put together banking, securities and insurance in an international and European environment, respectively.
These institutions have enhanced their relevance as a consequence of the recent turmoils of the financial markets which have caused an international and cross-sector crisis that has emphasized the need of closer cooperation among different supervisors within each country and among different countries, and also the importance of a revision of the legislation to enhance efficiency and security in the global financial activity.
The CNMV also gives advising to some Spanish authorities when they take part in the European Union institutions: it regularly acts as a consultant to the General Directorate of the Treasury and Financial Policy of the Ministry of Finance, attends the European Securities Committee (ESC), and together with the aforementioned General Directorate, takes part in the verifying and updating the mercantile and securities European laws.
In addition, the CNMV gives professional advice to the European Commission in order to assess the state of the financial sector in countries which are candidates to become a member of the European Union.
Within the Latinamerican area, the CNMV works together with the Latin American Securities Commissions in the works of the Latin American Securities Markets Institute (Instituto Iberoamericano del Mercado de Valores (IIMV)) to promote the progress and improvements of the securities markets in Latin America through training and cooperation programmes.
The CNMV takes also part in the Iberian Electricity Market (Mercado Ibérico de la Electricidad (MIBEL)) -set up by agreement between Spain and Portugal in 2004-. Also, the CNMV participates in the work related to the Principles of Corporate Governance in the Organization for Economic and Development Cooperation (OECD) and, since 2009, is member of the Mediterranean Partnership of Securities Regulators.
Also, the CNMV is a member of the Association of National Numbering Agencies (ANNA) and takes part in the working committees of the International Organisation of Standardization (ISO).
In addition the headquarters of IOSCO's Secretariat-General and the PIOB (Public Interest Oversight Board) are based in Madrid since 2000 and 2005, respectively.
Finally, the IIMV (Ibero American Securities Markets Institute) links closely the works on the securities markets among the Ibero American countries and their authorities. As a matter of fact the IIMV shares offices with the CNMV.