The National Securities Market Commission (CNMV) is the body responsible for the supervision and inspection of Spanish securities markets and the activity of all those involved in them. The CNMV was created by Securities Market Law 24/1988, which represented a thorough reform of this segment of the Spanish financial system; and since then, its regime has been updated to adapt to the evolution of financial markets and to introduce new measures to protect investors.
The aim of the CNMV is to ensure the transparency of Spanish securities markets and the correct formation of prices, as well as the protection of investors. The CNMV, in the exercise of its powers, receives a large volume of information from and on market participants, much of which appears in its Official Registers and is public.
The Commission´s action is mainly focused on companies that issue or offer securities to be placed publicly on secondary securities markets and on companies providing investment services and collective investment schemes. On the latter, as well as on secondary securities markets, the CNMV exercises prudential supervision, which guarantees the security of its transactions and the solvency of the system.
The CNMV actively participates in international institutions, such as IOSCO (International Organization of Securities Commissions), ESMA (European Securities and Markets Authority) or FSB (Financial Stability Board). Likewise, it collaborates with the Ibero-American Institute of the Stock Market.
In addition, the CNMV advises the Government and the Ministry of Economy on matters related to the securities market.
Spain´s official secondary markets in securities (regulated markets ) are:
The CNMV´s actions with respect to these markets seek to ensure transparency and proper price discovery, as well as secure trading.
To that end, by virtue of the powers vested in it by law, it requires that the following be made public through its public registers:
Additionally, to detect and, in the event, punish irregular conduct in the securities markets and ensure proper price discovery, the CNMV:
The CNMV also supervises post-trading activities (novation, clearing, settlement and recording) carried on by market infrastructures and their members to record cash and instruments in the respective accounts of the buyer and seller.
Therefore, the CNMV supervises the organisational requirements and the functioning of central counterparty clearing houses and central securities depositories domiciled in Spain, in order to ensure the integrity of the recording and the efficiency and security of the clearing and settlement.
The central counterparty clearing house domiciled in Spain is BME Clearing, S.A.
With regard to the central counterparty clearing house, the CNMV supervises, inter alia, its capital and organisational requirements, rules of conduct and risk management.
In addition to its activities related to the central counterparty clearing house, the CNMV is responsible for supervising counterparties’ compliance with the duty of clearing through the clearing house derivatives contracts which are subject to such obligation. This task includes the management of requests to waive this clearing requirement.
The central securities depository domiciled in Spain is Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A.U. (Iberclear or Spanish Payments Systems Company).
With regard to the central securities depository, the CNMV supervises, inter alia, its organisational requirements, rules of conduct, integrity of issues, safeguards of securities, settlement firmness, prudential requirements and links with other central depositories.
Other CNMV post-trading activities related to derivatives
With regard to derivative instruments that are not cleared through central counterparty clearing houses, the CNMV supervises, among other counterparties’ obligations, the reporting of contracts to a firm authorised to record such transactions and the exchange of collateral between these.
The CNMV´s Official Registers contain extensive itemised economic and financial information about securities issuers, listed companies, broker-dealers and brokers, collective investment institutions and venture capital firms.
Inclusion of a document in the CNMV´s Official Registers only entails acknowledgement by the CNMV that it contains all the information required under the rules governing its content but in no event establishes liability on the part of the National Securities Market Commission for any misrepresentations contained therein.
The CNMV´s Official Registers are public and their contents may be accessed without restrictions. THE INFORMATION CONTAINED IN THE CNMV´S OFFICIAL REGISTERS REFERS TO:
For access to the content of the official registers that is not available directly on this website, contact the CNMV general register.
The contents of the Official Registers may be accessed via this website and also via the publications of the Official Registers.
Copies of documentation contained in the CNMV´s Official Registers may be obtained at a cost of 0.09 euro per page (plus shipping expenses, if any).