Comisión Nacional del Mercado de Valores

The National Securities Market Commission (in Spanish: Comisión Nacional del Mercado de Valores) (often abbreviated as CNMV) is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of Economy and Finance of Spain.

History

The CNMV was established in 1988 as part of a major reform of Spanish financial sector with the passing of law 24/1988 also known as the "Stock Market" act. Laws 37/1998 and 44/2002 have updated the powers and responsibilities of the agency establishing a regulatory framework to meet the requirements of the European Union. It also allowed for the development of the Spanish stock market in the European environment, incorporating new measures for the investor protection.

On 23 May 2008, the then second vice-president and finance minister, Pedro Solbes, announced in the Economic and Financial Committee of Congress that the government was planning a realignment of responsibilities for the regulation of the financial system as agreed by finance ministers of the European Union (ECOFIN). The project was expected to separate prudential and supervisory regulation to improve efficiency in monitoring the solvency and competitiveness of financial intermediaries as well as market transparency.