Spanish National Securities Market Commission (CNMV)

Basic Information

The Spanish National Securities Market Commission (CNMV), known in Spanish as Comisión Nacional del Mercado de Valores, is the primary regulatory body overseeing Spain’s securities markets and financial sector. Established in 1988 under Law 24/1988 (the “Stock Market Act”), it operates as an independent agency under the Spanish Ministry of Economy. The CNMV ensures market transparency, investor protection, and the solvency of financial intermediaries. Its headquarters are located at Calle Edison 4, Madrid, with a contact telephone number of +34 915 851 500.

Historical Background

The CNMV was created during a major reform of Spain’s financial system to align with European Union standards. Key legislative updates include Laws 37/1998 and 44/2002, which expanded its powers to meet EU regulatory requirements. In 2022, it gained authority to monitor cryptoasset advertising, mandating pre-approval for campaigns targeting over 100,000 people. The agency also collaborates internationally through organizations like IOSCO and the European Securities Committee.

Legal Authority and Regulatory Framework

The CNMV derives its authority from:

• Law 24/1988 (foundational “Stock Market Act”)
• Law 16/2014 (fee structure)
• Law 6/2023 (updated securities market regulations)
• EU directives on market transparency and investor protection

It supervises compliance with these laws through on-site inspections, data analysis, and enforcement actions such as trading suspensions.

Core Responsibilities and Scope

The CNMV’s oversight spans three key areas:

• Primary Markets: Reviews prospectuses and disclosures for new securities offerings
• Secondary Markets: Monitors stock exchanges (Madrid, Barcelona, etc.), derivatives, and bond markets
• Investment Services: Regulates brokers, crowdfunding platforms, and collective investment schemes

It also assigns ISIN codes for Spanish securities and oversees post-trade clearinghouses.

Contact Information

Headquarters Address:
Calle Edison 4, 28006 Madrid, Spain
Phone: +34 915 851 500
Data Protection Officer: Accessible via forms at the CNMV Virtual Office

How to Verify Regulated Entities

To check if a firm is CNMV-authorized:

1. Visit the Companies Search portal at cnmv.es/portal/consultas/busquedaporentidad.aspx
2. Use the Search of Authorised Entities tool for investment service providers
3. For unauthorized entities (“boiler rooms”), consult the separate warning list

All queries return official registry data submitted under legal obligation.