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The General Directors, Head of Department reporting to the Board and the Chair, Deputy General Director for Legal Affairs, Head of Research and Statistics Department are subject to the provisions of Law 3/2015, of March 30, regulating holders of senior positions in the General State Administration and Royal Decree 415/2012, of March 5, which regulates the remuneration regime of top management and executives in the public sector and other entities.

CNMV Board

The CNMV is governed by the Board, which is responsible for exercising all the powers conferred by the Securities Market Law and those attributed by the Government or the Minister of Economy, Industry and Competitiveness in the regulatory development of the same.

Within the framework of the functions attributed and in order to dully exercise its competencies, it has the following powers:

  • Approving circulars.
  • Approving the internal Regulation of the CNMV.
  • Approving the CNMV’s draft budgets.
  • Constituting the Executive Committee.
  • Appointing and removal the CNMV's executive staff.
  • Approving the annual reports reflecting their performance and the general situation of the stock markets.
  • Approving annually a report on the supervisory function of the CNMV.
  • Referring the financial statements for the financial year to the Government for approval.
  • Approving or proposing all matters that correspond to it by law.

Executive Committee

  • Chairperson: Mr. Sebastián Albella Amigo
  • Vice-Chairperson: Ms. Ana María Martínez-Pina García
  • Board member: Ms. Beatriz Gloria Viana Miguel
  • Board member: Mr. Ángel Benito Benito
  • Board member: Mr. Juan Manuel Santos-Suárez Márquez
  • Secretary: Mr. Jose Miguel Martínez Gimeno

The Executive Committee has the following functions and powers:

  • Preparing and studying the issues to be submitted to the CNMV Board.
  • Studying, informing and deliberating on the matters submitted by the President for consideration.
  • Coordinating the actions of the Commission’s various management bodies, without prejudice to the powers of the President.
  • Approving the acquisitions and disposal of assets of the Commission.
  • Granting the administrative authorizations for which it is empowered by the Board, and exercising those powers expressly conferred on it by the Board.

Advisory Committee

  • Chairperson: Ms. Ana María Martínez-Pina García
  • Secretary: Mr. Jose Miguel Martínez Gimeno
  • Technical Secretary: Mr. Víctor Rodríguez Quejido
  • Representatives of market infrastructures
    • Representative: Mr. Jaime Aguilar Fernández-Hontoria
    • Alternative: Mr. Ignacio Olivares Blanco
    • Member: Mr. Jorge Yzaguirre Scharfhausen
    • Alternative: Mr. Gonzalo Gómez Retuerto
    • Member: Ms. Ana Ibañez Díaz-Bustamante
    • Alternative: Ms. Aránzazu Ullivarri Royuela
  • Representatives of issuers
    • Member: Ms. María Luz Medrano Aranguren
    • Alternate: Mr. Iñigo Elorriaga Fernández de Arroyabe
    • Member: Mr. Francisco Javier Zapata Cirugeda
    • Alternate: Mr. Rafael Piqueras Bautista
  • Representatives of investors
    • Member: Mr. Ángel Martínez-Aldama Hervás
    • Alternate: Ms. Virginia Arizmendi Ortega
    • Member: Ms. Elisa Ricón Holgueras
    • Alternate: Ms. Pilar Lluesma Rodrigo
    • Member: Mr. Manuel Pardos Vicente
    • Alternate: Ms. Ana María Solanas Forcada
    • Member: Mr. Fernando Herrero Sáez de Eguilaza
    • Alternate: Mr. Santiago Pérez Beltrán
  • Representatives of credit institutions and insurance companies
    • Member: Mr. Javier Rodríguez Pellitero
    • Alternate: Mr. Juan Basurto Solaguren-Beascoa
    • Member: Mr. José María Méndez Álvarez-Cedrón
    • Alternate: Mr. Antonio Jesús Romero Mora
    • Member: Ms. Cristina Freijanes Presmanes
    • Alternate: Ms. Zorione Arregui Elkorobarrutia
    • Member: Ms. Pilar González de Frutos
    • Alternate: Ms. María Aránzazu del Valle Schaan
  • Representatives of professional associations
    • Member: Mr. Rafael Antonio Sanmartín Argos
    • Alternate: Mr. Valentín Pich Rosell
    • Member: Mr. Carlos Tusquets Trías de Bes
    • Alternate: Mr. Santiago Satrústegui Pérez de Vilaamil
  • Prestigious professionals:
    • Member: Mr. Fernando Vives Ruiz
    • Alternate: Mr. Javier García de Enterría y Lorenzo-Velázquez
  • Representatives of the Investment Guarantee Fund:
    • Member: Mr. Ignacio Santillán Fraile
    • Alternate: Mr. José Ignacio García-Junceda Fernández
  • Representatives of the Autonomous Regions with an official secondary market
    • Basque Country
      • Member: Mr. Juan Miguel Bilbao Garai
      • Alternate: Ms. Zuriñe Emid Zubiría
    • Catalonia
      • Member: Mr. Josep María Sánchez i Pascual
      • Alternate: Ms. Alba Curriá Reynal
    • Valencia
      • Member: Mr. Manuel Illueca Muñoz
      • Alternate: Mr. Roberto Esteve Carbonell

Institutions Directorate-General

Investment Firm and Credit and Savings Institution Department:

  • Head of Department: Mr. Juan Alcaide Guindo
  • Functions: Supervision, inspection and intervention of investment firms and crowdfunding platforms, and supervision of compliance with rules of conduct in the securities market by credit and savings institutions when they provide investment services.

CIS and Venture Capital Firm Supervision Department

  • Head of Department: Ms. Teresa González Bedia
  • Functions: Supervision, inspection and intervention of CIS and venture capital firms

Institution Authorisation and Registration Department

  • Head of Department: D. Luis Martín Hernández
  • Functions: Creation and institutional monitoring of investment firms, CIS, venture capital firms and crowdfunding platforms

Markets Directorate-General

Secondary Markets Department

  • Head of Department: Mr. Javier Ruiz del Pozo
  • Functions:
    • Supervision of market trading and post-trading (clearing and settlement) infrastructures and their members. Supervision of the secondary markets, including prevention and detection of market abuse. Regulatory disclosures to the market
    • Delistings and suspensions of trading.
    • National supervision of credit rating agencies.
    • Management and coordination of the Spanish national numbering agency, ANCV.

Primary Markets Department

  • Head of Department: Mr. Carlos Lázaro Recacha
  • Functions:
    • Primary and secondary offerings, and listing, of securities.
    • Takeover bids

Financial and Corporate Reports Department

  • Head of Department: Mr. Eduardo Manso Ponte
  • Functions:
    • Implementation of the powers attributed to the CNMV with regard to auditing and accounting of listed companies
    • Supervision of financial disclosures and auditors' reports of listed companies
    • Significant holdings and treasury stock in listed companies.

Legal Affairs Directorate-General

Deputy Directorate-General

  • Deputy General Director: Ms. Patricia Muñoz González-Úbeda
  • Functions:
    • Legal advice to the CNMV's governing bodies and management
    • Legal comment on draft regulations and on matters to be submitted to the CNMV Board or Executive Committee
    • Litigation Department
    • Pursuit of penalty proceedings and drafting of proposals for resolution
    • Complaints handling

Investor Department

  • Head of Department: Mr. Jesualdo Domínguez-Alcahud Martín-Peña
  • Functions:
    • Supervision and inspection of entities that breach the rules on naming.
    • Handling investor complaints
    • Responding to investor queries
    • Receiving and forwarding alerts on alleged violations of securities market rules and discipline
    • Keeping a register of minority shareholder associations

Policy and International Affairs Directorate-General

Strategy and Institutional Relations Department

  • Head of Department: Ms. Raquel García Alcubilla
  • Functions:
    • Support for the CNMV's senior and management bodies in relations with other Spanish agencies and institutions
    • Coordination of strategic analysis and assessment of draft regulations
    • Drafting and monitoring of the CNMV's annual Activities Plan
    • Coordination of relations with market participants and the technical secretariat of the Advisory Committee
    • Assessment of the CNMV's policies and management systems in a risk environment and proposal of strategies for adapting the CNMV
    • Authorisation and supervision of market infrastructures in their corporate/organisational, institutional and financial aspects
    • Planning and implementing activities to improve investors' financial education
    • Overseeing the role of the Communication Department in managing, maintaining and updating the CNMV website

International Affairs Department

  • Head of Department: Mr. Antonio Mas Sirvent
  • Functions:
    • Support for the CNMV's senior and management bodies in international relations
    • Coordination of the CNMV's participation in international agencies and programmes

Research and Statistics Department

  • Head of Department: Mr. Eudald Canadell Casanova
  • Functions:
    • Research and production of reports on the securities markets
    • Production and maintenance of statistical information on the CNMV
    • CNMV publications
    • Assessment of complex financial transactions and products

Internal Control Department

  • Head of Department: Ms. Margarita García Muñoz
  • Functions:
    • Internal audits of the CNMV to ensure it maintains an appropriate profile of compliance, efficacy, efficiency and quality in pursuit of its objectives
    • Production of an auditors' report on the CNMV's supervisory activities for inclusion in the CNMV's Annual Report regarding its actions and the securities markets

Information Systems Department

  • Head of Department: Mr. José Ramón Zuazua Fernández
  • Functions:
    • Planning and managing the CNMV's computer systems
    • Designing, programming, implementing and maintaining the CNMV's software applications
    • Directing the CNMV's computer security policy and providing technical support to the CNMV's other units

General Secretariat

Communications Office

  • Head of Department: Mr. Alberto Estévez Lucas
  • Functions:
    • Media Relations
    • Institutional Events Organization
    • Managing, maintaining and updating the CNMV website