What is the Advisory Committee?

The Advisory Committee is the advisory body of the CNMV´s Board and is responsible for advising on any issues submitted to it by the latter.

Its report is mandatory in respect of aspects such as CNMV Circulars and technical guides. Likewise, the Advisory Committee advises on draft general provisions about matters related to the securities market which are submitted to it by the Government or the Ministry of Economic Affairs and Digital Transformation.

On a voluntary basis, these also include consultations from international bodies such as IOSCO, ESMA or the European Commission, as well as other initiatives fostered by the CNMV or the Committee itself. Similarly, certain issues, which not being mandatory or consultations from international bodies, and on which the opinion of the committee’s members is deemed relevant, are also submitted to the Advisory Committee.

The Committee has representatives from market infrastructures, issuers, investors, financial institutions and insurance companies, professional groups designated by the CNMV, the Investment Guarantee Fund and from each of the autonomous regions with powers in the area of securities markets which has an official secondary market in its territory.

This results in greater sectoral involvement, in accordance with internal recommendations of impact analysis of regulations.


  • Chair: Montserrat Martínez Parera
  • Secretary: Patricia Muñoz González-Úbeda
  • Technical Secretary: Víctor Rodríguez Quejido
  • Representatives from market infrastructures
    • Representative: Beatriz Alonso-Majagranzas Cenamor
    • Alternate: María Calvo Pérez
    • Representative: Luis Martínez Pérez
    • Alternate: Beatriz Senís Gilmartín
    • Representative: Ignacio Olivares Blanco
    • Alternate: Aránzazu Ullivarri Royuela
  • Representatives from Issuers
    • Representative: Consuelo Barbé Capdevila
    • Alternate: Mª Belén Plaza Cruz
    • Representative: Lucas Osorio Iturmendi
    • Alternate: Javier Rodríguez Vega
  • Representatives from Investors
    • Representative: Ángel Martínez-Aldama Hervás
    • Alternate: Virginia Arizmendi Ortega
    • Representative: Elisa Ricón Holgueras
    • Alternate: Laura PalomoAguado
    • Representative: Enrique García López
    • Alternate: Manuel Pardos Vicente
    • Representative: Víctor Cremades Erades
    • Alternate: Daniel Herrero Lorente
  • Representatives from credit institutions and insurance companies
    • Representative: Javier Rodríguez Pellitero
    • Alternate: Patricia Rodríguez Fernández de Castro
    • Representative: Antonio Jesús Romero Mora
    • Alternate: Raquel Cabeza Pérez
    • Representative: Cristina Freijanes Presmanes
    • Alternate: Zorione Arregui Elkorobarrutia
    • Representative: María Aránzazu del Valle Schaan
    • Alternate: Luis Miguel Ávalos Muñoz
  • Representing professional groups
    • Representative: Víctor Alió Sanjuán
    • Alternate: Valentín Pich Rosell
    • Representative: Alfredo Jiménez Fernández
    • Alternate: Lola Solana Campins
  • Renowned professionals
    • Representative: Gloria Hernández Aler
    • Alternate: José Ramón del Caño Palop
  • Representatives from the Investment Guarantee Fund
    • Representative: Ignacio Santillán Fraile
    • Alternate: Carme Hortalà Vallvé
  • Representatives from Autonomous Regions with an official secondary market
    • Basque Country
      • Representative: Hernando Lacalle Edeso
      • Alternate: Arantza Larrauri Aranguren
    • Catalonia
      • Representative: Josep María Sánchez Pascual
      • Alternate: Alba Curriá Reynal
    • Valencian Community
      • Representative: Nicolás Jannone Bellot
      • Alternate: Roberto Esteve Carbonell



  • Resolution of April 25, 2024, of the National Securities Market Commission, appointing Ms. Dolores Solana Campins as alternate member of the Advisory Committee.
  • Resolution of 22 March 2024, of the Board of the Spanish National Securities Market Commission, on the initiation of the renewal procedure of the Advisory Committee. Error correction.
  • Resolution of 1 March 2024, of the Spanish National Securities Market Commission, publishing the Resolution of the Panel responsible for supervising and monitoring the renewal procedure of the Advisory Committee of the Spanish National Securities Market Commission, publishing the provisional list of designated candidates.
  • Resolution of 20 December 2023, of the Board of the National Securities Market Commission, on the initiation of the procedure for the renewal of the Advisory Committee.

Operating rules

Schedule of meetings

Meeting date Meeting agenda
20/05/2024 agenda
18/03/2024 agenda
26/02/2024 agenda
29/01/2024 agenda
18/12/2023 agenda
01/12/2023 agenda
30/10/2023 agenda
03/07/2023 agenda
22/05/2023 agenda
27/03/2023 agenda
13/02/2023 agenda
30/01/2023 agenda
19/12/2022 agenda
26/09/2022 agenda
18/07/2022 agenda
23/05/2022 agenda
19/04/2022 agenda
14/03/2022 agenda
24/01/2022 agenda
13/12/2021 convocatoria_122021
20/09/2021 convocatoriacc_092021
12/07/2021 pdf
26/05/2021 pdf
12/04/2021 pdf
22/02/2021 pdf
18/01/2021 pdf