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.