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Any person who knows of the possible or actual commission of infringements of the rules of order and discipline of the securities markets, and wishes to report it on a confidential basis, may contact us. Without prejudice to the foregoing, this section is especially aimed at employees, former employees and other persons who provide or have provided services to entities that may have committed infringements in the field of securities markets.

This section is not intended to address complaints arising from individual cases, or enquiries. Therefore, if you feel that you have been harmed by a specific action by your financial intermediary, you may file a complaint with the CNMV’s Complaints Service. If you wish to clarify a doubt or submit an enquiry related to the securities market, please access the section How to make an enquiry.


The communication must necessarily contain factual elements from which, at least, a well-founded suspicion of infringement may reasonably be derived. To this end, it must contain, among other things, a detailed description of the possible breach, the identity of the persons or entities involved in the possible unlawful conduct, and the dates on which the alleged infringements took place. In any case, the information provided must not be a reiteration of information that has already been made public.

Generic or indeterminate issues will not be admitted.


900 373 362

By writing to: Communication of infringements - Investors Department - CNMV. C/ Edison, 4, 28006 Madrid – C/ Bolivia 56, (4 ª Planta) 08018 Barcelona - C/ Heros 3, 48009 Bilbao.

You can freely decide if you want to reveal your identity or not.

This form is also available through which you can anonymously report infringements and request, if you so wish, a contact line with the CNMV. If you have already requested this communication channel, you can access your reply by using this communication channel.

The receipt of written communications will be acknowledged (except where contact details are not provided, or you expressly request otherwise). However, please note that any actions, where appropriate, to be carried out by the CNMV are subject to the duty of secrecy under Article 233 of the Spanish Securities Market Act.

In the event of initiating disciplinary proceedings on the basis of the facts reported, we will inform you accordingly.

Identity protection measures

We guarantee that we will treat your identity, as well as that of the potential infringer, in strict confidentially.

In any event, when you decide to submit a communication, you may choose whether you wish to preserve your anonymity or reveal your identity.

If you decide to remain anonymous, you may submit your complaint through:

Electronic format: please note that a specific electronic system for reporting infringements has been established. With this system it is not technically possible to trace the communications made. You are advised to access the Infringements Communication website from a device not linked to your workplace and free of viruses. You are also advised to access the website using anonymous browsing software and, if you attach documents to the website form, you must ensure that they do not contain metadata (properties with information about the author, company, etc.). The system only sends your message; it does not provide additional information to us (your IP address or your password to access the communications submitted). You may also set up a protected mailbox to exchange correspondence with the CNMV.

By post or by telephone. In these cases, please note that you must ensure that no data revealing your identity is displayed on your telephone screen, such as, for example, your name, address or telephone number. Otherwise, your anonymity would not be guaranteed.

The use of the channels mentioned on this website, as well as the information and documentation submitted to the CNMV, may involve you providing us with personal data, which shall be processed by the CNMV, which is the data controller of such personal data, in accordance with the Privacy and Data Protection Policy contained in the Legal Note Section of the CNMV website, from which the following key aspects have been obtained:

The purpose for processing the data is that which corresponds to each of the procedures detailed herein.

The CNMV is entitled to carry out this data processing in the exercise of the public powers conferred on it and in order to comply with applicable legal obligations.

Where a legal obligation exists, the information and documentation submitted, and accordingly, the personal data contained therein, may be communicated to third parties (including, inter alia, administrative or judicial authorities, the Public Prosecutor’s Office, ESMA, other regulators and supervisors).

Any international personal data transfers outside the EU shall be duly legitimised.

The personal data provided shall be kept for the period of time necessary to fulfil the purpose for which they were gathered, to determine any liabilities that may arise from such purpose, and during the periods established in the regulations on files and documentation.

The data subject, in accordance with data protection regulations and with the requirements, purposes and limits established therein, may exercise his orher rights before the CNMV. Prior to filing a complaint with the Spanish Data Protection Agency, the data subject may contact the Data Protection Officer.

Protection in the workplace and at contractual level.

Reporting a possible infringement of market abuse regulations:

It will not constitute a breach or infringement of the restrictions on information disclosure imposed by contract or by any legal, regulatory or administrative provision that may affect the whistleblower, the persons closely related to him or her, any companies he or she manages or of which he or she is the beneficial owner.

It will not constitute an infringement of any kind by the whistleblower under labour regulations, nor will it give rise to unfair or discriminatory treatment from the employer.

It will not generate any right to compensation for the company to which the whistleblower renders services or for a third party, even if the obligation to inform that company or third party beforehand has been stipulated.