Comisión Nacional del Mercado de Valores

Who are the Comisión Nacional del Mercado de Valores?


The Comisión Nacional del Mercado de Valores (CNMV), or the National Securities Market Commission to give it its English translation, is an agency of the Spanish government that is responsible for the regulation of the financial and securities markets across Spain. While operating independently of the government, it still falls under the remit of the Ministry of Economy.


There was a considerable reform of the Spanish financial industry in 1988, born out of the passing of the Stock Market Act, a series of laws to promote the integrity and competitiveness of stocks in Spain. The CNMV was established to protect investors and implement the statutes of the Act, while allowing the market to develop as part of the wider European context.


It has been long rumoured that Spain is heading for reform in the financial sector in line with agreements struck with ministers from the EU, with some of the CNMV’s powers being handed to the Bank of Spain. At the time of writing, this has yet to come to pass.

Regulatory areas and powers


The main area of legislation for the CNMV is to ensure the stability and integrity of the financial markets in Spain, guaranteeing that the rights of investors are protected and that brokers satisfy the requirements of being issued a license to operate.


The CNMV is a supervisory body with minimal disciplinary powers, but it can issue warrants against operators. It remains primarily responsible for monitoring the activities of companies issuing stocks and commodities, as well as those providing investment services and advice on potential investments.


The CNMV also specifically regulates brokers and dealers, monitoring their solvency and ensuring that their records are up to date. Crucially, it keeps a public record of all brokers and dealers, their main shareholders and their registered offices. The CNMV also regulates and monitors operators of Collective Investment Schemes.


As well as its domestic work, the CNMV collaborates with a number of international bodies, including the International Organization of Securities Commissions (IOSCO) and the Committee of European Securities Regulators (CESR). It helps to provide an integrated approach to banking and securities within the EU and beyond.


The organisation represents Spain within the EU, and acts as an adviser to the Directorate General of Treasury and the European Securities Committee on matters including stock market trading.


How to check if a broker is regulated by the Comisión Nacional del Mercado de Valores


There are three different registers compiled by the CNMV in which entity search can be performed.


It is possible to learn everything necessary about securities issuers, brokers, dealers and listed companies, and this is a fantastic resource to search before investing with a particular firm. It is also possible to view the firms on the warning list.


A regulated entity search of all three of the registers can be performed at, and the necessary registration files can be inspected at


Making a complaint


As is commonly the case, the CNMV recommends consulting with the operator’s customer service department before making an official complaint.


If the response received is unsatisfactory, or no response is received at all, then a complaint can be submitted directly to the CNMV in three different ways: by using the electronic submission form on its website at, by sending a complaint form to its postal address, or by calling the advice service phone line on 900 535 015.

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