Comisión Nacional del Mercado de Valores

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Comisión Nacional del Mercado de Valores
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Headquarters Madrid, Spain
Key People Carlos Arenillas, Vice Chairman

The Comisión Nacional del Mercado de Valores (CNMV) oversees the regulation of financial markets in Spain, including the Bolsas y Mercados Españoles stock market and the Mercado Español de Futuros Financieros derivatives exchange.[1]

Organization and Purpose

The purpose of the CNMV is to ensure the transparency of the Spanish market and the correct formation of prices in them, and to protect investors.

The main beneficiaries of the CNMV's work are Spanish investors. The CNMV focuses on improving the quality of information disclosure to the market. Particular efforts are made in the area of auditing and developing new disclosure requirements relating to remuneration schemes for directors and executives that are linked to the price of the shares of the company where they work and in the area of detecting and pursuing illegal activities by unregistered intermediaries.

The actions of the CNMV relate to companies that issue securities for public placement, to the secondary markets in securities and to investment services companies. The CNMV also exercises supervision over the last two in order to ensure transaction security and the solvency of the system.[2]


The CNMV is a member of the Committee of European Securities Regulators. Carlos Arenillas, vice chairman of CNMV, represents the organization on the CNMV.


  1. What We Do. Comision Nacional del Mercado de Valores.
  2. [ Comments of the Comision Nacional Del Mercado De Valores (CNMV) of Spain on the Communication from Eeuropean Commission].