Guide to business in Spain Guía de negocios en España


3. Markets


3.1. Securities Market

The Spanish securities market has seen major growth in recent years. This has been primarily due to harmonization with the markets of neighboring countries through the adoption of common European rules, and the introduction of new rules designed to streamline requirements and procedures in relation to public offerings and the admission to trading of securities on regulated secondary markets. Also, present-day securities market technical, operating and organizational systems allow for greater investment volumes. These factors have resulted in greater transparency, liquidity and efficiency in Spanish markets.

Recently, the global financial crisis has prompted large-scale volatility in stock prices, both at national and international level, associated with incipient but weak growth in the developed economies.

Spain's basic securities market legislation is contained in Securities Market Law. The key features of the Spanish securities market are as follows.

3.1.1. Spanish National Securities Market Commission:

The Spanish securities market regulations are based on the Anglo-Saxon model, focused on protecting small investors and the market itself. This was the aim behind the creation of the National Securities Market Commission (CNMV)[14], which is the body responsible for supervision and inspection of the Spanish securities markets and for the activities of all who operate in them, overseeing market transparency, investor protection, and proper price formation.

The CNMV was created by Securities Market Law, which has been adapted to the requirements of the European Union for the development of the Spanish securities markets in the European context.

Broadly speaking, its functions may be summarized as follows:

  • Supervising and inspecting of securities issues and securities market players.
  • Exercising sanctioning powers.
  • Advising the Government on securities market-related matters.
  • Legislative power (through Circulars) for the proper functioning of the markets.

In the exercise of its powers, the CNMV receives a large amount of information, both from and about the market players, much of which is recorded in its official registers and is publicly accessible.

Guide to business in Spain

Annex II. The spanish financial system


ICEX - Gobierno de España - Ministerio de Economía y competitividad
Elaborado por Garrigues - Abogados y Asesores Tributarios
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