CNMV

The acronym CNMV means Comisión Nacional del Mercado de Valores, generally translated into English as National Securities Market Commission.

The authority supervises and inspects the Spanish securities markets as well as the activities of the professionals involved. Its public registers provide access to information on intermediaries, listed companies, funds, and other financial actors. www.cnmv.es

For a saver, the issue is concrete: to determine whether the company they intend to work with can actually provide the proposed service.

The presence of a reference to the CNMV on a commercial website is not sufficient. It is necessary to verify the provider's legal identity, status, and the scope of their authorizations.

Monitor markets and their participants

The CNMV oversees the functioning of the Spanish securities markets. Its control notably covers markets, investment service companies, and collective investment schemes within its scope.

It operates with the objectives of transparency and investor protection. www.cnmv.es

Control the information made available to investors

Financial documents allow the evaluation of a company, an issue, or an investment.

In situations provided by regulations, the CNMV registers documents related notably to issues, audited annual accounts, and prospectuses containing information necessary for the analysis of the issuer and the securities offered. Exceptions exist depending on the operation's characteristics. Functions

The registration of a document must be distinguished from an investment recommendation: it does not mean that the investment meets each investor's objectives.

Inform and guide savers

The CNMV provides information to search for authorized actors and the services they can provide.

It also offers tools to identify entities that may operate without the necessary authorizations. Search by entities

Handle certain complaints

Its complaints service can examine disputes concerning investment services, including those provided by specialist firms, banks or management companies.

However, this procedure has limitations: the final report is not binding and does not constitute a judicial compensation decision. Complaints

Several categories of entities may be involved, subject to holding the appropriate authorizations.

The CNMV notably mentions:

• securities firms, or securities firms ;
• stockbroking agencies, or stockbroking agencies ;
• portfolio management companies;
• financial advisory firms;
• management companies of collective investment schemes;
• credit institutions;
• foreign entities authorized to operate in Spain.

Not all these firms can necessarily provide the same services. The CNMV recommends checking authorized activities in official registers. Which entities are authorized?

The commercial term “investment professional” is therefore not sufficient to identify what a firm can do for its clients.

Investment advice

Advice helps the client make decisions regarding their investments.

When choosing an advisor, it is essential to understand the scope of the service, the products involved, the remuneration, and any links with distributors or product providers.

Portfolio management

In discretionary management, the client gives a mandate enabling the professional to manage their portfolio under agreed conditions.

Objectives, risk level, mandate limits, fees and reporting procedures must be examined.

Reception, transmission, and execution of orders

These services relate to processing the client’s investment instructions. They must be distinguished from advice and discretionary management.

Safekeeping and administration of securities

Safekeeping and administration of securities are ancillary services, distinct from investment decisions.

These activities are among the services presented by the CNMV. Their availability depends on the status and authorizations of each provider. Which entities are authorized?

Spain divides financial supervision among several bodies.

The Banco de España is involved in banking supervision, while the Dirección General de Seguros y Fondos de Pensionesor DGSFP, has responsibilities related to insurance and pension funds. www.bde.es

This division requires starting from the relevant service. A dispute with a bank is not necessarily a banking dispute in terms of the competent framework: when it concerns an investment service, the CNMV's complaints department may be involved. Complaints

Similarly, the CNMV states that the verification of a credit institution agent is done through the Banco de España registry. Which are the authorized entities?

1. Identify the exact legal name

Note the company name that appears in the contractual documents and legal notices.

A brand name may differ from that of the company actually providing the service. For an international group, the entity with which the contract will be signed must be identified.

2. Consult official registers

The official CNMV website offers a search by entity as well as a tool dedicated to companies authorized to provide investment services.

These tools allow consultation of the information recorded on the professional. Search by entities

3. Verify the covered activities

An authorization does not automatically cover all financial services.

The CNMV explicitly recommends verifying that the provider can offer the requested service. If the company does not appear in the expected register, it advises consulting it before undertaking a transaction. Which are the authorized entities?

4. Confirm the identity of your contact person

Regulatory research must be complemented by verification of the contact details used.

Compare the website, email address, phone number, and contractual information. In case of doubt, contact the company using contact details found independently of the solicitor.

5. Search for warnings

The CNMV also offers a search engine related to unauthorized entities, often referred to in Spain by the expression "chiringuitos financieros".

This search complements authorization checks: it allows detection of alerts regarding individuals or companies potentially operating without necessary status. Search by entities

In the context of investor protection in Spain, this term refers to an actor offering investment services without holding the necessary authorizations.

The CNMV publishes warnings and resources to help savers identify these situations. Which are the authorized entities?

To assess an offer, one should notably ask:

• which company actually provides the service;
• in which register it is listed;
• which activities it is authorized to perform;
• if the contractual documents correspond to the offer presented;
• if the risks and fees are clearly explained.

An attractive offer never exempts from these verifications.

For certain activities, European mechanisms allow a professional authorized in one EEA State to operate in another.

However, a Spanish authorization does not automatically allow offering all financial services in France.

It is necessary to verify the provider’s status, the activity concerned, and the conditions for cross-border intervention. For the institutions concerned, the ACPR recommends consulting the French registers and that of the authority of the country of origin. acpr.banque-france.fr

In a relationship with a Spanish provider, a French client must therefore identify the contracting entity and verify the applicable conditions for the intended service.

No. The regulatory status of a company guarantees neither the invested capital nor the performance of an investment.

Verification of the professional and investment analysis are complementary.

Before subscribing, examine notably:

• the risk of capital loss;
• fees;
• the intended holding period;
• the withdrawal conditions;
• the nature of the assets;
• the conditions of any potential guarantee.

An authorized provider may offer investments carrying significant risks. It is therefore necessary to understand the product and verify its suitability to your situation.

Contact the institution first

The CNMV requests to first contact the customer service or customer ombudsman of the institution.

The complaint must be formalized and kept with supporting documents: contract, statements, exchanges and documents related to the disputed transaction. Complaints

Contact the complaints department

If admissibility conditions are met, the client may then send their request to the CNMV’s complaints department.

Official procedures should be consulted at the time of the process, particularly deadlines and required documents.

Understanding the report’s limitations

The service examines the institution’s conduct regarding the applicable rules and good practices.

Its final report is informative and is not binding on the parties. It does not quantify damages that could be claimed before competent courts. Complaints

The CNMV serves as a reference to verify investment actors operating in Spain.

To select a professional, check their legal identity, status, and authorized activities. Then examine their specialties, remuneration, and the conditions of their support.

You can discover professionals on Les Experts du Patrimoine, then supplement your search by consulting official registers relevant to their activity.