Created in 1988, the National Securities Market Commission (CNMV) is the institution that supervises the securities markets in Spain, both primary and secondary.
In the primary market, the CNMV deals with the companies that issue public offerings, while in the secondary ones it carries out a prudential supervision – it watches over the security of the transactions and the solvency within the market itself. In addition, the CNMV also regulates companies that provide investment services and collective investment institutions.
The CNMV has the triple objective of guaranteeing transparency, the correct formation of prices and the protection of investors. To achieve this, it has the power to implement all the necessary measures, responding to the constant evolution of the sector. Transparency is the key word in the mission of the CNMV, since its official records make all the information related to the institutions that participate in the markets available to the public.
In the case of the primary market, transparency is relevant, since potential investors need to know all about the offering and the company in order to make an informed decision. Hence, in the registry of the CNMV users can consult:
- The documents on the offering.
- The audited annual accounts of the company.
- The information prospectus, which includes all the relevant information about the offering and the institution behind it.
The CNMV not only works in coordination with the Government and the Ministry of Economy of Spain, it also participates in the main European and international institutions that regulate the securities markets.