Comisión Nacional del Mercado de Valores
(CNMV)Regulatory Snapshot
The Comisión Nacional del Mercado de Valores is the body responsible for the supervision and inspection of Spanish securities markets and the activities of all participants in those markets. Established in 1988, the CNMV oversees investment firms, collective investment institutions, and the markets themselves.
About the CNMV
The Comisión Nacional del Mercado de Valores (CNMV) is Spain's financial securities market supervisor, established by the Securities Market Act of 1988. The CNMV is an independent body attached to the Ministry of Economy, responsible for supervising and inspecting securities markets, ensuring transparency, and protecting investors.
Regulatory Framework
The CNMV regulates all investment firms, collective investment institutions, and trading venues operating in Spain. Its framework is fully aligned with European MiFID II directives, enabling regulated firms to operate across the European Economic Area. The CNMV has been particularly active in issuing warnings about unauthorised entities and promoting investor education.
Investor Protection
The Investment Guarantee Fund (FOGAIN) provides coverage of up to €100,000 per investor in the event of an investment firm's insolvency. The CNMV's complaints service handles consumer grievances against regulated entities and publishes regular reports on complaint trends and outcomes.
- Investment Guarantee Fund (FOGAIN) — up to €100,000
- Full MiFID II compliance with EU passporting
- Active warnings about unauthorised entities
- Comprehensive disclosure and transparency requirements
| Instrument | Retail | Professional |
|---|---|---|
| Major Forex | 1:30 | 1:500 |
| Minor Forex | 1:20 | 1:400 |
| Gold | 1:20 | 1:400 |
| Indices | 1:20 | 1:400 |
| Shares CFDs | 1:5 | 1:200 |
| Crypto | 1:2 | 1:50 |
Passporting Regions
Restricted Countries
CNMV actively publishes warnings about unauthorised entities and promotes investor education.
Body: CNMV Complaints Service
Visit Dispute ResolutionRelated Regulators
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FINMA
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CySEC
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BaFin
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MFSA
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AMF
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