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Spain’s National Securities Market Commission visits London to attract international banks to Madrid

The Chairman of the Spanish National Securities Market Commission (CNMV) has completed a round of meetings in the City of London to explain the measures adopted to facilitate the arrival of international firms to Spain. Also, the supervisory body of the Spanish financial markets recently announced four strategic lines for the next two years. The plan is aimed at yielding a more efficient, transparent, responsive and modern supervisor, a more attractive and appealing Spanish market, and better informed, educated and protected investors.

In its announcement, the regulator starts with an assessment of the current economic and financial context, stressing the level of uncertainty linked to Brexit, the situation of the Chinese economy and financial system and the normalization of the U.S. monetary policy. The announcement also points out that new technologies will continue to pave the way for the appearance of new operators and business models in the financial industry.

Taking all the above into account, the CNMV has established four strategic guidelines that should be met within the two next years:

  • Prioritization of supervision and promotion of market transparency and integrity through the strict supervision of compliance with financial information regulations by issuers, fight against market abuse, publication of guides, etc..
  • Enhance the attractiveness and competitiveness of Spanish securities markets, more important than ever in the current context (Brexit). From this point of view, the measures aimed at attracting financial business to Spain are particularly relevant. In fact, the Chairman of the CNMV recently completed a round of meetings in the City of London to explain the measures adopted to facilitate the arrival of international firms to Spain. Other priorities include building a stable and competitive regulatory regime (in collaboration with EU regulators) and the promotion of innovation in markets
  • Analyze and monitor financial stability in matters relating to capital markets by drawing up reports, or paying close attention to the resolutions of international forums
  • Strengthen financial education and support for investors, including everything, from the improvement of the Financial Education Plan 2017-2020 (CNMV-Bank of Spain) to the launch of a portal for fintech proposals, to inform developers and financial institutions about any regulatory issues that may affect their projects

Specifically, for 2017, to materialize these lines of action, an Activity Plan consisting of fifty verifiable goals, with six-monthly fulfillment deadlines has been defined.

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