List of Brokers with CNMV Regulation

Being regulated by CNMV (Comisión Nacional del Mercado de Valores) or the National Securities Market Commission means operating under the standards of a Spanish financial regulator. The institution was established in 1988. It is an independent agency that falls under the Ministry of Economy and Finance of Spain with a main responsibility of regulating the Spanish securities market.

Since CNMV is under a regulatory framework to meet the EU criteria, the rules implemented by the agency are most likely set to follow the MiFID directives.

CNMV has set a number of laws with the Spanish Government to include the reinforcement of several acts with legislative powers to regulate financial companies in the country. Indeed, the Securities Act and the Transparency Act are the legal frameworks designed by the Government to provide a baseline for the CNMV to act on the Government's behalf while issuing penalties on the member firms.

As a financial supervisory agency, CNMV was initially established to regulate the Spanish stock markets according to the European market guidelines. But over the years, CNMV started to incorporate different financial sectors under its regulatory framework. It is now the sole regulatory agency responsible for forex broker regulation in Spain.

Actions by the CNMV generally focus on:

• Companies issuing securities to be placed publicly on the primary market.
• Participants in the secondary securities markets.
• Companies providing investment services and collective investment institutions.

Meanwhile, their responsibilities are as follows:

• Issuing CNMV licences.
• Imposing penalties on any companies found violating the regulations.
• Overseeing registered forex brokers and their activities.
• Communication with traders, responding to inquiries, and resolving disputes.

The CNMV actively monitors all non-regulated brokers and inform Spanish traders about the illegal companies. They can penalizes unregulated brokers and their partners (affiliates and/or introucing brokers) for soliciting traders using false premises. The agency is also implementing a highly proactive measure to restrict fraud brokers by issuing public warnings, and press releases regarding in concern with financial scams. In fact, CNMV is one of the few official regulatory agencies to do so.