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Comisión Nacional del Mercado de Valores
CNMV · Securities regulatorActive
Employees
517
· employees, year-endFY2025
Annual budget
€63.8m
· ordinary operating expensesFY2025
Supervised entities
~620
2024
Overview
The CNMV is Spain's securities market supervisor, overseeing listed issuers, trading venues, investment firms and a fund industry that reached €486 billion in Spanish collective investment schemes in 2025. It became Spain's MiCA authority for crypto-asset service providers during the year, resolving its first seven CASP files — four notifications and three authorisations — with the Spanish transitional period running until 30 June 2026. Enforcement stepped up sharply: 71 sanctions, all fines, totalling €19.5 million, up nearly 60% on the prior year, with market abuse the leading infringement. Everything below is the CNMV's own data, from its FY2025 annual report.
Regulated sectors
Leadership
- Carlos San BasilioChair · since 2025
- Paloma MarínVice-Chair · since 2025
Figures as published by Comisión Nacional del Mercado de Valores for FY2025. Source: Informe Anual de la CNMV 2025 — resumen ejecutivo (Spanish) (Published May 2026). Data as of 31 December 2025. Supplementary: CNMV — Informe Anual (annual report landing page).
Organisation (FY2025)
| Item | Value |
|---|---|
| Staff — employees, year-end | 517 2024: 450; 36 vacancies filled via selection processes. First collective agreement entered into force |
| Ordinary income | €77.2m +9.4%; of which fees €74.7m — entity supervision €48.8m · market supervision €16.7m · prospectus / entity registration €9.2m |
| Ordinary management expenses | €63.8m +13.7%; personnel €45.0m (+15.5%); driven by headcount growth and the Digital Transformation Plan |
| Surplus for the year | €13.5m −14% vs 2024 |
Enforcement 2025
| Item | Value |
|---|---|
| Sanction files | 15 opened · 20 concluded · 23 resolutions Calendar-year basis |
| Sanctions imposed | 71 All fines; €19.466m total (2024: €12.345m). Market abuse the leading infringement |
| Infringements found in closed files | 30 very serious · 12 serious · 3 minor |
| Warnings on unauthorised firms ("chiringuitos") | 458 |
| Whistleblowing-channel communications | 1,063 |
Supervisory activity 2025
| Item | Value |
|---|---|
| Supervisory requirements — investment firms / credit institutions | 844 In-situ 152 · remote 692 |
| Supervisory requirements — fund managers and vehicles | 914 In-situ 103 · remote 811 |
| MiCA CASP files resolved | 7 4 notifications (financial entities) + 3 authorisations — first year of the regime |
| Crowdfunding platforms | 27 +2 in 2025 |
| ESI resolution plans approved (cumulative) | 77 |
| Investor complaints | 1,398 received · 1,273 completed 34% conceded by the firm |
| Investor queries | 12,538 84% by phone |
Notable 2025
| Item | Value |
|---|---|
| MiCA CASP authority from day one | Resolved its first seven CASP files in 2025. The national transitional window — extended in December 2025 — closes 30 June 2026, after which unauthorised operation is sanctionable. |
| First DLT-based market infrastructure under the EU DLT Pilot | A trading and settlement system operated by Securitize Europe Brokerage and Markets — Spain's first authorisation under the DLT Pilot Regime. |
| Enforcement intensity up sharply | Fines totalled €19.5m across 71 sanctions, up from €12.3m — with market abuse the dominant infringement type. |
| New Investor Protection department | Dedicated Investor Protection, Fraud Prevention and Financial Education department created, and 458 warnings on unauthorised firms issued. |
| Activity-plan delivery | 98% of 2025 activity-plan initiatives delivered; 60 initiatives set out for 2026 under the "CNMV 2030" strategy. |
Key legislation
Ley 6/2023 de los Mercados de Valores y de los Servicios de Inversión
Foundational Act (successor to Ley 24/1988)
MiCA implementation
CNMV designated as national competent authority
Public registers
Application portals
Recent publications
- Informe Anual 2025 — resumen ejecutivo
2026-05-13
- Informe anual 2024
2025-06-10