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🇪🇸Spain · EU member

Comisión Nacional del Mercado de Valores

CNMV · Securities regulator
Madridwww.cnmv.es
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FY2025 · as of 31 December 2025Published figures unless marked

Employees517employees, year-end
Annual budget€63.8mordinary operating expenses
Supervised entitiesSee the breakdown belowFY2025

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

5
Investment firmsAsset managersCrypto-asset service providersSecurities marketsMarket infrastructure

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).

Leadership

2
Carlos San Basilio

Chairsince 2025

Paloma Marín

Vice-Chairsince 2025

Full board

Organisation (FY2025)

Staff — employees, year-end
5172024: 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

Sanction files
15 opened · 20 concluded · 23 resolutionsCalendar-year basis
Sanctions imposed
71All 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

Supervisory requirements — investment firms / credit institutions
844In-situ 152 · remote 692
Supervisory requirements — fund managers and vehicles
914In-situ 103 · remote 811
MiCA CASP files resolved
74 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 completed34% conceded by the firm
Investor queries
12,53884% by phone

Notable 2025

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

2
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

Registers, portals and publications

Application portals

CNMV Sede Electrónica

Recent publications

Informe Anual 2025 — resumen ejecutivo2026-05-13Informe anual 20242025-06-10
Data as of 31 December 2025 · Source: www.cnmv.es + ComplyBridge researchActivity Index methodology →