La supervisión de los mercados de valores en España. El papel de la Comisión Nacional del Mercado de Valores como órgano de control
The Spanish Securities Exchange Comission (hereinafter, CNMV) is the compe- tent authority responsible for the supervision of the securities markets in Spain. In this regard, the CNMV is in charge of the surveillance and the inspection of the Spanish securities markets and of the activities of marke...
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| Format: | Article |
| Language: | Spanish |
| Published: |
2016
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| Online Access: | https://dialnet.unirioja.es/servlet/oaiart?codigo=5502059 |
| Source: | Revista española de control externo, ISSN 1575-1333, Vol. 18, Nº 52, 2016, pags. 13-31 |
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| Summary: |
The Spanish Securities Exchange Comission (hereinafter, CNMV) is the compe-
tent authority responsible for the supervision of the securities markets in Spain. In
this regard, the CNMV is in charge of the surveillance and the inspection of the
Spanish securities markets and of the activities of market participants. The role of
the CNMV, as provided by the Securities Market Act (hereinafter, LMV), is to
ensure the transparency of the financial markets, the proper price formation and
the investor’s protection.
In exercising its powers, the CNMV is focused on regulatory, authorization, infor-
mation disclosure and supervision activities. Likewise, it is entitled to impose sanc-
tions in case any provision of markets regulation is infringed.
The final goal of the CNMV is to guarantee the correct functioning of the mar-
kets, thereby maintaining investor’s confidence. The purpose of the institution is to
achieve the highest investor’s protection without hindering the critical function of
the capital markets, as channels of financial flows to productive investment.
The CNMV faces major challenges coming from an extremely dynamic environ-
ment, a request to increase coordination among international supervisors and the
need of encouraging capital markets as a source of economy financing. |
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