Resolution of 31 May 2018 by the National Securities Market Commission on Delegation of Competences

III. OTHER PROVISIONS NATIONAL SECURITIES MARKET COMMISSION 7909 Resolution of 31 May 2018, by the National Securities Market Commission, on delegation of competences.

Pursuant to Article 25.1.d) of the Securities Market Law, consolidated text approved by Royal Legislative Decree 4/2015, of 23 October (LMV), and Article 12.1.i) of the CNMV Internal Regime Regulation (RRI), it is incumbent upon the President to authorize expenditures and order payments for the Commission.

In accordance with the provisions of CNMV Internal Procedure P12, approved by the Executive Committee on 15 September 2016, which covers "Economic management procedures, administrative contracting, and management of service commissions," the disposition of funds in current accounts opened in the name of the CNMV corresponds, jointly and interchangeably, to two of the following three bodies: the President, the Vice President, and the Secretary General.

Additionally, pursuant to Article 25.1.e) of the LMV and Article 12.1.j) of the RRI, it is incumbent upon the President to enter into contracts and agreements on behalf of the organization; therefore, in accordance with Law 9/2017, of 8 November, on Public Sector Contracts (LCSP), contracting authority competences are attributed to the President.

With the aim of streamlining the operational management of the CNMV and in accordance with Article 9 of Law 40/2015, of 1 October, on the Legal Regime of the Public Sector, and Article 12.3 of the RRI, the following competences of the President are delegated:

First. Delegation of competences in matters of contracting.

1. Competence to initiate contracting proceedings is delegated to the Directors of the CNMV Departments and to the Deputy Directors of the Secretary General, for the files they instruct and which fall within their respective areas of competence, and respectively to the General Directors or to the Secretary General, for those matters that do not correspond to any of the corresponding Departments or Deputy Directorates of the Secretary General, or in the event of vacancy, absence, or illness of the Directors or Deputy Directors, through the preparation of a report justifying the need for the contract as well as the justification regarding the subject matter of the contract as provided for in Article 118.3 LCSP. Competence to approve expenditure in minor contracts is delegated to the Secretary General and to the Directors of the CNMV Departments for the files they instruct and which fall within their respective areas of competence, and to the General Directors, for those matters that do not correspond to any of the corresponding Departments, or in the event of vacancy, absence, or illness of the Directors.

2. Competence for the verification provided for in Article 118.3 LCSP for minor contracts is delegated to the Deputy Director of Economic Management of the Secretary General. In the event of vacancy, absence, or illness of the Deputy Director of Economic Management, the delegation shall correspond to the Secretary General of the CNMV.

Second. Delegation of competences in matters of service commissions.

1. Competence to authorize service commissions for personnel under their supervision and the settlement of their travel expenses is delegated to the Department Directors of the CNMV.

2. Competence to authorize service commissions and the settlement of travel expenses corresponding to Department Directors under their supervision, as well as for personnel of the General Directorate who are not assigned to any department, is delegated to the General Directors.

3. Competence to authorize service commissions and the settlement of travel expenses for Department Directors under their supervision is delegated to the Vice President of the CNMV.

4. Competence to authorize service commissions and the settlement of travel expenses for personnel belonging to said delegations is delegated to the Heads of the CNMV Delegations.

Third. Delegation of competences in matters of payment ordering.

1. Competence to order payments necessary for the fulfillment of obligations in matters of taxation and social security of the organization is delegated to the Secretary General.

2. Competence to order payments through auxiliary current accounts opened in the name of the CNMV is delegated to the Secretary General and to the Deputy Directors of the Secretary General. The disposition of funds from these accounts shall be carried out through the joint and interchangeable signature of two of the aforementioned bodies.

3. Competence to order payments corresponding to said delegations through current accounts opened for such purposes is delegated to the Heads of the CNMV Delegations.

This delegation of competences shall take effect from its publication in the "Official State Gazette". Resolutions adopted in accordance with this delegation shall record this circumstance with explicit reference to it and shall be considered issued by the delegating body.

Madrid, 31 May 2018.–The President of the National Securities Market Commission, Sebastián Albella Amigo.