Regulatory Alerts2015-03-18
Agreement of 11 March 2015 of the Board of the National Securities Market Commission on the Delegation of Powers
The Board of Spain's National Securities Market Commission (CNMV) issued this agreement on 11 March 2015 to formally delegate specific regulatory and supervisory powers to the Commission's President, Vice President, and Executive Committee. The delegation covers critical functions across primary and secondary markets, including the verification of admission requirements for securities, approval and registration of prospectuses, management of public takeover bids, suspension of trading, oversight of short selling, and compliance with EU regulations on OTC derivatives and securities settlement. Additionally, the agreement assigns authority over corporate governance reporting, periodic information verification, significant holdings disclosures, and the appointment of insolvency administrators, establishing clear operational boundaries and emergency fallback procedures for the Executive Committee.