Regulatory Alerts2021-03-15
Resolution of 11 March 2021 by the Council of the National Securities Market Commission Modifying the Internal Regulations
The Council of the Spanish National Securities Market Commission (CNMV) issued a resolution on 11 March 2021 to amend its Internal Regulations to expand the scope of delegated powers. The amendment modifies Article 6 to allow the Council to delegate competencies to all General Directors, rather than limiting this authority solely to the Director General of Markets. This change aims to enhance organizational efficiency while maintaining strict safeguards, as core powers such as approving internal regulations and budgets remain non-delegable and all delegated decisions must be reported to the Council.
I. GENERAL PROVISIONS NATIONAL SECURITIES MARKET COMMISSION 3988 Resolution of 11 March 2021, of the Council of the National Securities Market Commission, modifying the Internal Regulations of the Commission.
The Internal Regulations (RRI) of the National Securities Market Commission (CNMV), approved by a resolution of its Council on 19 December 2019, introduced the possibility for the Council to delegate certain matters, in addition to the Executive Committee, President, and Vice President, to the General Director of Markets. This possibility of delegation, common in other entities and public administrations, even in favor of bodies hierarchically lower than the General Director, is considered of special utility in an organization like the CNMV and does not seem appropriate if the RRI limits it to only one of its General Directorates, particularly considering that any delegation by the Council, like the RRI itself, is approved by the Council itself and is furthermore subject to revocation or assumption at any time, being subject to express confirmation, modification, or revocation each time a new member of the Council takes office.
In virtue thereof, the Council of the CNMV in its session of 11 March 2021, in accordance with what is established in Article 20 of the Securities Market Law, Consolidated Text approved by Royal Legislative Decree 4/2015, of 23 October, agrees:
Sole Article. Modification of the Internal Regulations of the National Securities Market Commission.
Paragraph 3 of Article 6 of the Internal Regulations of the National Securities Market Commission approved by Council Resolution of 19 December 2019 is modified, which shall read as follows:
"The competencies of the Council are delegable to the President, the Vice President, the Executive Committee, and the General Directors.
In any case, the following powers may not be subject to delegation: a) The approval of the Internal Regulations of the CNMV and their modifications. b) The approval of Circulars and Technical Guidelines. c) The approval of draft budgets. d) The submission to the Government of the annual accounts of the economic year. e) Those other powers that, by law with the rank of law, are non-delegable.
In any case, account shall be given to the Council, in the manner determined by it, of any decisions or resolutions that have been adopted by delegation."
Sole Final Provision. Entry into force.
This modification shall enter into force on the day of its publication in the "Official State Gazette".
Madrid, 11 March 2021.–The President of the National Securities Market Commission, Rodrigo Buenaventura Canino.
OFFICIAL STATE GAZETTE No. 63 Monday 15 March 2021 Sec. I. Page 29664 cve: BOE-A-2021-3988 Verifiable at https://www.boe.es https://www.boe.es OFFICIAL STATE GAZETTE D. L.: M-1/1958 - ISSN: 0212-033X