Regulatory Alerts2013-11-01
Circular 7/2013, of 25 September, of the National Securities Market Commission, regulating the procedure for resolving complaints and inquiries against investment service providers in the securities market
The National Securities Market Commission (CNMV) issued Circular 7/2013 to establish the detailed administrative procedure for handling, processing, and resolving complaints, grievances, and inquiries against investment service providers and collective investment managers in Spain. The regulation mandates that the CNMV's Complaint Service operate under principles of independence and transparency, outlines strict eligibility criteria requiring retail client status, and standardizes electronic submission formats and joint-file processing for collective claims. Furthermore, it defines timelines for resolution, specifies the non-binding nature of final reports, and establishes protocols for escalating sanctionable conduct or criminal indications to the appropriate regulatory or judicial authorities.