Regulatory Alerts2018-08-04
Resolution of 31 July 2018 by the President of the CNMV publishing the Management Delegation Agreement to the Bank of Spain for support in supervising internal solvency models of investment firms
The Spanish National Securities Market Commission (CNMV) has formalized a management delegation agreement with the Bank of Spain to provide technical support for supervising the internal solvency models of investment firms. This temporary arrangement addresses the CNMV's need for specialized expertise, particularly regarding firms relocating from the UK due to Brexit, while ensuring the CNMV retains full legal responsibility for supervision and final decisions. The agreement outlines specific operational procedures, confidentiality obligations, and a validity period of one year, renewable up to a maximum of three years.
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