Resolution Of May 26, 2015, Of The Council Of The National Commission Of The Market Of Stock, By Which The Regime Inside Of Commission Regulation Amending.

Original Language Title: Resolución de 26 de mayo de 2015, del Consejo de la Comisión Nacional del Mercado de Valores, por la que se modifica el Reglamento de Régimen Interior de la Comisión.

Read the untranslated law here: http://www.boe.es/buscar/doc.php?id=BOE-A-2015-6275

Them markets of values, matter on which the CNMV exerts its supervision, have experienced huge changes in the last years. One of the fundamental has been the transition from a mere international cooperation between supervisors to international integration process caused by the perception of its necessity as a result of the financial crisis. Precisely, during the crisis is made evident that the integrity of those markets national is very dependent of the operation of the system financial world.

This process of international integration, which acquires its maximum intensity at the heart of the European Union, requires a special dedication of supervisory bodies given the volume and importance of regulations from the European institutions and the growing influence of the standards issued by international agencies. It is essential, therefore, to define and implement a strategy aimed at influencing the development of these regulations and standards with the aim of placing the CNMV between the most influential in the definition of the international regulatory policy as early and effectively as possible. Also, this strategy must go aimed to ensure an application proper of the regulations and standards European e international in the field domestic, enhancing a relationship more intense and fluid of the CNMV with them participating in them markets Spanish.

On the other hand, the funding by developing alternatives to the Bank has been gaining relevance in recent years driven by a more stringent prudential requirements applicable to credit institutions arising from the experience acquired during the financial crisis. An example of this is the recent legal attribution to the CNMV of the competence of authorization, registration, monitoring, inspection and sanction of participatory financing platforms.

From this point of view, securities supervisors must be aware of the growing role of markets and develop internal and external coordination skills to respond in the best way possible to the fulfillment of its primary objective, which is none other than the protection of investors, promoting, at the same time, the orderly development of securities markets.

Finally, also derived of them difficulties experienced during the crisis by them entities financial, is have tax some requirements to level European that represent the attribution of new competencies to the CNMV. On the one hand, the requirement that listed financial institutions, which include the investment services companies (ESIs), have resolution plans applicable in case of need and to apply a policy of preventive supervision that can mitigate the risks that we have to use public money to solve situations of insolvency. And, on the other hand, the obligation the market participants communicate their transactions in OTC derivatives, both the supervisor and a warehouse of operations (repository), and use a central counterparty institution in certain cases.

By all it earlier, the CNMV considered necessary to create a new address General of political strategic and Affairs International, that group the Department of Affairs International, the Department of studies and statistics and a Department of new creation of strategy and relations institutional. This new Directorate-General cross-cutting will give it capacity to analyze and coordinate the response to the institutionally significant regulatory projects, both European and national, as well as their necessary implementation. This new Directorate will also assume the strategic dialogue with all relevant institutional stakeholders and will be responsible for the supervision of organisational aspects organisational and financial market infrastructures. Also, the address will have entrusted the function of advise to them organs upper of the CNMV and ensure the coherence of them messages public with the strategy defined in the Plan of activities that is publishes annually. Additionally, will perform the evaluation of them political and systems of management of the CNMV in an environment of risks and will propose strategies and plans for the adaptation organizational and operational of the institution.

Moreover, in coherence with the functions of this new address General, is eliminates the character of Department of the Cabinet of Presidency and disappears the possibility of create an address attached to Presidency with functions of support or advice to them bodies guiding.

Finally, is entrusted the exercise of them functions of resolution preventive of companies of services of investment to a unit dependent directly of the Director General of political strategic and Affairs International, to carry to out them functions that is assigned normatively to the CNMV as authority of resolution preventive of these companies, is collects, between them functions of the address General of entities , included the jurisdiction of registration, authorization, supervision and inspection of the participatory funding and platforms, between the functions of the General direction of markets, the overseeing communications operations that need to be participants in the markets and the information you refer to operations (repositories) stores.

He Council of the CNMV in its session of 26 of mayo of 2015, in accordance with it established in the article 6 of the regulation of regime inside, approves them modifications of them articles 27, 30, 31 and 32 of the regulation of regime inside of the CNMV that is collected then.

Article only. Modification of the regulation's regime inside of the Commission national of the market of values.

The regulation of regime inside of the Commission national of the market of values is modified as follows: one. Paragraph 7 of article 27 is deleted and new wording is given to paragraphs 4, 5 and 6 of this article in the following terms: «4. as organs of immediate assistance to the President and the Vice President of the CNMV, there can exist the corresponding cabinets. " Personnel who serviced in those cabinets and do not belong to the staff of the CNMV will have the character of possible, given the special nature of the functions of trust and advisory role. Their appointment and dismissal will be free.

The EESC will take place, in any case, when the President or Vice President.

5. the Directors-General, directors of Department that referred to in article 32 of this regulation, the Director of the Department of Internal Control, the Director of the Department of studies and statistics, and the Department Director, who is appointed as Deputy Secretary of the Council, shall be regarded as managers in the terms established in the Royal Decree 451/2012 , of 5 of March, by which is regulates the regime retribution of them maximum responsible and managers in the sector public business and other entities.

6. for the relationship with them means of communication, the Council of the CNMV may create, to proposal of its President, an address of communication. «To the personal attached to this address you is applicable the same regime established for the personal that pay service in the cabinets of Presidency and Vice-Presidency.»

Two. The article 30 is drafted in the following mode: «article 30.» The directions General.

(1. the addresses General of the CNMV are: to) address General of entities.

(b) address General of markets.

(c) address General of political strategic and issues international.

(d) direction General of the service legal.

(2. corresponds to the address General of entities the exercise of the following functions: to) instruct, inform and process them records of authorization of companies of services of investment, and them related with the reversal of them authorizations granted.

(b) instruct, inform and obtain records of authorisation of collective investment institutions and entities of venture capital, their management companies, and the management companies of securitisation funds, as well as those related to the revocation of authorisations granted.

(c) instruct, inform and obtain authorization of participatory financing platforms records.

((((d) processing of enrollment and low files relating to the entities mentioned in the lyrics to), b), c) above, in the special registers of the CNMV, on the terms established in the legislation.

(e) to supervise and inspect the companies of investment services, its branches and its agents or representatives.

(f) to supervise and inspect the institutions of collective investment, their management companies, agents or representatives, as well as its depository entities.

(g) supervise and inspect the venture capital entities, as well as their management companies.

(h) to supervise and inspect credit institutions, branches and its agents or representatives in its proceedings related to securities markets.

(i) supervise and inspect the platforms of funding participatory.

(3. corresponds to it address General of markets the exercise of the following functions: to) instruct, inform and process them records relating to the emission of values, to the admission of them same to negotiation, and to them offers public of acquisition and sale of values.

(b) process them records of registration of those acts, documents and made that correspond in relation to them materials to is concerns the paragraph previous.


(c) monitor and analyze communications for significant stakes in listed companies, as well as on the autocarteras that have the same.

(d) monitor communications on relevant information of issuers of securities.

(e) monitor the activity of them infrastructure of market and of their members, including the approval of them rules of operation of them markets or infrastructure and the supervision of the discipline of market in their phases of pre-contratacion and post-hand.

(f) instruct, in cases where legally appropriate, records about suspension of trading in securities on the official markets, or the exclusion of the negotiation of certain values.

(g) control, verify and analyze them reports of audit of accounts of the societies stations of values and of the societies with values admitted to negotiation, as well as process them corresponding records of registration in them records special.

(h) control, check and analyse the periodical information which should refer to the CNMV the aforementioned companies, as well as processing the corresponding records of registration.

(i) develop other functions which, in relation to the audit of accounts and the accounting of the companies with securities admitted to trading, are attributed to the CNMV.

(j) to supervise and inspect activities in securities markets, including communications operations to be carried out by the participants in the markets, as well as the supervision of the information sent to stores (repositories) operations.

(k) disseminate information of a public nature relating to the activities referred to in the previous letters.

(4. corresponds to the address General of political strategic and Affairs International the exercise of them following functions: to) support to the President, to the Vice President and to them others organs upper and managers of the CNMV in the scope of them relations with others organs e institutions of Spain, of the Union European and of others States members, as well as of third countries.

(b) the preparation of reports, studies and proposals that allow to define the strategy of the CNMV in agencies, commissions and national and international committees in which participates, as well as the necessary advice to President, Vice-President and other senior and managerial bodies of the CNMV to ensure strategic coherence in the public transmission of messages.

(c) internal coordination of analysis and strategic assessment of projects and pre-projects of regulatory provisions relating to the CNMV or the scope of their powers that are subject to its inquiry, with special attention to possible changes in the perimeter of regulation.

(d) the impulse and coordination of initiatives horizontal strategic in the CNMV, including the preparation and follow-up of the Plan of activities annual of the institution.

e) promoting and coordinating relations and consultations with market participants, including the office of the technical secretariat of the Advisory Committee.

(f) the evaluation of policies and management systems of the CNMV in a risk environment and the proposed strategies and plans for organizational and operational adaptation of the CNMV.

(g) the authorization and supervision of them aspects organizational corporate, financial e institutional of them infrastructure of markets and follow-up of the evolution of its environment, of the profile of their participating and of the framework regulatory general.

(h) the coordination of the participation of the CNMV in agencies and programs international related with the markets of values.

(i) the coordination internal and centralization of the collaboration of the CNMV with them authorities competent of States foreigners in them supposed to is refer them articles 91 to 91 quater of the law 24 / 1988, of 28 of July.

(j) the following regulations and directives, as well as memorandums of understanding (MOUS).

(k) the development of them memories and of them reports annual about the development of the activity of the CNMV and on the situation of them markets financial.

(l) the performance of studies, papers and reports on stock markets.

(m) the design, development and maintenance of statistical information of the CNMV.

(n) the coordination, promotion and distribution of the publications of the CNMV.

(n) the planning and implementation of activities aimed at improving the financial education of investors.

(o) the valuation of complex financial products and operations.

(p) the performance of the duties entrusted to normatively to the CNMV as preventive investment services firms resolution authority.

5 corresponds to the Directorate-General of the legal service, the exercise of the following functions: to) give legal advice to the President, Vice President, counselors and to the Directorates-General or departments of the CNMV in the exercise of their functions.

(b) examine, inform in law and, where appropriate, draw up circulars and resolutions of the CNMV.

(c) reporting legal issues that rise to the approval, resolution or knowledge of the Council or of the Executive Committee of the CNMV.

(d) inform law projects and pre-projects of provisions relating to the CNMV or those others who are subject to its inquiry.

(e) cooperate in the defense at trial of the CNMV.

(f) instruct them records sanction that correspond to the CNMV.

(g) propose the adoption of interim measures that may be necessary to ensure the effectiveness of decisions in disciplinary procedures.

(h) proposals for resolution of the disciplinary proceedings.

(i) provide assistance, collaboration or advice to judges and courts in the exercise of their functions.

(j) develop functions inherent to the Secretaries of the Council, the Executive Committee and the Advisory Committee of the CNMV.

(k) assist claims and complaints that investors go to the CNMV.

(l) maintain a service to investor queries.

(m) to promote the processing of allegations received in the CNMV.

6. the Directorates-General, departments and services of the CNMV shall refrain from direct relations with the courts. All the relations of this nature must be through the General Directorate of legal service, who should know, with the greatest possible urgency, all communications received from the judges and courts.»

Three. Article 31 is worded in the following way: «article 31. Departments of the Directorates-General.

1 the General direction of entities is structured into the following departments: to) authorization and Department records of entities, which shall be responsible for the exercise of activities which referred to), b), c) and d) of paragraph 2 of article 30.

((((b) Department of Supervision of companies of services of investment and entities of credit and saving, to which shall be responsible for the exercise of the activities to is refer them lyrics e), h) e i) of the paragraph 2 of the article 30.

(((c) Department of Supervision of institutions of investment collective and entities of Capital risk to which shall be responsible for the exercise of the activities to is refer them lyrics f) and g) of the paragraph 2 of the article 30.

2 the General direction of markets is structured into the following departments: a) Department of primary markets, which perform the functions listed in the letters to) and b) of paragraph 3 of article 30, and that corresponding letters j) and k) of the same paragraph.

((((((b) Department of secondary markets, which perform the functions described in the letters d), e) and f) of paragraph 3 of article 30, and which correspond the letter j) and k) of the same paragraph.

((((((c) Department of financial reports and corporate, which perform the functions referred to in letters c), g), h) e i) of paragraph 3 of article 30, and which correspond the letter j) and k) of the same paragraph.

3 the General direction of strategic policy and international affairs is structured into the following departments: a) Department of International Affairs, which shall exercise the functions enumerated in subparagraphs a) and b) at the international level, h), i) and j) of paragraph 4 of article 30.

((((((((b) Department of strategy and relationships institutional that will exercise the functions listed in the lyrics to) and b) in the field national, c), d), e), f) and g) of the paragraph 4 of the article 30.

(((((((c) Department of studies and statistics that shall exercise the functions listed in the letters k), l), m), n), n) and or) of the paragraph 4 of the article 30.

(He exercise of the functions listed in the letter p) of the paragraph 4 of the article 30, is held by a unit in dependency direct of the Director General of political strategic and Affairs International.

The head of the Department of studies and statistics will have direct responsibility presented to the CNMV Council the report on the development of the activities of the institution and on the situation of financial markets which, in accordance with article 13 of the law of the Mercado de Valores, CNMV must raise each year to the Committee of economy of the Congress of Deputies. In addition, the holder of this Department will have the function replace the President and the Vice President in the international bodies with responsibilities related to financial stability.


4 the direction General of the service law is structured in the following departments: a) Department of legal advice, which shall be responsible for the performance of the duties entrusted in letters to), b), c), d) and j) of paragraph 5 of article 30.

(((((((b) Department of the service dispute and of the regime sanctioning, to which corresponds the exercise of the functions listed in them lyrics e), f), g), h), i) and m) of the paragraph 5 of the article 30.

«(((c) Department of investors, to which shall be responsible for the exercise of the functions listed in them lyrics k) and l) of the paragraph 5 of the article 30.»

Four. Article 32 is worded in the following way: «article 32. Departments attached to the President.

1 will depend directly on the President, the following governing bodies: to) information systems Department.

(b) Secretariat General.

4 shall be responsible for the information systems Department: to) plan and manage the computer services of the CNMV.

(b) design, schedule, deploy and maintain software applications from the Commission.

(c) direct the policy of security computer of the CNMV.

(d) provide technical assistance to the different services of the Commission in the computer field.

(e) develop general criteria for the evaluation and selection of computer equipment.

(f) lead and coordinate the Agency national of encoding of values.

(5. will correspond to the Secretary General: to) attend to the Government, administration and regime inside of the Commission.

(b) manage the resources human from the CNMV.

(c) coordinating the financial management of the Agency, keeping its accounts, drawing up the preliminary draft budget, process modifications, and coordinate services billing, box and collection of rates.

(d) direct and organize those services General of registration, file, security, surveillance, communications, conservation and maintenance of the CNMV.

(e) direct and coordinate the different special registers.

«(f) instruct and arrange them records of hiring administrative.»

Available end only.

The present amendment shall enter into force the day of its publication in the «Official Gazette».

Madrid, May 26, 2015.-the President of the National Commission of the market of stock, María Elvira Rodríguez Herrer.