Spain
Comision Nacional del Mercado de Valores (CNMV)
https://www.cnmv.esThe Comision Nacional del Mercado de Valores (CNMV) is Spain's national securities market commission, responsible for the supervision and inspection of securities markets and the activities of participants in those markets. The CNMV has been active in issuing warnings about unauthorised entities and has developed comprehensive investor protection resources. Spain is a significant target for investment fraud, with many fraudulent platforms targeting Spanish-speaking investors across Europe and Latin America.
How to File a Complaint
The CNMV accepts complaints through its online platform (sede electronica) at cnmv.es.
Complaints can be submitted in Spanish. English submissions are possible but may require additional processing time.
Provide comprehensive information about the entity, including its name, website, claimed regulatory status, and all transaction documentation.
The CNMV's Investor Assistance Office provides guidance on complaint procedures and investor rights.
For complaints about authorised firms, the CNMV's Complaints Service handles the process.
The Bank of Spain handles complaints related to banking services and payment transactions.
Register & Verification
The CNMV maintains a public register of authorised entities accessible through its website, including investment firms, collective investment schemes, and financial advisors. The CNMV also publishes warnings about entities not authorised to provide investment services in Spain.
Key Regulations
- Ley del Mercado de Valores -- Spanish Securities Market Law implementing MiFID II.
- Real Decreto 217/2008 -- implementing regulations for investment firms.
- Ley 10/2010 -- Spanish Anti-Money Laundering Law implementing AMLD.
- Ley de Servicios de Pago -- Spanish Payment Services Law implementing PSD2.
Typical Timelines
The CNMV acknowledges receipt of complaints and aims to respond within a defined timeframe, typically 4-6 weeks for initial assessment. Formal complaints about authorised firms through the Complaints Service are resolved within 4 months. Enforcement investigations are confidential and may take considerably longer.
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