{
  "title": "Spain: Financial Sector Assessment Program-Technical Note on Regulation, Supervision, Oversight, and Crisis Management of Financial Market Infrastructures",
  "publication": "IMF Staff Country Reports, August 1, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/08/01/spain-financial-sector-assessment-program-technical-note-on-regulation-supervision-552823",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2024/08/01/spain-financial-sector-assessment-program-technical-note-on-regulation-supervision-552823",
  "overlayPath": "/en/publications/cr/issues/2024/08/01/spain-financial-sector-assessment-program-technical-note-on-regulation-supervision-552823/index.md",
  "summary": "This paper presents a technical note on regulation, supervision, oversight, and crisis management of financial market infrastructures in Spain.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- The Comisión Nacional del Mercado de Valores (CNMV) lacks, and should be provided, full autonomy over its recruitment of staff, including in key specialist areas.\n- The CNMV’s effective cooperation with the Banco de España (BdE) and authorities from other jurisdictions to ensure adequate supervision of Bolsas y Mercados Españoles Clearing (BMEC) and Iberclear (IC) could be further strengthened by formalizing current arrangements with the BdE.\n- The Financial Sector Assessment Program (FSAP) identified some enhancements to the supervision of margin practices that would make it even more robust.\n- The CNMV should ensure that its recommendations to BMEC are implemented in timely fashion and, to the extent possible, that improvements made in one segment also benefit the others.\n- The FSAP recommends strengthening of some aspects of IC’s recovery plan."
    },
    {
      "heading": "Supervision and oversight enhancements",
      "content": "- Formalize cooperation arrangements between CNMV and BdE to improve cross-authority supervision of BMEC and IC.\n- Enhance supervision of margin practices to increase robustness (specific enhancements identified by FSAP).\n- Promote timely implementation of CNMV recommendations to BMEC and cross-segment spillovers of improvements."
    },
    {
      "heading": "Crisis management and recovery",
      "content": "- Strengthen aspects of Iberclear’s (IC) recovery plan as recommended by the FSAP to improve resilience of central securities depositories."
    },
    {
      "heading": "Policy recommendations (prioritized)",
      "content": "- Provide CNMV full autonomy over staff recruitment, including for key specialist roles.\n- Formalize CNMV–BdE cooperation arrangements to clarify roles and bolster supervision of BMEC and IC.\n- Implement FSAP-identified enhancements to margin-practice supervision.\n- Monitor and enforce timely implementation of CNMV recommendations to BMEC, and encourage that segment-specific improvements be extended where feasible.\n- Strengthen identified elements of IC’s recovery planning.\n\nSource: IMF Staff Country Report \"Spain: Financial Sector Assessment Program-Technical Note on Regulation, Supervision, Oversight, and Crisis Management of Financial Market Infrastructures\", August 1, 2024.\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2024/08/01/spain-financial-sector-assessment-program-technical-note-on-regulation-supervision-552823/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2024/08/01/spain-financial-sector-assessment-program-technical-note-on-regulation-supervision-552823/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2024/08/01/spain-financial-sector-assessment-program-technical-note-on-regulation-supervision-552823/bundle-manifest.json)",
    "Published: August 1, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400285882.002",
    "The Comisión Nacional del Mercado de Valores (CNMV) lacks, and should be provided, full autonomy over its recruitment of staff, including in key specialist areas.",
    "The CNMV’s effective cooperation with the Banco de España (BdE) and authorities from other jurisdictions to ensure adequate supervision of Bolsas y Mercados Españoles Clearing (BMEC) and Iberclear (IC) could be further strengthened by formalizing current arrangements with the BdE.",
    "The Financial Sector Assessment Program (FSAP) identified some enhancements to the supervision of margin practices that would make it even more robust.",
    "The CNMV should ensure that its recommendations to BMEC are implemented in timely fashion and, to the extent possible, that improvements made in one segment also benefit the others.",
    "The FSAP recommends strengthening of some aspects of IC’s recovery plan.",
    "Formalize cooperation arrangements between CNMV and BdE to improve cross-authority supervision of BMEC and IC.",
    "Enhance supervision of margin practices to increase robustness (specific enhancements identified by FSAP).",
    "Promote timely implementation of CNMV recommendations to BMEC and cross-segment spillovers of improvements.",
    "Strengthen aspects of Iberclear’s (IC) recovery plan as recommended by the FSAP to improve resilience of central securities depositories.",
    "Provide CNMV full autonomy over staff recruitment, including for key specialist roles.",
    "Formalize CNMV–BdE cooperation arrangements to clarify roles and bolster supervision of BMEC and IC.",
    "Implement FSAP-identified enhancements to margin-practice supervision.",
    "Monitor and enforce timely implementation of CNMV recommendations to BMEC, and encourage that segment-specific improvements be extended where feasible.",
    "Strengthen identified elements of IC’s recovery planning.",
    "**Executive Summary**"
  ],
  "related": [
    {
      "title": "Executive Summary",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2024/english/1espea2024007-print-pdf.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2024/english/1espea2024007-print-pdf.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2024/english/1espea2024007-print-pdf.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2024/08/01/spain-financial-sector-assessment-program-technical-note-on-regulation-supervision-552823/index.md",
    "json": "/en/publications/cr/issues/2024/08/01/spain-financial-sector-assessment-program-technical-note-on-regulation-supervision-552823/index.json",
    "bundleManifest": "/en/publications/cr/issues/2024/08/01/spain-financial-sector-assessment-program-technical-note-on-regulation-supervision-552823/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-11T15:06:19.877Z"
}