## Spain: Financial Sector Assessment Program-Technical Note on Regulation, Supervision, Oversight, and Crisis Management of Financial Market Infrastructures

_IMF Staff Country Reports, August 1, 2024_

## Source details

**Canonical URL:** [Spain: Financial Sector Assessment Program-Technical Note on Regulation, Supervision, Oversight, and Crisis Management of Financial Market Infrastructures](https://www.imf.org/en/publications/cr/issues/2024/08/01/spain-financial-sector-assessment-program-technical-note-on-regulation-supervision-552823)

## Other formats

- [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)

## Bibliographic details
- Published: August 1, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400285882.002

---

### Key findings
- 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.

### Supervision and oversight enhancements
- 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.

### Crisis management and recovery
- Strengthen aspects of Iberclear’s (IC) recovery plan as recommended by the FSAP to improve resilience of central securities depositories.

### Policy recommendations (prioritized)
- 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.

*Source: 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.*

---

## Content in this bundle

- **Executive Summary**
  - [Executive Summary (Markdown version)](/-/media/files/publications/cr/2024/english/1espea2024007-print-pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Executive Summary (PDF)](/-/media/files/publications/cr/2024/english/1espea2024007-print-pdf.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2024/08/01/spain-financial-sector-assessment-program-technical-note-on-regulation-supervision-552823_