Regulator profile · ES
CNMV — Comisión Nacional del Mercado de Valores
Tracked byBrokerlist Editorial · Independent review teamUpdated
The Comisión Nacional del Mercado de Valores (CNMV) is Spain's capital-markets regulator. It supervises issuers, investment firms, asset managers and the Spanish stock exchanges (BME). Banco de España handles banking supervision; Dirección General de Seguros y Fondos de Pensiones (DGSFP) covers insurance.
Brokers in Spain accepting residents under CNMV- Jurisdiction
- Kingdom of Spain.
- Founded
- 1988
- Mandate
- Established by the Securities Market Law of 1988 (now Royal Legislative Decree 4/2015 consolidating subsequent amendments). CNMV enforces MiFID II/MiFIR domestically via Real Decreto 217/2008 and Real Decreto-ley 14/2018 implementing investment-firm rules; coordinates with ESMA on technical standards.
- Consumer protection
- Banking deposit protection up to €100,000 per depositor via Fondo de Garantía de Depósitos (FGD). Investor protection up to €100,000 for securities held with insolvent investment firms via Fondo de Garantía de Inversiones (FOGAIN). Negative balance protection mandatory for retail CFD clients under MiFID II.
- Retail leverage caps
- ESMA-aligned: 1:30 on major FX pairs, 1:20 on minors and gold, 1:10 on commodities and major indices, 1:5 on individual equities, 1:2 on crypto CFDs. CNMV additionally restricts marketing of CFDs and FX to retail clients under specific advertising-conduct rules introduced in 2023.
- Public register
- CNMV publishes searchable registers of investment firms (ESI), asset managers (SGIIC), issuer companies and other regulated entities. Cross-reference Banco de España registers for credit institutions and DGSFP for insurance entities. Open register ↗
- Dispute resolution
- CNMV's Servicio de Reclamaciones handles retail-client complaints against authorised investment firms. Resolutions are non-binding recommendations but firms typically comply; for binding outcomes, escalate to civil courts. CNMV can also issue administrative penalties.
- Editor notes
- Spanish retail FX/CFD market is moderate; most international brokers serving Spain use CySEC EU passports rather than local CNMV authorisation. CNMV maintains an active list of warnings against unauthorised entities targeting Spanish residents — its 2023 advertising-conduct rules added stricter restrictions on social-media promotion of CFDs.
Brokers we track with a CNMV licence
No brokersNo tracked broker currently holds a CNMV licence in our database.