IMF Staff Country Reports

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

August 1, 2024

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International Monetary Fund. Monetary and Capital Markets Department "Spain: Financial Sector Assessment Program-Technical Note on Regulation, Supervision, Oversight, and Crisis Management of Financial Market Infrastructures", IMF Staff Country Reports 2024, 262 (2024), accessed December 21, 2024, https://doi.org/10.5089/9798400285882.002

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Summary

This paper presents a technical note on regulation, supervision, oversight, and crisis management of financial market infrastructures in Spain. 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.

Subject: Central counterparty clearing house, Central securities depositories, Financial institutions, Financial markets, Financial sector policy and analysis, PFM information systems, Public financial management (PFM), Securities, Stress testing

Keywords: Central counterparty clearing house, Central securities depositories, Commission Delegated Regulation, Europe, Financial instruments regulation, Infrastructure regulation, Markets authority, PFM information systems, Resolution regulation, Securities, Stress testing

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