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HomeLatest NewsBuenaventura believes that the effective independence of the CNMV "can be improved"

Buenaventura believes that the effective independence of the CNMV “can be improved”

Date: June 1, 2023 Time: 17:36:23

The president of the National Securities Market Commission (CNMV), Rodrigo Buenaventura, considers that the “do” of independence that the organization has reached is “reasonably high, but this does not mean that some concrete improvements are not possible”.

According to the interview published by the Registradores de España magazine and collected by EFE, Buenaventura also stressed that “the effective independence” of the CNMV could be improved, granting a financial autonomy regime similar to the Bank of Spain or the FROB through control of the cost of personnel more effective and reasonable than the current one”.

For this reason, the president of the stock market regulator would have liked the new Securities Market Law “to have contained a clean reference” to having to “render accounts before Parliament.” Asked about his critical position with cryptocurrencies, Buenaventura has highlighted that they have “been very skeptical” of them as an investment opportunity, and has stressed that “unfortunately time” has “proved them right after the events of the last”.

add that as an object of investment, “the vast majority of cryptocurrencies or tokens do not make any economic sense because they do not incorporate an intrinsic value in themselves, they do not have a current of flows and their prices depend exclusively on speculation and generate demand artificial of many for the benefit of a few”.

Spain, he recalled, was the only country in the world that forced, since the beginning of 2022, to include warnings in cryptocurrency ads, warning that they are not regulated, all the investment may be lost and they are not suitable products for retailers.

In his opinion, the maelstrom to which the world of cryptocurrencies has been exposed, the scandals of some entities, its continuous loss of value “could become like a boomerang against the very reputation of DLT technology, its confidence and overshadowing, putting it into shadow.” with it one of the most promising technologies that can be applied to finance”.

In relation to the codes of good governance, Buenaventura has pointed out that they are currently in the process of publishing the first Code of Good Practices for investors, managers and voting advisors, whose project was up for public consultation this summer.

Regarding the future Independent Administrative Authority for the Defense of Financial Clients, he said that it “is proposed as multisectoral, that is, including banking, securities and insurance”, and points out that he does not believe there is a “feeling of discomfort”, since that barely receives about 800 complaints a year, from more than 11 million clients of investment services, for issues related to the stock market or financial products”.

He added that, in the cases in which the CNMV determines that the client is right, 80% are resolved by the entity in favor of the client, as the CNMV has said, and without having to go to court.

Regarding the strategic action plan for this year and next, Buenaventura stressed that they will influence contributing to the integrity and stability of the financial markets through adequate supervision and thereby support the economic growth of companies in the markets of capital and encourage citizen participation safely as a means of channeling savings and investment.

Another of the key lines will be “maintaining and reinforcing our retail investor protection mandate, protecting their interests from investors and safeguarding them against fraud and inappropriate practices”, as well as revitalizing the capital markets for a transition to a more recent economy, which It is part of the European Union’s own strategy.

Lastly, he stressed that the CNMV is obliged to monitor the effects of financial and technological innovation in the field of financial markets, evaluating its impact and supporting, as up to now, development opportunities.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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