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

International Monetary Fund

No 2024/262, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: commission Delegated Regulation; infrastructure regulation; markets authority; financial instruments regulation; resolution regulation; Central counterparty clearing house; Central securities depositories; Stress testing; PFM information systems; Securities; Europe (search for similar items in EconPapers)
Pages: 59
Date: 2024-08-01
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=552823 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2024/262

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().