The Comisión Nacional del Mercado de Valores (CNMV) has announced its 2025 Activity Plan, which outlines its supervisory priorities, including the oversight of crypto-assets. The announcement was made in a press release on February 26, 2025.
According to the CNMV’s 2025 Activity Plan, there are 44 specific objectives aimed at improving market supervision and investor protection. Key initiatives include establishing a Retail Investor Protection and Financial Education Department. The plan addresses areas such as crypto-assets, sustainable finance, cybersecurity, and artificial intelligence while streamlining internal procedures to enhance regulatory efficiency.
The plan emphasizes retail investor protection through enhanced financial education and fraud prevention efforts. It includes monitoring investment marketing strategies, overseeing compliance with cost reporting obligations, analyzing AI use by supervised entities, and publishing guidelines on digital investment practices. Additionally, the CNMV will monitor “finfluencers” for compliance with investment recommendation regulations and issue a Q&A document on MiCA regulation to clarify compliance requirements for crypto-asset service providers.
“The CNMV must respond to the uncertainties and challenges that supervisors and markets face,” said CNMV chairman Carlos San Basilio in the press release. He added that “[to do so] the CNMV needs to be more agile, more open and under an ongoing process of transformation.” San Basilio noted the CNMV’s “need to adapt supervision to new products, such as cryptoassets, and simplify the management of traditional products, without losing sight of basic investor protection and the promotion of sustainable investments.”
The CNMV oversees Spain’s securities markets to ensure transparency, accurate pricing, and investor protection. Created by the 1988 Securities Market Law, it supervises securities issuers, investment service providers, and collective investment schemes while focusing on market stability and system solvency. It manages public records of market participants, advises the government and Ministry of Economy on securities matters, and actively engages with international organizations like IOSCO (International Organization of Securities Commissions), ESMA (European Securities and Markets Authority), and FSB (Financial Stability Board).
