Regulator · Spain

National Securities Market Commission (CNMV): register, licences and requirements

The National Securities Market Commission (Comisión Nacional del Mercado de Valores, CNMV) is Spain's financial market regulator, established in 1988 under the Ministry of Economy. It supervises securities markets, investment firms, collective investment schemes, and crypto-asset service providers under EU MiCA. CNMV currently licenses 114 investment firm broker-dealers, 92 financial advisory firms, 122 fund management companies (SGIIC), 27 crowdfunding platforms, and 9 Spanish crypto-asset service providers.

Last verified 2026-10-12Markdown · Data (CC BY 4.0)

How to check a firm on the CNMV register

Search the official CNMV register by company name or licence number before you deal with a firm. A licence is valid only if the firm appears there with an active status; a name on a website, a certificate image or a registration number in an email is not proof.

At a glance

Official name	National Securities Market Commission (Comisión Nacional del Mercado de Valores)
Jurisdiction	Spain
Type	Securities regulator
Headquarters	Madrid¹
Founded	1988²
Website	cnmv.es³
Public register	Official public register⁴
Licence types in the Atlas	5

What CNMV supervises

The National Securities Market Commission is the Spanish agency responsible for supervising and inspecting secondary securities markets, investment service providers, collective investment schemes, and crypto-asset service providers under EU MiCA to guarantee market transparency, proper price formation, and investor protection.²

Investment firms (broker-dealers, brokers, portfolio managers, and financial advisory firms)²
Crypto-asset service providers (CASPs) and the marketing of crypto-assets under the EU MiCA Regulation⁶
Collective investment scheme management companies (SGIIC) and alternative investment funds²
European crowdfunding service providers (PSFP) under Regulation (EU) 2020/1503²
Securities issuers, trading venues (BME exchanges, MTFs), clearing houses (BME Clearing), and central depositories (Iberclear)²

Licences CNMV issues

Lesser-known services for applicants

Available

Pre-application meeting / pre-assessment

CNMV offers free pre-application consultations through its FinTech Portal with a published commitment to reply within three business days by email, phone, or in-person meetings; for MiCA crypto-asset service providers, the Department of Authorization and Entity Registries (DARE) formally recommends pre-application meetings via tramitacion.mica@cnmv.es prior to submitting administrative files.⁵

Available

Innovation hub

CNMV operates the Portal FinTech (Financial Innovation Hub) created in late 2016 to serve as an informal single point of contact supporting fintech startups and financial entities on regulatory perimeter questions, innovative technologies, and suitability for sandbox admission.⁶

Available · statutory

Regulatory sandbox

Governed by Ley 7/2020, Spain's financial regulatory sandbox operates on a statutory basis with two annual cohort application windows (March and September) managed jointly by the CNMV, Banco de España, and DGSFP under the General Secretariat of the Treasury, offering live testing under agreed protocols, civil liability coverage, and fast-track transition to formal licensing.⁶

Application portal: Sede Electrónica de la CNMV (sede.cnmv.gob.es) and CIFRADOC system, enabling digital submission of licensing applications, regulatory filings, and fee settlements using Spanish FNMT certificates or electronic IDs.⁷

Fee schedule: Official statutory fee schedule established under Ley 16/2014, as amended by Ley 6/2023 (LMVSI), administered by CNMV under Modelo 991/CIFRADOC.⁸

Compare with other regulators: pre-application meetings · sandboxes and innovation hubs.

Statistics

Current licence holders in the official register¹⁵¹³¹¹¹²¹⁴

114 investment firm broker-dealers and brokers (SV/AV) registered (official register, 2026-10-12)¹¹
92 financial advisory firms (EAF) registered (official register, 2026-10-12)¹²
122 collective investment scheme management companies (SGIIC) licensed (official register, 2026-09-24)¹³
27 crowdfunding service providers authorised under ECSPR Regulation (official register, 2026-09-24)¹⁴
9 Spanish crypto-asset service providers (PSC España) and 6 Spanish credit institutions authorized/notified under MiCA (official register, 2026-09-24)¹⁵

Fees and timelines

Licence	Fee	Amount
AV) investment firm licence	application	EUR 10,000 (Tarifa 4.1.1 for full ESI; plus EUR 300 registration fee under Tarifa 4.3)⁸
AV) investment firm licence	annual	0.1% of eligible own funds (minimum EUR 500) under Tarifa 6.1.1, plus conduct supervision under Tarifa 6.6 (0.047% of gross income, minimum EUR 350, plus EUR 0.47 per client, minimum EUR 850)⁸
Empresa de Asesoramiento Financiero (EAF) licence	application	EUR 1,000 (Tarifa 4.2.3; plus EUR 300 registration fee under Tarifa 4.3)⁸
Empresa de Asesoramiento Financiero (EAF) licence	annual	0.1% of own funds (minimum EUR 500) under Tarifa 6.1.2, plus conduct supervision under Tarifa 6.6⁹
Fund manager licence (SGIIC)	application	EUR 10,000 (Tarifa 4.1.1; plus EUR 300 registration fee under Tarifa 4.3)⁸
Fund manager licence (SGIIC)	annual	0.025% of eligible own funds (minimum EUR 500) under Tarifa 6.1.3⁹

Time to a decision for AV) investment firm licence: statutory deadline vs observed.

Licence	Statutory deadline	Observed
AV) investment firm licence	6 months from receipt of a complete application⁹	not published
Empresa de Asesoramiento Financiero (EAF) licence	6 months from receipt of a complete application⁹	not published
Crypto-asset service provider authorization	40 working days from receipt of a complete application (following 25 working days completeness check)¹⁰	not published

Changing the owner of a licensed firm

Prior notification with an objection period. Any natural or legal person intending to acquire or increase, directly or indirectly, a qualifying holding reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or to gain control of an ESI, EAF, SGIIC, or CASP, must submit prior written notification to the CNMV under Articles 152-154 of Ley 6/2023 (LMVSI) and MiCA Art. 83. The CNMV assesses acquirer suitability, reputation, financial soundness, and AML/CFT risks within a statutory 60 working days assessment period (interruptible once by up to 20 working days for supplementary filings). Unauthorised acquisitions automatically forfeit voting rights and may trigger administrative intervention or statutory sanctions (Art. 156 LMVSI).⁹

Laws CNMV applies

Markets in Crypto-Assets Regulation: Regulation (EU) 2023/1114
Directive 2014/65/EU on markets in financial instruments: Directive 2014/65/EU
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012: Regulation (EU) No 600/2014
Digital Operational Resilience Act: Regulation (EU) 2022/2554
European Crowdfunding Service Providers Regulation: Regulation (EU) 2020/1503
UCITS Directive: Directive 2009/65/EC
Alternative Investment Fund Managers Directive: Directive 2011/61/EU

Recent and upcoming changes

2026-06-30: Conclusion of the MiCA transitional regime in Spain; from 2026-07-01 only fully authorized CASPs may legally provide crypto-asset services in Spain, requiring legacy providers that did not complete authorization to implement client migration plans.¹⁶
2025-03-31: Entry into force of Commission Implementing Regulation (EU) 2025/306 and Delegated Regulation (EU) 2025/414 setting technical standards for CASP application forms, templates, and qualifying holding assessment information.⁶
2025-01-17: EU Digital Operational Resilience Act (DORA, Regulation (EU) 2022/2554) became fully applicable to Spanish investment firms, trading venues, CCPs, and CSDs, establishing comprehensive ICT risk management, incident classification, and third-party oversight frameworks.¹⁷
2024-12-30: EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) Titles V and VI took effect, establishing CNMV as the Spanish National Competent Authority for CASP authorization and market abuse supervision.¹⁰
2024-07-23: CNMV published the mandatory CASP application manual and Article 60 notification template, formally initiating the pre-application phase for prospective Spanish crypto asset service providers.¹⁸

Contacts and public register

Address: Edison, 4, 28006 Madrid, Spain¹
Website: cnmv.es³

Check whether a firm is licensed: official register⁴ · official register¹¹ · official register¹² · official register¹³ · official register¹⁴.

Frequently asked questions

How does Spain regulate crypto-asset service providers under MiCA?

Under Regulation (EU) 2023/1114 (MiCA), the CNMV is Spain's competent authority for authorizing and supervising crypto-asset service providers (CASPs). Spain concluded its national transitional grace period on 30 June 2026. From 1 July 2026, all firms offering crypto-asset services in Spain must hold a full MiCA CASP license or notify under Article 60 as an authorized credit institution or investment firm.

What is the Spanish FinTech Sandbox and how do firms apply?

Established under Law 7/2020, Spain's financial sandbox is a statutory controlled testing space governed by CNMV, the Bank of Spain, and the DGSFP under the Treasury. It admits projects twice per year via scheduled cohorts in March and September. Promoters test innovative financial products under tailored protocols with potential supervisory relief, safeguarded by strict consumer guarantees and participant liability protections.

What are the main types of investment firms (ESI) authorized by CNMV?

Under the Spanish Securities Market Act (Ley 6/2023), investment firms (Empresas de Servicios de Inversión, ESI) comprise Sociedades de Valores (full-scope broker-dealers dealing on own account), Agencias de Valores (brokers executing third-party orders only), Sociedades Gestoras de Cartera (discretionary portfolio managers), and Empresas de Asesoramiento Financiero (EAFs providing independent or non-independent investment advice). As of October 2026, CNMV registers 114 broker-dealers and 92 EAFs.

What regulatory approvals are required to acquire a stake in a Spanish investment firm?

Any individual or legal entity planning to acquire or cross 10%, 20%, 30%, or 50% of the share capital or voting rights, or control of an ESI, must notify the CNMV in advance under Ley 6/2023. The CNMV assesses the acquirer's reputation, financial soundness, and AML compliance within 60 working days. Closing without non-opposition suspends voting rights automatically and risks sanctions.

Does the CNMV provide pre-application consultations for fintech and crypto founders?

Yes. Through its FinTech Portal, the CNMV offers free, non-binding pre-application guidance on business models and perimeter issues, committing to an initial reply within three business days. For MiCA CASP licensing, CNMV's Department of Authorization and Entity Registries (DARE) strongly recommends holding bilateral pre-application meetings via tramitacion.mica@cnmv.es before submitting formal digital filings through the CNMV Sede Electrónica.

Last verified 2026-10-12Author Danil Marmysh, Founder & CEO, ProtegraReviewed by Anastasia Sidorenkova, Head of Licensing, ProtegraReport an errorReference information, not legal advice.

Sources

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