Financial Regulation Authorities In Spain.

 Investment sector regulator - Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores, CNMV)

The Comisión Nacional del Mercado de Valores (CNMV) is the agency in chargeof supervising and inspecting the Spanish Stock Markets and the activities of all the participants in those markets. The purpose of the CNMV is to ensure the transparency of the Spanish market and thecorrect formation of prices in them, and to protect investors. The CNMV focus particularly on improving the quality of information disclosure to the market, and particular efforts are made in the areaof auditing and in developing new disclosure requirements relating to remuneration schemes for directors and executives that are linked to the price of the shares of the company where they work.Also, considerable efforts are made to detect and pursue illegal activities by unregistered intermediaries.

The actions of the Commission relate to companies which issue securities for publicplacement, to the secondary markets in securities and to investment services companies. The Commission also exercises prudential supervision over the last two in order to ensure transaction security and thesolvency of the system.

 Insurance sector regulator (life and general) - Direccion General de Seguros (DGS). The functions of this regulation are:
o Control the compliance of the necessaryrequirements to access and expand the private insurance activity in business.
o Make studies about the private insurance and reinsurance sectors.
o Administrative protection to policyholders,beneficiaries, third parties and participants in pension plans.
o The answer to inquiries concerning private insurance and reinsurance, insurance intermediaries and pensions.
o Prepare draft regulations forthe management core competencies.
o The analysis of the documentation to be issued by insurers.

 Banking sector regulator - Banco de España (BdE) Since 1 January 1999, the Banco de España has...