Spain’s Council of Ministers has authorised a modification to the National Securities Market Commission (Comisión Nacional del Mercado de Valores, CNMV) 2025 operating budget, following the CNMV’s request to reflect new functions and responsibilities affecting its revenue and expenditure forecasts. The approved revision includes additional expenditure of EUR 9,110,000, partly offset by EUR 5,839,000 of additional income, resulting in a net variation of EUR 3,271,000. Personnel expenditure increases by EUR 5,434,000, reflecting 81 new positions, social security costs and approved salary increases. Transfers and grants rise by EUR 338,000 due to a higher annual contribution the CNMV must pay as a member of the European Securities and Markets Authority. External services increase by EUR 4,338,000, mainly linked to the CNMV taking on the role of resolution authority for central counterparties, including the need to contract valuation services for CCPs in resolution, legal advice for executing resolution tools and strategic advisory support; the remaining increase focuses on technology upgrades, including digital transformation, cybersecurity and IT application development. Because the proposed change exceeds 5% of the CNMV’s 2023 budget of EUR 60,486,000, approval falls under the Council of Ministers’ powers under Spain’s Securities Markets and Investment Services Law.

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