The Spanish Securities Commission (CNMV) has published its 2024 Annual Report, summarising market developments, supervisory priorities and organisational changes. It reports higher equity trading and a recovery in companies’ use of capital markets, alongside strong growth in Spanish collective investment assets and a marked increase in enforcement fines and public warnings about unregistered firms. Equity trading on Spanish exchanges rose 14.4% to EUR 717.383 billion, while corporate financing through capital markets reached 62 transactions worth EUR 8.063 billion, including three IPOs. Assets managed by Spanish collective investment institutions increased by almost 15% to more than EUR 430 billion, and registered venture capital vehicles reached EUR 45.891 billion, up 19.9%. Supervisory work generated more than 1,800 information requests, focusing on foreign exchange derivatives including over-the-counter activity, compliance with the retail contracts for difference (CFD) intervention measures, client conversation recording, sustainability-related disclosures and marketing, and depositary selection, plus reinforced oversight of venture capital managers and depositaries as retail participation grows. Market monitoring included 12 trading suspensions, 265 suspicious transaction and order reports, and more than 50 million transaction-reporting records from 183 reporting entities, and covered preparation for a move to a one-day settlement cycle (T+1). Enforcement activity resulted in 51 fines totalling EUR 12.3 million and 25 new sanctioning proceedings, 58% of which concerned market abuse, while investor protection work included 522 CNMV-issued warnings about financial scams and 964 whistleblowing reports that led to 117 new scam warnings and one sanctioning case, as well as the launch of a new investor protection and financial education department.

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