The Spanish Securities Commission (CNMV) has published its 2025 annual report, showing a strong rebound in Spanish capital markets alongside continued growth in collective investment. Equity trading in Spanish shares rose 40.5% to EUR 1.01 trillion, its highest level since 2015, regulated market capitalisation increased 42.2% to more than EUR 1.09 trillion, capital increases rose 46% to almost EUR 11.6 billion, and admissions of corporate fixed income on domestic markets increased 31.3% while issuance on foreign markets fell 16.9%. Assets of Spanish collective investment vehicles grew 13% to EUR 486 billion, and private equity and venture capital assets rose 9.2% to EUR 53.2 billion across 1,501 vehicles. Supervisory activity remained heavy across firms, markets and investor protection. CNMV sent 844 requirements to investment service providers and 914 to managers and investment vehicles, focusing on client disclosures on costs, CFD advertising, foreign exchange derivatives and the use of artificial intelligence in investment services, and it began authorisation work for crypto-asset service providers, resolving seven cases. Market oversight covered 183 entities with daily transaction reporting obligations, more than 70 million transaction reports and over 5,700 notifications of inside information and other relevant information, while enforcement resulted in 71 fines totalling EUR 19.4 million, 15 new sanctioning proceedings and 20 closures. Investor protection activity included 1,398 complaints received, 1,273 processed, 12,538 investor enquiries, 1,246 warnings, of which 458 were issued by CNMV, and 1,063 whistleblowing reports.
Spanish Securities Commission (CNMV)2026-05-13
Spanish Securities Commission annual report shows equity trading above EUR 1 trillion and fines rising to EUR 19.4 million
The Spanish Securities Commission (CNMV) has published its 2025 annual report, highlighting a strong rebound in Spanish capital markets and continued growth in collective investment, with equity trading in Spanish shares up 40.5% to EUR 1.01 trillion and collective investment vehicle assets up 13% to EUR 486 billion. Supervisory activity remained intensive, including information requirements on disclosures, CFD advertising, FX derivatives, AI use and initial authorisation work for crypto-asset service providers. Market oversight and enforcement remained robust, with more than 70 million transaction reports reviewed, 71 fines totalling EUR 19.4 million and significant investor protection activity.