The Spanish Securities Commission (CNMV) has published a supervisory simplification plan designed to reduce by 50% certain types of information that supervised entities must provide in their periodic reporting. The programme is positioned as part of the CNMV’s “CNMV 2030” strategic priorities to move towards more agile and proportionate risk-based supervision while removing unnecessary administrative burdens. The plan is organised around six workstreams, including a “simplification decalogue” to steer proportional, efficient and transparent regulatory and supervisory activity; 31 CNMV-led initiatives combining internal process changes with proposed amendments to CNMV circulars (reviewed by the CNMV’s Advisory Committee); internal actions to repeal obsolete circulars, automate tasks and reduce supervisory intensity in low-risk areas; and the CNMV’s HELIX digital transformation plan (structured around five strategic lines). Of the initiatives, 58% focus on reducing documentation and avoiding duplication, including removing the obligation for collective investment management companies (SGIIC) and investment firms (ESI) to submit internal audit reports, replacing deeds and contracts with responsible declarations for mergers of collective investment institutions (IIC), eliminating items such as IIC position statements and real estate valuations, and reducing the frequency of some ESI recovery plans and certain conduct-of-business reporting for larger firms. A further 26% target faster processing and more efficient reviews, including a simplified procedure for sustainability annexes in IIC prospectuses based on responsible declarations and sample checks, and a risk-based approach to issuer prospectus reviews that adjusts depth to transaction complexity. The remaining 16% focuses on improving submission and management systems, particularly via the electronic office, including changes to CIFRADOC certificate administration and greater use of data from market infrastructure databases to minimise redundant requests; the plan also includes measures to avoid duplicative reporting where incidents have already been reported under the Digital Operational Resilience Act (DORA). Separately, the CNMV has prepared national legislative proposals for analysis by the General Secretariat of the Treasury and International Financing, and it will continue to pursue EU-level simplification through participation in ESMA and European Commission workstreams.
Spanish Securities Commission (CNMV) 2025-12-10
Spanish Securities Commission CNMV presents supervisory simplification plan to cut periodic reporting by 50%
The Spanish Securities Commission (CNMV) has launched a plan to cut periodic reporting requirements by 50% under its "CNMV 2030" strategy. The plan includes 31 initiatives to reduce documentation, streamline processes, and enhance digital transformation, with 58% targeting redundant submissions and 26% expediting reviews. Additionally, the CNMV is advancing national legislative proposals and engaging in EU-level simplification efforts through ESMA and the European Commission.