The Spanish Securities Commission (CNMV) published its supervisory overview of suspicious transaction and order reports (STOR) and related communications received in 2024, recording 277 notifications, up 13.5% from the previous year. Most reports concerned equity instruments and suspected insider dealing, alongside a reminder to market participants to keep detection and reporting frameworks fit for purpose. The increase was linked to a rise in communications received from other competent authorities, in a year when MiFIR Article 26 transaction reporting to the CNMV fell 30.5% after a significant entity stopped reporting. Equity instruments represented 87% of all communications, and reports relating to the use or attempted use of inside information accounted for almost 72%. The CNMV distinguished “other communications” from STOR, noting these often relate to trading that cannot be assessed as market abuse because essential information is missing, such as identification of the suspected client, or they provide additional information on previously submitted STOR. Report quality was assessed as broadly consistent with prior years, with medium-high quality rising to 62% (from 54% in 2023) and medium-low quality increasing to 13% (from 12%). The CNMV reiterated that the minimum annual review of surveillance mechanisms, systems and procedures should be performed by internal or external audit rather than the compliance function responsible for designing them, and stressed that alerts should be calibrated to the entity’s trading patterns, instruments and client base and supported by adequate human analysis and staff training. On timeliness, the CNMV noted that STOR should be submitted without delay and referenced EU authorities’ ESMA-level guidance that 60 calendar days is generally considered a reasonable benchmark. In 2024 it identified eight reports from five financial entities submitted with an unexplained time lag, although the entities provided reasonable explanations for the delays.
Spanish Securities Commission (CNMV) 2025-07-16
Spanish Securities Commission reports 277 STOR and related market abuse notifications in 2024 and reiterates expectations on annual audit review of surveillance controls
The Spanish Securities Commission (CNMV) released its 2024 supervisory overview of suspicious transaction and order reports (STOR), noting a 13.5% increase in notifications, mainly concerning equity instruments and suspected insider dealing. The CNMV emphasized effective detection and reporting frameworks, timely STOR submission referencing the EU's 60-day benchmark, and improved report quality, with medium-high quality rising to 62%. It stressed calibrating alerts to trading patterns and ensuring adequate human analysis and staff training.