On 26 April, the CNMV Chairman, Sebastián Albella, spoke at the Commission of the Economy, Industry and Competitiveness of the Parliament to present CNMV’s Annual Report for the 2017 financial year. In his address, he reviewed the main features of the economic and financial environment and the evolution of the markets, and analysed the different aspects of CNMV’s activities.
 

In 2017, activity significantly increased in terms of corporate transactions such as IPOs and takeover bids: “We strive to manage swiftly and with a cooperative attitude the IPO procedures that arise”, stated Albella, who also pointed out that, in 2017, five takeover bids for a total amount ten times that registered in 2016 were approved, the highest in recent years.

Albella also made reference to those activities carried out for the purposes of the supervision of markets, of the financial information of listed companies, the degree of compliance with the good governance code and the supervision of secondary markets to prevent market abuse though transaction reporting and the reporting of suspicious transactions.

Albella highlighted some other measures taken in 2017, such as the following:

• In terms of disciplinary penalties, a total of 16 proceedings were concluded and penalties amounting to an estimated 14 million Euros were imposed, 38.8% higher than in previous year.
• 500 warnings on unauthorised entities were published.
• Several Technical Guides were approved, which included most notably those related to audit committees and the training of sales network staff.

During his speech, Albella outlined CNMV’s strategic areas for 2018.

You can consult the information in the press release and in the full speech.