The opening ceremony of Carlos San Basilio and Paloma Marín as the new Chair and Vice-Chair of the CNMV, respectively, took place on 8 January, at the CNMV’s headquarters in Madrid.
In an act chaired by the Minister for Economy, Trade and Enterprise, Carlos Cuerpo, both newcomers promoted their positions for a six-year term. Rodrigo Buenaventura and Montserrat Martínez, outgoing Chair and Vice-Chair, also spoke at the event, with Minister Carlos Cuerpo thanking them for their work during these past years.
He defined the CNMV as a leading institution and praised institutional quality as a great asset for the country and for growth. Carlos Cuerpo mentioned the technological revolution and the decarbonisation of the economy among the great challenges and revolutions that make us focus on capital markets in order to fund investment needs. He also explained the improvements Spain made towards the Capital Markets Union, which seek the channelling of savings towards capital markets and the mobilisation of resources, specifically highlighting new and innovative companies. “The role of the CNMV is key for achieving greater transparency that nurtures trust, as well as for improving investor protection”, he said.
During his speech, Carlos San Basilio listed five commitments that will guide his mandate:
- As for CNMV staff: “I will do everything in my power to guarantee they are able to carry out their functions under the best possible conditions” he stated, meaning he will make a priority that “the CNMV has the right staff, but also the necessary technical resources, professional skills and working conditions”.
- Protection for retail investors: San Basilio emphasised his interest in “delving deeper into issues such as financial education and the ongoing fight against financial fraud”.
- “To continue contributing to create the necessary conditions for the securities markets to efficiently channel financial resources to our companies as an alternative and complementary means to bank financing”, San Basilio explained. “Revitalising and making the securities markets more appealing is a primary goal for growth”, he added. In his speech, he also considered technological development as an ally to make supervision more efficient and a potential simplification of the regulatory framework, “which does not imply regulating less but regulating better”.
- To maintain a loyal collaboration with the rest of the authorities and bodies involved in the financial markets, both in Spain and abroad, and the defence of the CNMV’s independence: “It is now my turn to defend the CNMV’s powers, and I will do so with the same determination as my predecessors, by always collaborating closely with the rest of the authorities”, he said.
- Willingness to listen to each and every one of the market participants as well as being aware of the companies, entrepreneurs and investors’ needs: “We will keep our doors open and our ears permanently listening”, he emphasised.
As for Paloma Marín’s speech, she highlighted the CNMV’s upcoming challenges: “We have several challenges ahead at domestic, European and global levels, such as the promotion and development of Spanish capital markets, digitalisation and the decarbonisation of the economy. Such issues shall be tackled in full compliance with our mandate to ensure the transparency of securities markets, appropriate price formation and investor protection”. The new Vice-Chair encouraged the staff “to continue working with enthusiasm, rigour and open-mindedness to consolidate and strengthen CNMV’s reputation as an efficient, independent, dynamic and modern institution open to society”.
Montserrat Martínez began her speech with a thank you and then gave a brief overview of her last years in the institution. “I want to believe that, thanks to the teamwork, to the joint work we have been doing, we have strengthened the reputation, independence and prestige of this institution, and we have laid the foundations to move towards a more open, more accessible to citizens, and a more transparent CNMV”, she said.
Rodrigo Buenaventura also gave his thanks and recalled the feeling of belonging and loyalty to such an important institution for the economic scope of Spain. “I am leaving behind, above all, friends and colleagues, whom I hope to continue to see in the IOSCO environment”, he said, and assured: “I have held this position guided by the premise that the prestige and credibility of this Commission are based on only two factors: the technical and legal rigour of the decisions we have to make and the complete independence from the Government and from the market participants when making those decisions”.
Carlos Cuerpo thanked Rodrigo Buenaventura and Montserrat Martínez for their work and stated that, with them, the CNMV has contributed to consolidating a trustworthy and stable framework where national and international market players operate. Carlos San Basilio and Paloma Marín also thanked them for their work during these years.
The event was attended by various senior officials and important personalities from the financial and business sectors. Friends and relatives of the new CNMV heads were also present at the ceremony.
In case you missed it, here’s the full video:
