The CNMV and the Fund for Restructuring and Reorganisation of the Banking Sector (FROB) have signed a new collaboration agreement to renew and update the cooperation framework signed in 2018.

The presidents of both organisations, Carlos San Basilio and Álvaro López Barceló, respectively, signed the new agreement on 17 December at the CNMV headquarters in Madrid.

The agreement is part of a context in which the CNMV acts as the preventive resolution authority for certain investment services companies, while the FROB acts as the executive resolution authority. In the area of central counterparties (CCPs), the CNMV is the competent authority for resolution.

Main objective

• The agreement establishes a reinforced framework for coordination and information exchange to ensure more effective planning, preparation and implementation of early action and resolution measures. The aim is to avoid duplication and ensure consistency in the exercise of each authority’s powers.

• The collaboration also extends to the field of international cooperation, to ensure coordinated and consistent action in European and international forums and bodies, in accordance with the powers of each authority. It also incorporates recent regulatory developments, particularly in the area of ECC resolution, to strengthen its institutional capacity and respond to the growing challenges in the financial markets.

The following representatives from the CNMV also participated in the signing of the new agreement:

– Vice-President Paloma Marín,
– Director General of Strategy and International Affairs Victor Rodríguez Quejido,
– Head of Resolution Mª José Gómez Yubero;

And on behalf of the FROB:

– the Director of Legal Services, Mar Rodríguez,
– the Director of Resolution, Iván Fernández, and
– the Head of the Regulation Department, Ignacio Caparroso.

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