National Supervisory Authority & Licensing Qualification Dossier • European Economic Area & Switzerland
CNMV
SpainComisión Nacional del Mercado de Valores
Source / Native Reference: 西班牙国家证券市场委员会
- Supervisory tier
- Tier-1
- License classes
- 3
- Licensed records
- 9
- Active / regulated
- 7
Statutory Supervisory Mandate & Scope
Commission de Surveillance du Secteur Financier (Luxembourg CSSF) (CSSF) is the Tier-1 statutory financial markets and securities supervisory authority in Luxembourg. It grants and supervises financial services licences across broker-dealers, investment advisers, asset managers, and market operators, enforcing initial and ongoing prudential capital requirements, segregated client asset rules, market conduct standards, and public register disclosures.
Supervises credit institutions (jointly with Deutsche Bundesbank and ECB), investment firms (Wertpapierinstitute), asset managers (KVGs), payment institutions, and Crypto-Asset Service Providers (CASPs) in Germany.
Prudential Tier Assessment
Tier-1Integrated G7 & Eurozone federal financial supervisor overseeing banking, securities, insurance, and statutory crypto custody under KWG, WpIG, WpHG, and EU MiCA.
National licensing qualifications & statutory authorisation classes (CNMV)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by CNMV in Spain.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| WpIG Class 1 / 2 (§ 15 WpIG — Eigenhandel) | Securities Institution — Proprietary Dealing & Market Making | Principal dealing, market making, underwriting, and operating a Multilateral or Organised Trading Facility (MTF/OTF). | EUR €750,000 initial capital (or EUR €5,000,000 for systemic Class 1 CRR-equivalent investment firms). | IFR K-Factor capital adequacy, MaRisk risk management framework, and Bundesbank monthly solvency reporting. |
| WpIG Medium / Small (§ 15 WpIG — Finanzkommission / Anlageverwaltung) | Securities Institution — Brokerage & Portfolio Management | Principal brokerage, investment broking, contract broking, and discretionary portfolio management. | EUR €150,000 initial capital (if holding client money/securities) or EUR €75,000 (non-custodial advisory/transmission). | Fixed Overheads Requirement (25% of prior year fixed overheads) + annual WpHG compliance audit. |
| MiCA CASP (Art. 59–63 Reg (EU) 2023/1114) | Crypto-Asset Service Provider (Custody, Trading Platform & Exchange) | Custody and administration of crypto-assets, operation of a crypto trading platform, crypto-to-fiat exchange, and order execution across all 27 EU Member States. | EUR €150,000 (Class 3 Trading Platform), EUR €125,000 (Class 2 Custody & Exchange), or EUR €50,000 (Class 1 Advisory/Order Reception). | Higher of permanent minimum capital or 25% of preceding year fixed overheads + DORA ICT resilience & bankruptcy-remote wallet segregation. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under CNMV.
Entschädigungseinrichtung der Wertpapierhandelsunternehmen (EdW) / Entschädigungseinrichtung deutscher Banken (EdB)
- Maximum coverage per client
- EUR €20,000 (90% of liabilities) for securities claims via EdW; EUR €100,000 per depositor for credit institutions via EdB
- Eligible counterparties & scope
- Retail and small corporate clients (institutional credit institutions, insurers, and public bodies excluded).
§ 84 WpHG & MaComp BT 10 (Segregation of Client Financial Instruments and Funds)
- Reconciliation & audit cadence
- Daily reconciliation of segregated escrow accounts (Treuhandkonten); strict prohibition on using retail client funds for own-account margin.
- Approved custodian requirements
- Client funds must be deposited immediately with a central bank or CRR credit institution in segregated trust accounts; mandatory Negative Balance Protection and prohibition of additional payment obligations (Nachschusspflicht) for retail CFDs.
EU MiCA CASP Authorisation & German KWG Crypto Custody (Kryptoverwahrgeschäft) / eWpG Electronic Securities
- Travel Rule, custody & stablecoin rules
- EU Transfer of Funds Regulation (TFR — Regulation (EU) 2023/1113) applies a EUR €0 threshold Travel Rule to all CASP transfers; strict IT security audits under DORA.
Primary Governing Statutes & Rulebooks
- German Banking Act (Kreditwesengesetz — KWG) & Investment Firm Act (Wertpapierinstitutsgesetz — WpIG)
- German Securities Trading Act (Wertpapierhandelsgesetz — WpHG) & Capital Investment Code (KAGB)
- EU Regulation (EU) 2019/2033 (IFR) / Directive (EU) 2019/2034 (IFD) & MiFID II
- EU Markets in Crypto-Assets Regulation (MiCA — Regulation (EU) 2023/1114) & German FinmStFG / KMAG
Regulatory Reporting & Audit Obligations
Annual WpHG / KWG statutory audit conducted by an independent Wirtschaftsprüfer and filed with BaFin and Deutsche BundesbankMiFIR Art. 26 T+1 transaction reporting, EMIR Refit derivatives reporting, and DORA ICT incident reportingGwG (German Anti-Money Laundering Act) Money Laundering Officer (Geldwäschebeauftragter) appointment and FIU goAML filings
Cross-Border Equivalence & Passporting
Full EEA Freedom of Services (Art. 34 MiFID II / Art. 65 MiCA) and Freedom of Establishment passporting across all 27 EU Member States plus Norway, Iceland, and Liechtenstein.
Supervised institutions & CNMV licence records in our database
9 licence records referencing CNMV (7 regulated/registered, 2 flagged with warnings/revocations).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| IBROKER | 260 | Suspected clone | IBROKER GLOBAL MARKETS, S.V., S.A. | 2016-05-13 | |
| SELF | 1490 | Suspected clone | SELF TRADE BANK, S.A. | — | |
| Squared Financial(Global network record) | 4421 | Regulated | SQUARED FINANCIAL (CY) LIMITED | 2017-09-13 | |
| Capex(Global network record) | 129 | Regulated | KEY WAY INVESTMENTS LTD | 2017-07-28 | |
| FXORO(Global network record) | 3065 | Regulated | MCA INTELIFUNDS LTD | 2011-12-12 | |
| JFD(Global network record) | 136/2020 | Regulated | JFD Group Ltd | 2020-10-07 | |
| XTB(Global network record) | 3325 | Regulated | XTB LIMITED | 2012-12-05 | |
| Νaga(Global network record) | 3591 | Regulated | NAGA MARKETS EUROPE LTD | 2013-10-31 | |
| ActivoTrade(Global network record) | 239 | Regulated | ActivoTrade | — |
CNMV (Spain): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under CNMV (Spain)?
CNMV (Comisión Nacional del Mercado de Valores) supervises financial institutions in Spain under German Banking Act (Kreditwesengesetz — KWG) & Investment Firm Act (Wertpapierinstitutsgesetz — WpIG) and German Securities Trading Act (Wertpapierhandelsgesetz — WpHG) & Capital Investment Code (KAGB). Key statutory authorisation classes include: WpIG Class 1 / 2 (§ 15 WpIG — Eigenhandel) (Securities Institution — Proprietary Dealing & Market Making — min. capital: EUR €750,000 initial capital (or EUR €5,000,000 for systemic Class 1 CRR-equivalent investment firms).); WpIG Medium / Small (§ 15 WpIG — Finanzkommission / Anlageverwaltung) (Securities Institution — Brokerage & Portfolio Management — min. capital: EUR €150,000 initial capital (if holding client money/securities) or EUR €75,000 (non-custodial advisory/transmission).); MiCA CASP (Art. 59–63 Reg (EU) 2023/1114) (Crypto-Asset Service Provider (Custody, Trading Platform & Exchange) — min. capital: EUR €150,000 (Class 3 Trading Platform), EUR €125,000 (Class 2 Custody & Exchange), or EUR €50,000 (Class 1 Advisory/Order Reception).). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does CNMV provide statutory investor compensation and mandatory client asset segregation?
Under CNMV's framework, investor protection is governed by Entschädigungseinrichtung der Wertpapierhandelsunternehmen (EdW) / Entschädigungseinrichtung deutscher Banken (EdB) with maximum coverage of EUR €20,000 (90% of liabilities) for securities claims via EdW; EUR €100,000 per depositor for credit institutions via EdB (Retail and small corporate clients (institutional credit institutions, insurers, and public bodies excluded).). For client money and custody assets, supervised firms must comply with § 84 WpHG & MaComp BT 10 (Segregation of Client Financial Instruments and Funds), performing daily reconciliation of segregated escrow accounts (treuhandkonten); strict prohibition on using retail client funds for own-account margin. with client funds must be deposited immediately with a central bank or crr credit institution in segregated trust accounts; mandatory negative balance protection and prohibition of additional payment obligations (nachschusspflicht) for retail cfds..
How does CNMV regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
CNMV's digital-asset regime is structured around EU MiCA CASP Authorisation & German KWG Crypto Custody (Kryptoverwahrgeschäft) / eWpG Electronic Securities (Fully operational EU MiCA CASP licensing regime (effective Dec 2024) + Electronic Securities Act (eWpG) for tokenized bonds and fund shares.). Custody and AML/CFT compliance obligations require: EU Transfer of Funds Regulation (TFR — Regulation (EU) 2023/1113) applies a EUR €0 threshold Travel Rule to all CASP transfers; strict IT security audits under DORA.
How can I verify an institution's CNMV licence number and check our 9 recorded licence entries?
Our database currently tracks 9 licence records referencing CNMV (7 marked regulated or registered). To verify a counterparty at the primary source, open CNMV's official public register (https://www.cnmv.es/portal/consultas/busquedaporentidad), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
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Research and compliance analysis from RegTech Codex relevant to CNMV and Spain.
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Regulatory Compliance & Licensing
FATF Travel Rule (Recommendation 16) Cross-Border VASP Compliance, EU AMLR/AMLA Supervision & FCA/MAS Client Asset Segregation Audits: 2026 Codex
Cross-border Virtual Asset Service Provider (VASP) compliance refers to the synchronized execution of cryptographic wire-transfer messaging under FATF Recommendation 16, direct supranational AML supervision under EU Regulation (EU) 2024/1624 (AMLR) and Regulation (EU) 2024/1113 (TFR), and statutory daily client asset segregation reconciliations mandated by the UK FCA CASS 7/CASS 15 and MAS PSN02/CMSA frameworks.
EU MiCA & DORA Compliance
EU DORA & MiCA Compliance Rules: ICT Incident Reporting, CTPP Oversight & CASP Licensing (2026)
The EU Digital Operational Resilience Act (DORA) mandates major ICT incident reporting within 4 hours (Source: Regulation EU 2022/2554, 2025-01-17) and full MiCA CASP authorization by July 1, 2026 (Source: ESMA, 2026-07-01).
EU MiCA & DORA Compliance
EU Digital Operational Resilience Act (DORA) ICT Risk & 4-Hour Incident SLA: Statutory Capital Floors, Prudential Ratios & Licensing Thresholds (4 Hours Major ICT Incident Alert Benchmark)
EU Digital Operational Resilience Act (DORA) ICT Risk & 4-Hour Incident SLA (EU-DORA-2022-2554) stands at 4 Hours (Major ICT Incident Alert) (Source: ESMA / EBA / EIOPA Joint RTS, 2026-10-20), governing initial permanent
Statutory licensing classes, base capital rules, and investor protection summaries for CNMV (Spain) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on CNMV’s official public register.