Comisión Nacional del Mercado de Valores (CNMV)
The Comisión Nacional del Mercado de Valores (CNMV) is the financial regulatory authority of Spain, overseeing financial markets, investment firms, and forex brokers. As a member of the European Union, the CNMV enforces ESMA's regulatory standards to ensure transparent, fair, and secure trading environments for retail and institutional investors in Spain.
The CNMV is a key regulatory body protecting traders and investors in Spain’s financial markets. Backed by ESMA’s rules, CNMV ensures that forex brokers maintain fair practices, adequate capital, and risk transparency. Choosing a CNMV-regulated broker ensures legal protection and a secure trading environment in Spain.
- 30:1 for major currency pairs
- 20:1 for non-major currency pairs, gold, and major indices
- 10:1 for commodities (excluding gold) and minor indices
- 5:1 for individual equities
- 2:1 for cryptocurrencies
- Supervises registration and operation of forex brokers and investment firms in Spain
- Enforces ESMA leverage and compliance rules for retail trading
- Publishes warnings against unlicensed brokers
- Promotes transparency, investor education, and anti-fraud regulation
- Visit the CNMV Firms Register
- Search for the broker by name or license number
- Confirm authorization status, permitted services, and ESMA alignment
- Minimum Capital Requirements: Per MiFID II – €730,000 for investment firms
- Client Fund Protection: Funds must be held in segregated bank accounts
- Negative Balance Protection: Mandatory for all retail clients
- Leverage Restrictions & Margin Closeout: As enforced by ESMA
- Ban on Bonuses: No promotional incentives allowed for retail clients
- Standard Risk Disclosures: Brokers must publish clear warnings
Advantages
- Strong investor protection measures through ESMA
- Transparent licensing and complaint system
- Public warnings against unauthorized firms
- Part of EU-wide MiFID II compliance network
Limitations
- Limited broker flexibility due to strict ESMA rules
- Communication primarily in Spanish
- Strict bans on promotions and bonuses for retail traders
Country
Spain
Established
1988
Contact
+34 91 585 1500
Complaint bodies
CNMV (Comisión Nacional del Mercado de Valores) Comisionado para la Defensa del Cliente de Servicios Financieros (Financial Ombudsman in Spain)
Hotline
+34 900 535 015
Complaint email
Last updated on: March 26, 2025
High Risk Warning : Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.