CNMV - Spanish Securities & Markets Commission Research Paper Series

CNMV is the Spanish National Securities Markets Government Agency, founded in 1988, and in charge of regulation, supervision and oversight of the different aspects of the capital markets supervision in Spain, i.e. financial intermediaries, stock exchanges and market trading systems, investor protection, market integrity, issuers, takeover bids, and financial stability, among others. The Research and Statistics Department at the CNMV provides both research and descriptive analysis in order to promote knowledge about securities markets, and to support regulation based on economics and data analysis. The CNMV Working Papers focus on the areas of Investors protection, the Integrity, Transparency, Efficiency and Proper Functioning of Financial Markets and Financial Stability linked to Non-Banking Financial Institutions. They can be accessed at: Natl-Securities-Mkt-Commission-GOV

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