Does your fintech platform require authorization from the CNMV? The National Securities Market Commission (CNMV) provides information on its website to promote the development of fintech, as it recognizes that this financial technology represents:
“An opportunity to improve financial markets”
https://www.cnmv.es/portal/Fintech/Innovacion.aspx
“Its application makes it possible to offer business models more focused on the end investor and to increase the efficiency and competitiveness of financial markets”
The main objective of this initiative is to inform promoters and financial institutions that are required to obtain authorization from the CNMV, as well as those who are unsure whether they need to do so.
To this end, they offer advice and assistance on the regulatory aspects of the securities market that could affect these projects.
CNMV Requirements
The CNMV notes that specific regulations already exist for crowdfunding platforms that use loans and securities.
However, there are also other regulations concerning innovative processes, products, or services related to the securities market, such as:
“Automated advisory services or automated portfolio management, algorithmic trading, distributed ledger technology, alternative distribution channels applied to the securities market, or big data”
The CNMV provides an online form on its website.
Once received, it will respond to the applicant within three business days.
The Commission will assess whether the project is innovative, has reached a sufficient level of maturity, and is beneficial to investors.
The form collects personal information, the reason for the application, as well as details such as a description of the business model, the geographic scope of the business, and any prior contacts with other regulators.
The form must be sent to the email address FinTech@cnmv.es.
The Commission emphasizes that this form does not initiate any proceedings, nor does it constitute legal advice that is binding on the CNMV.
Furthermore, the information provided will be treated confidentially.
