Does your Fintech portal require authorization from the CNMV? The National Stock Market Commission (CNMV) offers information in its web page for encourage the development of fintech, since it recognizes that this financial technology represents:
"An opportunity to improve financial markets"
https://www.cnmv.es/portal/Fintech/Innovacion.aspx
«Its application allows us to offer business models more oriented to the final investor and increase efficiency and competitiveness of financial markets"
The main objective of this initiative is to inform to promoters and financial entities that are required to obtain authorization from the CNMV, and those that have doubts as to whether they should do so.
To do so, they offer advice and help on regulatory aspects of the stock market that could affect these projects.
CNMV conditions
The CNMV indicates that there is already a regulations for participatory financing platforms through loans and values.
But there are also others that consist of innovative processes, products or services related to the stock market, such as:
«Automated advice or automated portfolio management, Algorithmic Trading, Distributed Ledger Technology, Alternative distribution channels applied to the stock market, or Big data»
The CNMV offers to fill out an online form on its website.
Once received, it will respond to the requester within three business days.
The Commission will assess that the project be innovative, which has reached a sufficient degree of maturity and let it be beneficial for investors.
The form collects personal information, the reason for the request, as well as questions such as the description of the business model, the geographical scope of the business, or previous contacts with another supervisor.
It must be sent to the email address FinTech@cnmv.es.
The committee highlights that this form does not imply the initiation of a procedure, nor is it considered legal advice with binding effect for the CNMV.
In addition, the information provided will be treated confidentially.
