CNMV
Comision Nacional del Mercado de Valores
Spain · Established 1988 · https://www.cnmv.es
About CNMV
The CNMV (National Securities Market Commission) has regulated Spain's securities markets since 1988. Spain represents one of the larger retail trading markets in the EU, and CNMV maintains active oversight of all financial services providers operating in the country.
One of CNMV's notable features is the FOGAIN compensation scheme, which covers up to EUR 100,000 per investor - five times the EU minimum of EUR 20,000 and matching Germany's deposit protection level. This makes Spain one of the best-protected markets in the EU for retail investors.
CNMV maintains a comprehensive public register of all authorized and passported entities, making it easy for Spanish traders to verify whether a broker is legitimately authorized to operate in Spain. The regulator also publishes regular warnings about unauthorized firms and common investment scams.
The regulator requires that all marketing materials and risk disclosures for retail clients be provided in Spanish, ensuring that language barriers do not compromise informed decision-making.
Key Features
- FOGAIN compensation fund up to EUR 100,000
- Maintains a public register of authorized entities
- Active in consumer protection and education
- Requires Spanish-language risk disclosures
- Publishes regular warnings about unauthorized firms
- Cooperates closely with ESMA
Leverage Limits
CNMV enforces ESMA leverage caps for all retail clients.
| Instrument | Max Leverage |
|---|---|
| Major FX Pairs | 30:1 |
| Minor FX Pairs | 20:1 |
| Major Indices | 20:1 |
| Commodities (excl. Gold) | 10:1 |
| Gold | 20:1 |
| Individual Equities | 5:1 |
| Cryptocurrencies | 2:1 |
Investor Protection
FOGAIN (Fondo General de Garantia de Inversiones) covers up to EUR 100,000 per investor, making Spain one of the best-protected markets in the EU.
How to File a Complaint
CNMV operates a Complaints Service that investigates disputes between investors and financial entities. The process is free and CNMV publishes compliance statistics.