Buenaventura believes that the effective independence of the CNMV “can be improved”
The president of the National Securities Market Commission (CNMV), Rodrigo Buenaventuraconsiders that the “do” of independence that the organization has reached is “reasonably high, but this does not mean that they are possible some concrete improvements“.
According to the interview published by the Registradores de España magazine and collected by EFE, Buenaventura has also highlighted that “could improve the effective independence” of the CNMV“, granting a regime of financial autonomy similar to that of the Bank of Spain or the FROB through a more effective and reasonable control of personnel spending than the current one”.
For this reason, the president of the stock market regulator would have liked the new Law of the marketc of values “would have contained an explicit reference” to having to “render accounts before Parliament”. Asked about his critical position with the cryptocurrenciesBuenaventura has highlighted that they have “been very skeptical” with them as an investment opportunity, and has stressed that “unfortunately time” has “proved them right after the events of the last year”.
It adds that as an object of investment, “the vast majority of cryptocurrencies or tokens they don’t make any economic sense because they do not incorporate an intrinsic value in themselves, they do not have a current of flows and their prices depend exclusively on speculation and the idea of generating an artificial demand of many for the benefit of a few”.
Spain, he recalled, was the only country in the world that forced since the beginning of 2022 to include warnings in cryptocurrency adswarning that they are not regulated, the entire investment may be lost and they are not suitable products for retailers.
In his opinion, the maelstrom to which the world of cryptocurrencies has been subjected, the scandals of some entities, its continued loss of value “can boomerang against the very reputation of DLT technology, its reliability and discredit, thus overshadowing one of the most promising technologies that can be applied to finance”.
In relation to the codes of good governance, Buenaventura has pointed out that they are currently in the process of publishing the first Code of Good Practices for investors, managers and voting advisors, whose project was up for public consultation this summer.
About the future Independent Administrative Authority for the Defense of Financial Clientshas said that it “is proposed as multisectoral, that is, including banking, securities and insurance”, and points out that he does not believe there is a “feeling of discomfort”, since they barely receive about 800 claims a yearon more than 11 million clients of investment services, for issues related to the stock market or financial products”.
It has added that, in the cases in which the CNMV determines that the client is right, 80% are resolved by the entity in favor of the clientas the CNMV has said, and without having to go to court.
Regarding the strategic action plan for this year and the next, Buenaventura stressed that they will influence contributing to the integrity and stability of financial markets through a adequate supervision and with it support economic growthfacilitate the access of companies to the capital markets and promote the participation of citizens in a safe way as a means of channeling savings and investment.
Another of the key lines will be “maintain and strengthen our investor protection mandate retail protecting their interests from investors and safeguarding them against fraud and inappropriate practices”, as well as revitalizing the capital markets for a transition towards a more sustainable economy, which is part of the European Union’s own strategy.
Finally, it has highlighted that the CNMV is obliged to monitor the effects of financial and technological innovation in the field of financial markets, evaluating their impact and supporting, as up to now, development opportunities.