Spain: PP and Ciudadanos make plans to split market regulator

Spain’s Partido Popular and recent arrival Ciudadanos, who are likely to form a coalition government to rule the country, signed today an agreement which, among other provisos, proposes the splitting up of the country’s National Commission for Markets and Competition (CNDC), dividing it into two separate entities.

The document proposes an independent Markets regulator (AIReM), which would take over all the supervision and sectorial regulation duties of the current CNMC (particularly overseeing Energy, Telecomm, broadcasting, transport, postal services and now gambling), as well as handling conflict resolution between economic agents.

The document also proposes the creation of an independent Consumer and Investor Protection Authority which, with the aid of the National Stock Market Commission (CNMC) should be able to unify and reinforce the ability of its three financial supervisors (for banking, stocks and insurance) to claim payment and recover the trust of savers and customers.

Full Content: El Diario

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