The President of the CNMV lasts from four to six years

New Law on Securities Market and Investment Services Next Thursday awaits the last parliamentary process with a vote at the plenary session of the Congress on the amendments introduced by the Senate, with which it will be ready for publication in State official gazette (BOE) and its entry into force.

The regulation, which consists of adapting Spanish legislation to various European directives in the financial area, had broad support during processing in the Cortes Generales. In fact, in both Congress and the Senate it passed without any votes against.

The last step before its publication in the BOE will take place this Thursday, when the amendments made to the bill in the Senate are discussed and voted on. Among them is that of the PSOE, which recognizes that women who have suffered suspension of their employment contracts, a period of inactivity or cessation of activity during the Covid-19 health crisis are entitled to a deduction for the maternity allowance.

One of the priority goals of the Regulation, according to the Government, is improve governance and independence National Securities Market Commission (CNMV). For this purpose, the mandate in the Presidency is extended from four to six years, but the possibility of renewing the office is abolished.

On the other hand, the text will amplify crypto asset service controls and will, among other measures, allow the suspension of the authorization of the service provider in case he commits a very serious violation. It will also temporarily prohibit and prevent any member of the administrative body of the provider of these services from performing administrative duties.