If you want to do business with your company in Spain, in some cases, you will need a representative before the National Securities Market Commission (Comisión Nacional del Mercado de Valores). In this post we tell you what this figure consists of, how he/she is appointed and in which cases he/she is necessary.
What is the CNMV?
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The Comisión Nacional del Mercado de Valores (CNMV) is a body that supervises and inspects the Spanish securities markets and the activity of the entities that intervene in them. It was created in 1988 and its nature has been updated as financial markets have evolved to focus on consumer protection.
The actions of this body focus on those companies that issue or offer securities for public placement, on secondary securities markets and on companies that provide investment services and collective investment institutions.
In which cases is a representative before the CNMV necessary?
In the case of non-resident taxpayers, a representative before the CNMV will be necessary for the payment of fees and the performance of administrative tasks.
The regulation of this aspect derives from Article 6 of Law 16/2014, of September 30, regulating the fees of the National Securities Market Commission, which states the following:
- In the case of settlements to be practiced by the CNMV, if the taxpayer will turn out to be a person or entity not resident in the national territory, it must appoint a representative in Spain for the purposes of payment of the CNMV fees.
- The representative domiciled in Spanish territory will be the one who will deal with the CNMV in relation to the fees, will attend to the administrative actions derived from them and will be jointly and severally liable for the payment of the fee.
Therefore, the representative before the CNMV is a proxy of the non-resident company for communications and payment of fees.
How is representation before the CNMV granted?
On the CNMV website you can find a document containing the representation agreement for CNMV purposes. It has the following content:
- Declaration of representation in relation to article 6 of the CNMV Law.
- Data of the taxpayer (represented foreign entity): Tax ID number, company name, address, name of the signatory, position of the signatory and DNI of the signatory.
- Data of the representative: the same as those required for the taxpayer.
- Acceptance of the representation.
- Date and signature.
The document with the agreement can be found on this page.
Registration as a taxpayer of CNMV fees
In the case of non-resident taxpayers, a CNMV taxpayer registration form must be completed. To do so, access the CNMV’s “registration of taxpayers (non-residents and individuals)” form at the CNMV’s electronic headquarters, in the “special communications and notifications” section, “other communications”.
If you act through a representative, he/she will be the one to carry out the procedure. Once the procedure has been completed, the communicating entity will receive an e-mail with a validation code that must be entered in the following form. The CNMV will then check the identity of the person who has registered.
How are electronic notifications made to the CNMV?
From the moment you activate the notification process, when the fee is issued, a notice is sent by e-mail to the defined e-mail address and the settlement of the fee will be made available at the CNMV’s electronic headquarters.
How to make an inquiry to the CNMV?
If you have questions related to queries to the CNMV such as How can I know if a company is registered with the CNMV? or actions to be taken in the event of an inspection by the CNMC, there are several ways for individual investors to make queries to the CNMV and they are as follows:
- By sending an email inquiry.
- By calling the investor helpline: 900 535 015.
- By means of a form addressed to the CNMV’s Complaints Service located at 4, Edison Street, Madrid.
In the case of professional matters, the consultation can be made through the CNMV Electronic Headquarters in the section: “Any letter, request or communication addressed to the CNMV”.
If you need a representative before the CNMV, in LEIALTA we offer a legal and fiscal representation service for those companies that wish to make investments in Spain and need this figure to communicate with this entity. We have experience in providing this service to non-resident clients in Spain coming from UK, USA and other countries.
Do not hesitate to contact us if you need it. Our team of experts will study your case, we will tell you the steps to be taken and the necessary documentation, and we will do the paperwork for you.
