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Comisión Nacional del Mercado de Valores

The Spanish National Securities Market Commission (CNMV) was established in accordance with the Spanish Securities Market Law. The Spanish Securities Market Law is one of the products of the in-depth reform of the securities market in the Spanish financial system. The 37th law in 1998 updated and improved the Spanish securities market law, and initially established a regulatory framework for the Spanish securities market. This structure complies with EU regulatory requirements and is conducive to the development of European securities markets.