Buenaventura will leave the CNMV in December to join the global stock market supervisor

Rodrigo Buenaventura, until now president of the National Securities Market Commission (CNMV), will leave his position on December 16, coinciding with the end of his first term and will be named the new general secretary of the global stock market supervisor.

«The Council of the International Organization of Securities Commissions (Iosco) has elected Rodrigo Buenaventura as the organization’s next general secretary,” the CNMV has reported, while adding that he “will join Iosco in the weeks following the end date of his current mandate (scheduled for December 16, 2024). Until that time, Buenaventura will continue to exercise all the functions entrusted to him as president of the CNMV with complete normality, ensuring the normal functioning and decision-making of the CNMV.”

A leap in his professional career that represents a boost to Spanish influence in global institutions. “The appointment of Rodrigo Buenaventura reflects the relevance of the CNMV and the Spanish financial markets in the international arena and in the regulatory debates raised by multilateral institutions,” says the Spanish supervisor in its statement.

Likewise, this movement forces the Government to seek a replacement for Buenaventura in the CNMV, although it is something, according to financial sources, that the Executive itself already had in mind because they did not expect to renew him after this first term. The until now president of the Spanish supervisor has anticipated any decision that La Moncloa wanted to take and has decided to take a new course before his departure was decided.

That of secretary general of the Iosco It is a full-time position and has the mission of directing the operation of the organization, representing it externally and advising the board and the president (who is elected from among the chairmen of securities commissions every two years). The appointment of the general secretary is for a renewable term of three years. This organization has been based in Madrid since 2001 and works to improve the regulation and supervision of securities and derivatives markets, improve their transparency, investor protection and the prevention of systemic risk.

Rodrigo Buenaventura has stated: «It is an honor to be able to contribute, once my mandate at CNMV ends, to the improvement of the supervision and regulation of financial markets through the most relevant international organization in this field. This appointment is an example of the good work and the work that the CNMV, which I have had the privilege of leading these four years, has deployed at the supervisory and regulatory level at an international level and which places it as a top-level organization on a global scale. »