The supervisor of the Spanish stock market changes president. Carlos San Basilio (Lugo, 1965) will preside over the National Securities Market Commission (CNMV) to replace Rodrigo Buenaventurawhose mandate ended on December 16, according to advances The World and that could be confirmed today during the Council of Ministers. The organization will thus have a technician, former Secretary General of the Public Treasury, for a new stage in which the reactivation of the capital markets should continue to prevail as a source of financing for companies and savings for small investors, as well as the increased competitiveness of the Spanish stock market.
Carlos San Basilio is currently the Executive Director of Corporate Strategy at the European Bank for Reconstruction and Development (EBRD). But it was closely linked to the Spanish markets very recently. Saint Basil held the position of Secretary General of the Public Treasury between 2018 and 2021during the stage in which Nadia Calviño was at the head of the Ministry of Economy and Finance, to which she was also an advisor, in the midst of the outbreak of the Covid-19 pandemic. He had already been part of the body in charge of issuing public debt in the previous two years, as general director, during the period with Luis de Guindos at the head of the Ministry. He was replaced as head of the Treasury three years ago by the one who is now Minister of Economy, Carlos Body.
The CNMV will thus receive a new technical profile (instead of political), as had already been decided in this last presidency with Buenaventura (someone from the home) in front. San Basilio, with a degree in Economics and Business Sciences, has developed his career mainly in the public sector, although he has also been in private companies. He has held positions such as general director of the State Heritage, general director of Cofides, technical secretariat director of Banco Santander or deputy general director of Public Debt in the late 90s.
The new president of the CNMV will inherit some open fronts. Among them, the approval of the public acquisition operation (takeover bid) of BBVA to take over Banco Sabadell. Regarding it, Buenaventura recently pointed out that the organization will make a statement when the CNMC’s opinion is known. The arrival of some important European regulations is also pending, such as MiCA (on cryptoassets).
Rodrigo Buenaventura had already announced that as of January 1 he will become the new general secretary of the International Organization of Securities Commissions (Iosco), whose headquarters are located precisely in Madrid, a few meters from the current CNMV building.
The vice presidency
Regarding the vice presidency of the supervisor, Paloma Marin (Oviedo, 1973), current general director of the Bank of Spain, will assume this position, which is currently held by Montserrat Martínez, according to The World.
Graduated in Law, Marín has developed a large part of her professional career at the Bank of Spain, where she has also been Director of the Department of International and European Relations, Executive Coordinator of European Affairs or Legal Advisor in the Legal Department. She had previously practiced as a lawyer.
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