New Leadership Appointments in Spain's National Securities Market Commission
The Council of Ministers has officially approved the candidacies of Carlos San Basilio as the new president and Paloma Marín Bina as vice president of the National Securities Market Commission (CNMV). This announcement was made by the Ministry of Economy, Trade, and Business on Tuesday. San Basilio is set to succeed Rodrigo Buenaventura, while Marín Bina will take over from Montserrat Martínez Parera, whose terms are set to conclude on December 16.
Both candidates have been put forward by the Minister of Economy, Trade, and Business, Carlos Cuerpo, and are now required to present themselves before the Economic Affairs Commission of Congress. Their appointments will subsequently be finalized through a royal decree in the Council of Ministers.
Carlos San Basilio brings a wealth of experience to the CNMV, holding a degree in Economics from the Universidad Autónoma de Madrid and a master's degree in Public Administration from Harvard University's Kennedy School of Government. He previously held significant roles in the public sector, including resolution director at the Fund for Orderly Bank Restructuring (FROB), counselor at the Permanent Representation of Spain to the European Union, and general director of Cofides. In the private sector, he has held high-level management positions in fixed income at Banco Santander and MTS, a subsidiary of the London Stock Exchange.
Paloma Marín Bina, the incoming vice president, is the current general director of Institutional European and Transparency Relations at the Bank of Spain. She will be replacing Martínez, who decided not to renew her position despite eligibility for an additional two years. Marín Bina possesses a law degree from the University of Oviedo and a master's degree in European Law from the College of Europe in Bruges, Belgium. With over 20 years of experience at the Bank of Spain, Marín Bina has extensive knowledge and expertise in the field.
Earlier this month, the Popular Party indicated that it was not engaging in negotiations with the Government concerning Buenaventura's successor. This came despite Minister Cuerpo's statement in June regarding intentions to negotiate with the PP for the renewal of various economic positions, including the leadership of the Bank of Spain. However, negotiations faltered after the PP dismissed the nomination of José Luis Escrivá as governor of the Bank of Spain, raising concerns about the institution's future independence following Escrivá's transition from minister to governor.
The selection of the CNMV president is the prerogative of the Government, which proposes candidates with recognized expertise in securities market matters in accordance with Law 6/2023 on Securities Markets and Investment Services. Although the Economic Commission of Congress will hold a vote to evaluate the candidates' suitability, it is essential to note that this vote is not binding.
The Ministry of Economy has confirmed that both San Basilio and Marín Bina will soon appear before the Economic Commission of Congress for assessment, and their appointments will be confirmed through a royal decree in the Council of Ministers thereafter.
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