MADRID, 18 Dic. (EUROPA PRESS) –
The Plenary of the Congress of Deputies will vote this week on the Securities Markets and Investment Services Law, which will strengthen the controls of cryptoactive services and, among other measures, will allow the authorization to be suspended to a service provider in the event that the latter commits a very serious infringement.
After passing its presentation phase, the Committee on Economic Affairs approved the text without any vote against last week. The approved text introduces several amendments from the PSOE to expand investor protection in cryptocurrency services.
With the amendments introduced, any member of the administrative body of the provider of these services will be temporarily prohibited and prevented from exercising administration functions.
Furthermore, in the case of very serious offences, the fine for individuals goes from one million euros to 700,000 euros. In the case of a legal person, the fine will amount to 12.5% –compared to the previous 10%– of the total turnover during the preceding year.
On the other hand, the law will set the term of the president in the National Securities Market Commission (CNMV) at six years, without the option to renew, a point that was already included in the original document approved in June by the Council of Ministers.
With this proposal, the document aims to improve the governance and independence of the CNMV. To do this, it extends the term of the presidency from four to six years, but eliminates the possibility of renewing the position.
However, in the case of the current president and vice president, Rodrigo Buenaventura and Montserrat Martínez Parera, they may be re-elected for an additional period of two years, up to adding that maximum of six years in their positions.
For its part, the text simplifies some procedures and eliminates redundant administrative burdens to facilitate investment attraction. To this end, it simplifies the process of issuing fixed-income securities, reduces the CNMV fees that fixed-income issuers have to pay, and proposes the elimination of certain redundant information obligations in the securities clearing and settlement process.
