Choosing Spain to do business with your company can be an interesting approach to continue to grow in an increasingly competitive market. However, in many cases, it will be necessary an appointment of a company’s representative before the National Securities Market Comission (CNMV).
Non-resident entities in Spain are required to appoint a representative before the CNMV so that they can carry out the relevant activities within the Spanish legislative framework. This is as stipulated in Law 16/2014, which also indicates that the representative must be domiciled in Spain.
However, in order to understand better its work and how a company should proceed, it is necessary to take a closer look at the CNMV.
What is the CNMV?
The CNMV is a body in charge of inspecting the securities markets in Spain and ensuring their transparency, protection, and efficiency. Its role is important because it ensures that companies comply with established regulations and protects investors.
Due to its obligatory nature, and because of the increasing interest in our country, we tell you what you need to know about these representatives before the National Commission.
What steps must your company take to have a representative?
All taxable persons liable to the Commission must appoint a representative in Spain, at least for non-residents. In this way, each company must follow a series of steps:
- Appointment of the representative: The first step for a non-resident company in Spain is to appoint a person or entity domiciled in Spain to act as its representative. As noted above, the representative will be responsible for handling all communications and fee payments with the CNMV.
- Submission of documentation: The company must complete a proxy agreement document, which must contain the details of the represented entity and the proxy, together with the acceptance of the proxy and signature.
- Registration as a taxpayer: The company must complete a CNMV taxpayer registration form. This is done through the CNMV’s website in the unique communications and notifications section.
- Validation process: Once the form has been completed, the CNMV will send a validation code by e-mail. This code must be entered in the corresponding form to verify the identity of the non-resident company.
- Management of notifications: After activation of the electronic notifications process, the company will receive notices by e-mail when a fee is issued and will be able to access the settlement of the fee at the CNMV’s electronic headquarters.
- Responsibility of the representative: The representative will manage relations with the CNMV, attend to the administrative actions derived from the fees, and will be jointly liable for their payment.
LEIALTA has extensive experience in representation before the CNMV, which is why we offer you an expert legal and tax representation service for all those interested in investing in Spain.
Our team of professionals is at your disposal to answer any questions you may have. Do not hesitate to ask us; we will be waiting you!
