Complaints service of the National Securities Market Commission (SRCNMV)

economic-dictionary

The Complaints Service of the National Securities Market Commission (CNMV) is the administrative unit responsible for resolving complaints and claims raised by users of investment services.

It is a department created in 1987 in order to resolve the discrepancies raised by financial users. In this sense, any investor who considers that their rights have been violated as a result of the inefficient performance of an entity may go to the Complaints Service of the National Securities Market Commission. However, it should be noted that the reports issued by the SRCNMV are not binding but merely informative.

The CNMV is in charge of establishing the necessary requirements to be able to raise claims and their causes of inadmissibility. In addition, annually the SRCNMV report is published where user complaints are summarized. It also includes the resolution adopted by the SRCNVM and the subsequent position of the entities acting or not acting accordingly.

Who can make a claim before the Complaints Service of the National Securities Market Commission?

In accordance with the provisions of the regulations, any person who has the status of user of investment services may submit inquiries and claims to the SRCNMV. Therefore, we find a very wide range of legitimated subjects:

  • Natural persons of Spanish or foreign nationality.
  • Legal persons of Spanish or foreign nationality (in their own interest or the client's).
  • Associations that represent the collective interests of users.
  • Customer service departments (usually inquiries).

Furthermore, said services must have been provided by one of the entities supervised by the CNMV. That is, by entities that have the status of entities authorized to provide investment services:

  • Investment services companies
    • Securities companies (SV)
    • Securities agencies (AV)
    • Portfolio management companies (SGC)
    • Financial advisory firms (EAFI)
  • Management Companies of Collective Investment Institutions (SGIIC)
  • National credit institutions (investment service providers)
  • Foreign credit institutions (authorized to operate in Spain)

The investor can consult in the official registries of the CNMV which entities are really authorized.

Claim object before the Complaints Service of the National Securities Market Commission:

The legitimate investment service user has three ways to start the process with the SRCNMV: Queries, complaints and claims. In all three cases, the object of the procedure must be related to the impairment of the rights acquired by the user when entering into a contract with the entity or to the violation of the regulations on customer protection and information transparency:

  • Consultations: In relation to procedural issues and interpretation of the regulations.
  • Claims: For actions or omissions of the entities in breach of the regulations and in which a right or interest of the user tries to be restored.
  • Complaints: Due to inefficient actions of the entities (delays, neglect, etc).

It should be emphasized that the object of the claim must refer to a specific operation, as a result of a contract that the client has already signed. For example, a user could not request the SRCNMV to check the valuations of his portfolio during the last three years, but he could file a claim for not receiving sufficiently detailed information when contracting a structured product.

Procedure to follow before the Complaints Service of the National Securities Market Commission

It appears regulated in the ECC Order 2502/2012, of November 16, and consists of several steps: First, the user must file the claim with the Customer Service Department of the entity in question and, in the event that the entity has this figure, the customer ombudsman. If the petition is rejected or a period of two months has elapsed since its presentation without obtaining a resolution, the client must formally file their complaints with the SRCNMV. Second, the user must prepare all the documentation required to initiate the procedures with the SRCNMV. Finally, the claim will be carried out through one of the planned channels (in person or online).

Regarding the processing of claims, if it is admitted, the information is transferred to the claimed entity so that it can provide allegations. The procedure may end prior to the resolution of the SRCNMV due to the search of the entity or the withdrawal of the interested party or after the issuance of the resolution report. However, obtaining a favorable resolution does not mean that the user will see their claims restored. Remember that the reports issued by the SRCNMV are not binding.

Other departments responsible for resolving complaints and claims

  • Market Conduct and Claims Department of the Bank of Spain.
  • Claims service of the General Directorate of Insurance and Pension Funds.

Order ECC / 2502/2012, of November 16, includes the common procedure for filing claims before any of these three departments.

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