San Basilio advocates for more resources and modernization at the CNMV before Congress.

In his first appearance before the Commission on Economy and Digital Transformation of the Congress of Deputies, Carlos San Basilio, candidate to head the National Securities Market Commission (CNMV), highlighted the urgent need to increase the technical and human resources of the institution. This call comes in a context where the CNMV is expected to play a crucial role in the regulation and supervision of the Spanish financial market, as well as in the protection of investors. San Basilio not only advocated for the importance of having more staff, but also emphasized the need to modernize human resource management within the organization. He acknowledged the work and professionalism of the CNMV employees, but stressed that the current management framework presents rigidities that limit its responsiveness to a constantly evolving financial environment. The motivation of workers, according to San Basilio, is a critical factor that must be addressed, and improving working conditions is essential for this. The candidate outlined several challenges that will arise in his future management, starting with the institutional adjustment to the demands of the CNMV's mandate. In this regard, he stated that it is vital not only to appropriately size the workforce but also to ensure gender equality and adapt the staff's skills to new areas, such as the digital environment. This leads us to a broader framework, where digital transformation and sustainability are fundamental pillars that must be integrated into the CNMV's strategy. Another critical point San Basilio addressed is the need for a rapid adaptation of the legal framework to the realities of the market. He assured that the CNMV must act swiftly to meet its objectives of investor protection and channeling resources to entrepreneurs. His vision is that, although progress has been made in investor protection, much remains to be done to foster an ecosystem where startups and new initiatives can thrive. In this sense, communication and collaboration between the CNMV and the Congress are presented as essential aspects to ensure that the necessary changes and reforms are implemented effectively. San Basilio committed to maintaining this constant communication, as his predecessors have done, to ensure that market needs are addressed and investors' interests are protected. He also highlighted the importance of addressing digitalization in the financial sector, working on the regulation of crypto-assets and cybersecurity. As the financial world transforms, the CNMV must be at the forefront of regulation to ensure a safe and transparent environment for investors, as well as to foster confidence in the financial system. In the same vein, the candidate for vice president of the CNMV, Paloma Marín, emphasized that attracting and retaining talent is a priority. To face current and future challenges, such as artificial intelligence and environmental sustainability, it is crucial to have a highly skilled and motivated team. Both San Basilio and Marín agree that promoting transparency and accountability is fundamental to strengthening public trust in the CNMV. In a scenario where monitoring financial stability will be increasingly important, ensuring that the organization acts with clarity and responsibility is a necessary step to build a more robust market. San Basilio's appearance made it clear that the future of the CNMV will depend not only on its ability to regulate but also on its capacity to adapt to the rapid transformations of the financial environment. The integration of new technologies and responsiveness to market demands will be essential to achieve the outlined objectives and ensure a stable and prosperous future for the Spanish financial system. As the Congress decision on his appointment approaches, San Basilio's commitment to innovation and continuous improvement within the CNMV indicates that the institution may be on the right path to facing future challenges. This is a crucial opportunity to redefine the role of the CNMV in the financial landscape and demonstrate that, with the right resources, it can become a benchmark for regulation and supervision in Europe.