"Ecoposture". The term may seem irreverent, but it is the one used by the president of the CNMV, Rodrigo Buenaventura, to refer to one of the actions that the supervisor will emphasize in the next two years: control of the information provided by companies listed to boast of their alleged environmental advances, which in Anglo-Saxon terminology is known as 'greenwashing'.
"Ecopostureo or 'greenwashing' is especially relevant at this time. We want it to be a clear line of action for the CNMV," said Buenaventura in the presentation of the supervisor's activities program until 2024. "It is being especially active on a scale Europe and we are at the forefront".
The CNMV plans to launch new review procedures for the environmental information offered by issuers of listed securities. The denominations and content of the initiatives will be investigated, as well as the way in which advances related to European taxonomies are published.
The CNMV's strategy also involves paying special attention to financial stability, strengthening retail investors, revitalizing capital markets to promote IPOs, controlling financial innovation and better connecting with society, which involves having More presence on social networks.
"IPOs are an issue that worries us," Buenaventura said. "In 2018 there were five, and between 2019 and 2022 only two or three. The logical thing would be that, as soon as the markets regain stability, which is already happening, issuers reconsider the possibility of going public again", he indicated.
Buenaventura also cited cryptocurrencies and the risks associated with inflation of listed companies as other elements to which the CNMV will pay attention. A money laundering prevention unit will also be created and procedures will be streamlined so that venture capital firms can start operating.
The supervisor also wants to change the way to punish irregular behaviors. "We want to make a critical analysis of the disciplinary action," she stated. The idea is to implement mechanisms such as "prompt payment" or restitution for the damage caused, as well as the possible disqualification of those responsible for irregular conduct.
In the control of financial activities, the CNMV will monitor the contribution of banks to the formation of the Euribor, but warns that it does not do so because it suspects that there is an "underlying problem", since, according to what it says, "entities have had up to now a very correct behaviour".
Buenaventura also spoke about the new Financial Client Defense Authority, whose creation is pending approval by Congress. The CNMV does not criticize this figure, despite considering that it covers an area that is not homogeneous, since it affects both banking, security and securities consumers.
The supervisor has only raised technical reluctance to the project, which involves preventing the advisory committee of the new customer ombudsman from overlapping with an already existing body in the CNMV with similar functions. He has also requested that the doctrine be unified in the law to avoid dysfunctions.
