30 October 2009

Spain’s Segura Says CNMV Needs Up to 20% Staff Boost

By Nathan Gill
Oct. 30 (Bloomberg) -- Spain’s stock-market regulator needs an up to 20 percent staff increase to improve market supervision, the regulator’s chief said.

Spain will need to add personnel over the next three years to better regulate markets and fulfill its obligations with the European Union, Julio Segura, the president of Spain’s Comision Nacional del Mercado de Valores, said today in an interview in Santiago.

Heightened concern about insider trading cases and a new European commission designed to improve regulation of rating agencies means the agency, known as the CNMV, needs to boost its numbers, Segura said. The U.S. Securities and Exchange Commission also requested a similar increase, he said.

“There’s a greater sensibility to issues related to problems of privileged information simply because we are in a crisis situation,” Segura said in an interview outside a conference on rating agencies. “While there are no planned regulatory changes, what there is, is more emphasis on supervision.”