Sunday, September 26

Calviño elects Rodrigo Buenaventura as the new president of the CNMV

Madrid headquarters of the CNMV.

Madrid headquarters of the CNMV.

Rodrigo Buenaventura and Montserrat Martínez Parera will be the new president and vice president of the National Securities Market Commission (CNMV), replacing Sebastián Albella and Ana María Martínez-Pina. The economic vice president, Nadia Calviño, has already transferred her candidacies to the parliamentary groups, that they must analyze their suitability and the absence of a conflict of interest to hold positions within the economic affairs commission of Congress. It is, in any case, a non-binding consultative procedure and the government has the last word, so your choice is guaranteed.

In recent weeks it had been speculated that Calviño could give up a position In the supervisory body of the markets to United We Can, although the vice president had made it clear publicly that she was going to choose the candidates with professional criteria. Both Buenaventura and Martínez Parera, whose candidacies will be officially proposed in the Council of Ministers next Tuesday, have experience in the second tier of the CNMV, to which they acceded in times of socialist governments, and now they are taking the leap to the front line.

Buenaventura (Madrid, 1968) has a degree in economics and business from the Autonomous University of Madrid. He began his career in 1993 at the AFI consultancy, chaired by Emilio Ontiveros and to the one that has traditionally been linked ideologically with the PSOE (although its leaders usually emphasize that they have worked for administrations of different political signs). In 2005, after the electoral victory of José Luis Rodríguez Zapatero, he made the leap to the CNMV. In 2011 he moved to the ESMA (the European CNMV), to return in March 2017 to the Spanish body as general director of markets, one of the most relevant positions of the institution and the one he holds to date.

Four years

Martínez Parera, meanwhile, has a degree in economics and business from the Pompeu Fabra University. He began his career in 1999 in the BBVA studies department, then directed by the later socialist minister Miguel Sebastián. From there she made the leap in 2005 to the CNMV, first as chief of staff of vice president Carlos Arenillas and then president Julio Segura, both appointed by the PSOE. After resigning for personal reasons and spending nine months in New York in BBVA’s investor relations department, in 2012 she joined the Bank of Spain as chief of staff for Deputy Governor Fernando Restoy (another senior position sponsored by the Socialists). Shortly after leaving this, He left the position and in January 2018 he joined CaixaBank, where until now she held the position of director of the office of the presidency and public affairs.

The two new senior supervisor positions will assume a four-year term, renewable once for a similar period. His predecessors Albella and Martínez Pina, appointed by the former popular minister Luis de Guindos, could have aspired to a second term, but in the absence of explicit support from Calviño they decided to communicate to him a few weeks ago their desire not to continue in the post. His term ends on November 26, But the Government has modified the regulations so that they can continue in office, since there will not be time before that date for the appointment of Buenaventura and Martínez Parera to be ratified.

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