Environment and sustainability and Risk & Compliance / Sofía Lazcano /
Spain: The CNMV reports satisfactory ESG compliance in asset management but calls for greater transparency
The Spanish securities supervisor has published the conclusions of the European review conducted by ESMA, which highlights progress in integrating sustainability risks, while identifying areas for improvement in disclosure and internal control.
On 13th October 2025, the Spanish National Securities Market Commission (CNMV) released the main conclusions of the Common Supervisory Action (CSA) on the integration of sustainability risks and ESG disclosures within the asset management sector. The initiative, conducted in collaboration with the European Securities and Markets Authority (ESMA) and several national competent authorities, assessed compliance with the SFDR, the Taxonomy Regulation, and the UCITS and AIFMD frameworks in relation to the integration of sustainability risks.
