Canada    FinTech Guide    Chapter 14    Spain

14. RegTech
AAA  Spain

Currently, the CNMV is carrying out a public consultation in order to identify the relevant legal issues in this area. This action – named “Consultation document on Fintech: a more competitive and innovative European financial sector″ - follows the instructions given by the European Commission.

Legal Affairs

Currently, there are no special legal licenses required to create or operate this kind of Fintech. In the terms described by the market, the RegTech companies provide technological support for developing and implementing compliance policies and procedures; hence this technology does not perform direct investment services. However, CNMV has stated these companies should cooperate with the public agencies to afford a better supervision of the market. During 2018 the CNMV is carrying out a public consultation in order to identify the relevant legal issues in these matters.

Economic Conditions

The RegTech market is an emerging and fast-growing market.


A FinTech to consider with regard to reporting services is Openfinance. With regard to compliance software the companies to consider are Compliance Softic, Finametrix, Global Suite, Innovaiberica, Noesis, RiskMS, SAAS Legal, UBT Compliance and Fonetic and with regard to criminal compliance, one to consider is Compliancers.

Contributing Authors

Ventura Garcés & López-Ibor

Claudi Garcés
Barcelona, Spain

Alfonso López-Ibor
Madrid, Spain

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018