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.
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.
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.