July 12, 2020

The CNMV asks Pedro Sánchez not to hurt the investment in the stock market with more taxes

The president of the National Securities Market Commission (CNMV) has appeared today before the economy commission of the Congress of Deputies to report on the activity of the agency during the year 2018. At his own request and later than last year by fault of the elections, Sebastian Albella He referred to the “singular moment by the investiture” that Spain is going through and He described 2018 as “a bearish year” in most international markets, but with a “especially negative” trend in Spain and specifically, in banking. "Our bags lose share and the trend remains in 2019," said Albella, who warned of the "worrying" trend, in an environment of strong competition.

In this sense, he said that these circumstances "force to ensure that the regulation favors the competitiveness of our markets or at least does not harm it." Albella directly and bluntly referred to the Spanish stock acquisition tax. Approved by the Government of Pedro Sánchez last January, it did not bear fruit due to the dissolution of the chambers and for the elections last April nor has it been possible since then to resume the failed inauguration of the President of the Government. However, the Sanchez Executive maintains his idea of ​​introducing a new tax on financial transactions if he manages to form a government after the new call to the polls on November 10.

Albella recalled that this tribute already exists in countries like France and Italy, "but not in most countries of the European Union". Sánchez's intention is that this tax can raise 850 million euros per year, which would come out of the pocket of financial intermediaries and, consequently, of investors. That is why it demanded a competitive regulatory framework that is comparable to that of most European countries. "You have to avoid local restrictions or peculiarities that can lead to confusion or competitive disadvantages." In this way, he referred to the "fiscal angle," which he said "should not operate as a disincentive for certain businesses and activities in the field of financial services and investment to be located in Spain."

In fact, Albella recalled that there are very few IPOs, with only three additions last year and with little volume. In addition, he pointed to the first decline since 2012 in the equity of collective investment institutions (investment funds and sicavs, especially). For the CNMV, there are two fundamental reasons that explain this situation: first, the low level of savings of Spanish households; and second, that the investment guidelines are “very oriented to real estate investment”. Therefore, Albella said that a more balanced mix that would allow greater growth in the Spanish economy would be desirable.

. (tagsToTranslate) erik montalbán

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