According to the

According to the website of the entity itself was created by Law 24/1988, Stock Market, which marked a major reform of this sector of the Spanish financial system. Laws 37/1998 and 44/2002 have been a previous update, establishing a regulatory framework adapted to the requirements of the European Union is conducive to the development of the Spanish stock market in the European environment, and incorporating new measures for the investor protection. Michael shvo On 23 May 2008, the then second vice-president and finance minister, Pedro Solbes, announced in the Economic and Financial Committee of Congress that the government was planning a realignment of responsibilities for monitoring and inspection on the financial system in line with the agreement reached days earlier by the Finance Ministers of the European Union (ECOFIN).The project was expected to separate the supervision of the solvency of the behaviors and practices in the markets and Solbes explained, was to improve efficiency in monitoring the solvency and competitiveness of financial intermediaries and market transparency in which they operate. This would involve the transformation of the CNMV, to the detriment of the General de Seguros (DGS), whose functions were assumed by a new agency (the National Commission on Financial Services), which would monitor investors, policyholders and depositors.The Bank of Spain, would be devoted to ensure the crworthiness not just of banks and savings banks, but also from other financial institutions, including insurance companies and investment institutions. But almost a year and a half after the announcement, 19 September 2009, a digital newspaper that echoes the forecast is just that the law on the unification of financial supervisors reach Parliament in early 2010, and neither the parliamentary groups, neither unions nor the bodies concerned have in their agenda currently overseeing the reform. According to sources from the Ministry of Economy, the restructuring of the supervision will have to wait for a decision in the European Union, which studies the matter with a view to adopting a common format that could be more similar to that provided current two supervisors or "twin peaks."