CNMV and Notary Services: what operations the regulator monitors in 2026

Key data

The corporate operations and securities transfers that your company formalizes before a notary are no longer just a private procedure. Since April 7, 2026, the CNMV has extended its collaboration agreement with the General Council of Notaries, which allows it to continue accessing key notarial information to supervise the securities market.

The resolution was published in the BOE on April 18, 2026. It does not introduce new formal obligations for companies, but it does extend the period during which the regulator can cross-reference notarial data with its supervisory activity. For listed companies and securities market operators, this has direct consequences on how they must document and justify their operations.

What does this regulation establish?

The resolution publishes the extension addendum to the original collaboration agreement signed between the CNMV and the General Council of Notaries. This extension extends the validity of the agreement, keeping the information exchange channel between both institutions active.

The agreement specifically allows the exchange of the following types of information:

• Data on corporate operations documented before a notary
• Information on securities transfers formalized notarially
• Any information relevant to securities market supervision

The stated objective is to strengthen the CNMV's supervisory capacity by accessing notarial information that may be key to detecting irregularities or regulatory breaches in the market. In practice, this means that the securities regulator has a direct channel with notaries to verify operations that might otherwise go unnoticed.

Economic and operational impact

This extension does not generate direct costs for companies nor does it modify fees or tariffs. Its impact is of an operational and regulatory risk nature: it increases the probability that certain operations will be subject to review by the CNMV.

The most relevant practical effects for companies are:

• Greater supervisory exposure: Operations that previously could be considered low regulatory profile—because they were formalized before a notary but not expressly communicated to the regulator—can now reach the CNMV through this channel.
• Risk of detecting irregularities: Cross-referencing notarial information with CNMV records may reveal discrepancies between what was declared to the regulator and what was formalized before the notary.
• Pressure on internal documentation: Companies must ensure that their corporate operations and securities transfers are properly justified and consistent with their communications to the regulator.

No data is available on the direct economic cost of possible sanctions resulting from this agreement, as it depends on each specific case and the applicable sanctions regulations for the securities market.

Who does it affect?

The extended agreement directly affects:

• Listed companies in Spanish regulated markets that formalize corporate operations before a notary (capital increases, mergers, spin-offs, statutory amendments, etc.)
• Institutional and individual investors who transfer securities through notarial deed
• Securities market operators (intermediaries, asset managers, investment entities) that document operations before a notary
• Legal and financial advisors who structure operations for clients in securities markets
• CFOs and financial directors of listed companies responsible for communications to the regulator

Non-listed companies that do not operate in securities markets are not affected by this agreement.

Practical example

A company listed on the continuous market carries out a transfer of a significant package of shares through a notarial deed. The operation is recorded in the notary's protocol.

Thanks to the extended agreement, the CNMV can request information from the General Council of Notaries about that transfer. If the regulator detects that the operation was not communicated as a material fact when it should have been, or that there is a discrepancy between the date of the deed and the communication to the market, it can initiate an investigation procedure.

This scenario illustrates why consistency between notarial documentation and communications to the regulator is critical: the information channel is now active and extended, which means that the risk of detecting any mismatch is real and ongoing.

What should companies do now?

1. Review all recent corporate operations formalized before a notary and verify that they have been correctly communicated to the CNMV when required by securities market regulations.
2. Audit consistency between notarial documentation and communications to the regulator: dates, amounts, parties involved and nature of operations must match.
3. Establish an internal protocol that links the formalization of any operation before a notary with an automatic review of communication obligations to the CNMV.
4. Inform legal and compliance teams that the CNMV-Notary information channel is active and extended, so they take it into account in structuring future operations.
5. Consult with advisors specialized in securities markets if there are past operations whose regulatory status raises doubts, before they can be detected by the regulator.

Official source

IMPORTANT: This article is for informational purposes only and does not constitute legal advice. The information contained herein is based on the official sources cited and is subject to changes in regulations. For specific legal advice on how this regulation affects your company, consult with a specialized legal advisor in securities market law.