The CNMV was established in 1988 as part of a major reform of Spanish financial sector with the passing of law 24/1988 also known as the "Stock Market" act.

The project was expected to separate prudential and supervisory regulation to improve efficiency in monitoring the solvency and competitiveness of financial intermediaries as well as market transparency.

However almost a year and half after the announcement, on 19 September 2009, a digital newspaper that echoes the forecast said that the law on the unification of financial supervisors was due to reach Parliament in early 2010, but neither parliamentarians nor the bodies concerned had any time on their agenda to perform such a reform.

According to sources from the Ministry of Economy, the restructuring will have to wait for a decision in the European Union, which is studying the matter with a view to adopting a common format that could actually be more similar the current system.

The aim of the CNMV is to ensure stability and transparency of financial markets, protect investors and make sure that brokers and intermediaries behave correctly.