Corporate governance

OECD Capital Market Review of Spain


About the project 

At the request of the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores, CNMV), and funded by the European Union via the Technical Support Instrument, in cooperation with the European Commission via the Directorate-General for Structural Reform Support, the Organisation for Economic Co-operation and Development (OECD) is carrying out the Project “Capital Markets for a Vibrant and Sustainable Spanish Economy and Corporate Sector”. The Project was launched in July 2023 and will be carried out over a 22-month period.

The ultimate purpose of this initiative is to identify the main challenges to the development of the Spanish capital market and make recommendations for reforms that will secure the access to long term financing for Spanish companies, as well as promote a sustainable economic model. The final product will be a comprehensive review of the Spanish capital market.

Ongoing work: Company survey

As part of the Project the OECD is currently conducting a survey of Spanish listed and unlisted companies between October and November 2023. To make sure that the Project recommendations fully reflect the real needs of the corporate sector, Spanish companies are requested to fill out a survey prepared by the OECD and supported by the CNMV and the Spanish Chamber of Commerce (Cámara de Comercio de España). The survey aims to:

  • Assess the importance of available funding options to companies.
  • Understand companies’ perceptions about the Spanish capital market.
  • Understand the reasons hindering companies’ access to particular sources of funding.
  • Understand companies’ perceptions and use of green finance instruments.

The overall results of the survey will be an input for the Mapping Report that will summarise the main analysis from the survey responses and will offer an overview of the Spanish corporate landscape. 

Next steps of the project

The Project will involve the following key steps:

  • Mapping Report, which will include the findings from the company survey, along with an overview of the Spanish capital market.
  • Diagnostic Report, which will analyse the functioning of the capital market, including the core and auxiliary legal and regulatory frameworks, informed by OECD consultations with different stakeholders.
  • Capital Market Review of Spain, which will include OECD recommendations on how to improve Spanish companies’ use of market based financing and their use of sustainable financial instruments.
  • The OECD will provide support to the Spanish authorities for the preparation of a national implementation strategy and roadmap.

 For information on the Project please also refer to the CNMV website.


See more on OECD work on capital markets


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