Complaint against an investment firm before the CNMV (Spanish securities market regulator)
Complaint against an investment firm before the CNMV (Spanish securities market regulator) is filed with Comisión Nacional del Mercado de Valores (CNMV). With Managora you do it 100% online: you answer a few questions, sign a digital mandato (power of representation) and we draft, sign and file your recurso (appeal) for you. Estimated total cost: €149 to €149.
We file a complaint against your broker, bank or fund manager before the CNMV's Servicio de Reclamaciones del Inversor (investor complaints service) for deficient risk information, improper fees, unauthorised transactions, mis-sold complex products (preferentes or preference shares, subordinadas or subordinated debt, investment funds), execution errors and any MiFID II malpractice. If you have not yet complained to the firm's SAC (customer service department) or Defensor del Inversor (investor ombudsman), we first draft that written submission at no extra cost.
- Estimated total cost
- €149 to €149
- Managora's fee
- €180.29 (21% VAT incl.)
- Tasa (official government fee)
- No tasa payable
- Processing time
- Resolution by the CNMV complaints service: approximately 4 months. The resolution is NOT binding on the firm, but its evidential value in court proceedings is very high, especially for a nullity action for defective consent (4 years from becoming aware of the error).
- Where it is filed
- Comisión Nacional del Mercado de Valores (CNMV) ↗
- What you receive
- Recurso (administrative appeal)
Cost breakdown: Our fee 149 €. The complaint to the CNMV complaints service is free of charge, with no tasa (official fee)..
Complaint against an investment firm before the CNMV (Spanish securities market regulator): how is it filed?
- 1Answer the questions in the chat (~5 minutes).
- 2We will show you whether your case can be taken straight to the CNMV or whether it is best to complain first to the SAC.
- 3Payment of 149 €. If a prior SAC step is required, we include the written submission to the SAC at no extra cost and, once the legal deadline of 2 months has passed, we escalate to the CNMV.
- 4Signature of the mandato (authority to act on your behalf) from your mobile.
- 5Complaint submitted at sede.cnmv.gob.es by our case handler.
- 6You receive the submitted written document, annexes, signed mandato, submission acknowledgement and invoice.
Which documents do you need?
- •Investment services contract and idoneidad (suitability) test, both signed (if you have kept them).
- •Statements of your securities account, the product's KIID/PRIIPS documents and relevant transactions.
- •Communications with the SAC (customer service department) or Defensor del Inversor (investor ombudsman): emails, reference number, reply. You do not need to upload it here.
Legal basis and things to bear in mind
- The CNMV is free of charge: you pay no tasa (official fee) to the body. Our 149 € cover the technical drafting and the submission.
- The CNMV resolution is NOT binding on the firm, but it is key evidence in a civil claim for nullity due to defective consent (art. 1266 CC, deadline of 4 years from becoming aware of the error).
- For preferentes (preference shares) and subordinadas (subordinated debt), the case law of the Tribunal Supremo (Supreme Court) has been particularly favourable to retail investors: the absence of a properly conducted idoneidad (suitability) test presumes defective consent.
- If your case involves more than 5.000 € or the product is complex, it is usually worthwhile to also start court proceedings in parallel. We will guide you.
Complaint against an investment firm before the CNMV (Spanish securities market regulator): frequently asked questions
Complaint against an investment firm before the CNMV (Spanish securities market regulator): how much does it cost?
The estimated total cost (our fee + official tasas and taxes) is €149 to €149: Our fee 149 €. The complaint to the CNMV complaints service is free of charge, with no tasa (official fee).. Managora's fee is €180.29, 21% VAT included (€149.00 net + €31.29 VAT). This procedure carries no official tasa.
Complaint against an investment firm before the CNMV (Spanish securities market regulator): how long does it take?
Resolution by the CNMV complaints service: approximately 4 months. The resolution is NOT binding on the firm, but its evidential value in court proceedings is very high, especially for a nullity action for defective consent (4 years from becoming aware of the error).
Complaint against an investment firm before the CNMV (Spanish securities market regulator): which documents do I need?
You need to have to hand: Investment services contract and idoneidad (suitability) test, both signed (if you have kept them)., Statements of your securities account, the product's KIID/PRIIPS documents and relevant transactions., Communications with the SAC (customer service department) or Defensor del Inversor (investor ombudsman): emails, reference number, reply. You do not need to upload it here.. You do not upload them here: we collect the details through the guided chat.
Who files the procedure?
Managora files it in your name with Comisión Nacional del Mercado de Valores (CNMV). You only provide the details through the chat and sign a mandato (power of representation); we prepare, sign and register it.
Can it be done online?
Yes. The whole process is online: you answer a few questions in the guided chat, sign a simple mandato on screen and receive the receipt and the official documents by email, with full legal validity.
Based on the legislation in force and on the official site of the competent authority: Comisión Nacional del Mercado de Valores (CNMV) ↗.
Shall we get started with «Complaint against an investment firm before the CNMV (Spanish securities market regulator)»?
We file it for you, from start to finish.
Start now →