The BOE appoints Estrada as counselor of the CNMV and renews Bacigalupo

The Ministry of Economy, Trade and Enterprise has appointed Ángel Estrada García as a member of the Board of the National Securities Market Commission (CNMV) and has renewed the mandate of Mariano Bacigalupo Saggese in the same body. Both decisions were signed on September 18, 2026, and are published in the Official State Gazette (BOE) no. 234, of September 22, 2026, section II.A, through orders ECM/982/2026 and ECM/983/2026.

The Board is the governing body of the supervisor of the Spanish securities markets: it holds all the powers that the law attributes to the CNMV, from the approval of circulars and technical guides to the draft budget, the appointment of senior management, or the approval of annual reports. The CNMV acts with organic and functional autonomy and with full independence from State institutions and any public or private entity.

The two appointments are adopted under Law 6/2023, of March 17, on Securities Markets and Investment Services, a regulation that replaced the consolidated text of the Securities Market Law of 2015 and regulates the organization and mandate regime of the regulator.

Two orders signed on the same day

• Order ECM/982/2026, of September 18: appoints Mr. Ángel Estrada García as a member of the Board of the CNMV, in accordance with article 24.2.c) of Law 6/2023.
• Order ECM/983/2026, of September 18: renews the appointment as a member of the Board of the CNMV of Mr. Mariano Bacigalupo Saggese, pursuant to articles 24.2.c) and 28 and the second transitional provision of the same law.
• Both are published in section II.A (Authorities and Personnel, Appointments, situations and incidents) of BOE no. 234, on pages 124888 and 124889, with official references BOE-A-2026-19640 and BOE-A-2026-19641.
• The orders bear the signature of the First Vice President of the Government and Minister of Economy, Trade and Enterprise, by delegation (Order ETD/1218/2021, of October 25), of the Secretary of State for Economy and Business Support, Israel Arroyo Martínez.

The legal framework of the appointments

Article 24.2.c) of Law 6/2023 reserves three positions on the Board for non-ex officio members, appointed by the head of the Ministry of Economy, Trade and Enterprise from among persons of recognized competence in matters related to the securities market. This is the route used in the two cases published today.

The renewal of Bacigalupo Saggese adds the reference to article 28 and the second transitional provision of the law, a precept that adapts the duration of the mandates of those who already held the presidency, vice-presidency, or a councilorship of the CNMV Council when the regulation entered into force. The Internal Regulations of the CNMV, modified by a resolution of the Council itself published in the BOE no. 161, of July 3, 2026, develops this regime in its article 8.

Composition and duration of mandates

• The presidency and vice-presidency of the CNMV, appointed by the Government upon the proposal of the Minister of Economy.
• Two ex-officio councilors: the head of the General Secretariat of the Treasury and International Financing and the Deputy Governor of the Bank of Spain.
• Three non-ex-officio councilors, including the one now appointed and renewed.
• The mandate lasts six years, without the possibility of reelection, with partial renewal every two years and a maximum tenure limit of six years per member.
• The composition must adhere to the principle of balanced presence of women and men, except for founded and objectively motivated reasons.

The impact of these two orders is direct on the leadership of the Spanish financial supervisor: they determine who participates in decisions regarding market transparency, price formation, investor protection, and sanctioning powers. The continuity of Bacigalupo Saggese and the incorporation of Estrada García define the internal balance of the CNMV Council in a six-year mandate without reelection, which provides stability to the body and conditions its supervision line for the remainder of the legislature.

Source: Official State Gazette (BOE), no. 234, of September 22, 2026, section II.A, pp. 124888-124889 (official references: BOE-A-2026-19640 and BOE-A-2026-19641).