• Interview.Sebastián Albella: "BBVA's internal investigation is taking too long"

The president of the National Securities Market Commission (CNMV),

Sebastián Albella

, resigns to continue in the position.

Albella has already communicated his intention not to follow the economic vice president,

Nadia Calviño

, according to

sources from the CNMV




Calviño had to decide before the next day 26 whether to renew Albella or replace him and has accepted his resignation.

Albella was appointed in 2016 as a result of an agreement between the then Minister of the Economy, Luis de Guindos, and the economic coordinator of Ciudadanos, Luis Garicano.

Calviño will also take over from the current vice president,

Ana Martínez-Pina,

following the tradition that a government does not renew the CNMV leadership chosen by the previous one of another political color.

Albella has explained to those around him that his initial commitment when he took office was for four years and that for personal reasons it seemed excessive to him to opt for a renewal until 2024. This 62-year-old lawyer has not yet clarified what his next stage will be, although he pledged in 2016 not to return to his former law firm



Calviño has not given any sign since 2018 of wanting to renew Albella, who has been critical of government decisions such as introducing the so-called

Tobin Tax

or attacking investment through the Sicav.

Calviño must now propose a successor to the Council of Ministers and to Parliament.

The presidency of the CNMV requires independence from the Government and credibility with the markets.

During his stage Albella has had to manage operations such as the

purchase of Abertis

in which he faced the Government of the PP that appointed him for the subsidiary Hispasat.

It also sanctioned José Borrell in October 2018, being at that time Foreign Minister for selling shares with privileged information in his time at Abengoa.

Sources from the CNMV highlight the improvement in transparency and the international positioning of the institution in these four years and decisions that were supported by European counterparts such as the temporary ban on short trading after the outbreak of the pandemic.

The aforementioned sources deny any relationship between the resignation and Albella's recent appearance as a witness in the trial on Banco Popular.

His then law firm Linklaters advised Banco Popular in its controversial capital increase in 2016.

The CNMV also indicates that the meeting with Calviño to inform him of his resignation took place already last month.

According to the criteria of The Trust Project

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