The Government removes the husband of Teresa Ribera from the CNMC and appoints him a director of the CNMV until at least 2026

The Government has decided to remove

from the National Markets and Competition Commission when he was heading to his last year in office and take him to the National Securities Market Commission for a period until at least 2026.

This is the jurist husband of the third vice president,

, who is currently a counselor in the regulatory supervision room of the CNMC and who has received strong criticism from the opposition for conflict of interest.

Bacigalupo has been in the CNMC since 2017 at the proposal of the PSOE and, as of 2018, when his wife acceded to the Ministry, he continued in the Regulatory Supervision Chamber for which he has since supervised the legislation emanating from the Ribera Department.

His term expires in 2023, but the Government has decided to entrust him with another longer-term post.

In the CNMV

, but the Government is processing a reform of this body so that the mandate can reach six years.

According to a statement from the Ministry of Economic Affairs, the Council of Ministers this Tuesday "has been informed" of the decision of Vice President

to appoint Bacigalupo as a new director of the CNMV, covering the vacancy left by

due to the expiration of his mandate. .

Bacigalupo lacks experience in the financial markets, but he is a veteran of energy regulation with a professional reputation.

The controversy has focused not on his resume, but on the fact that he was making decisions in an officially independent body on regulations signed by his wife and also representing the CNMC in international regulatory bodies.

The statement from the Ministry of Economy does not provide data on Bacigalupo's trajectory in stock markets, but it does highlight his legal and regulatory experience.

"Bacigalupo has a doctorate in Law (...)

. Since 2022 he has been the President of the European Postal Regulators Group (ERGP) and, since 2017, is Counselor of the National Commission of Markets and Competition".

He was appointed that year at the proposal of the PSOE within the practice followed by the Government of Mariano Rajoy of agreeing with the opposition the distribution of directors in independent organizations.

Calviño has not continued that line.

To replace Bacigalupo, the Government appoints

, current General Director of Energy of the CNMC.

Martín has extensive experience in the organization, but she had a parenthesis in the Ministry of Teresa Ribera.

Between 2018 and 2020 she was General Director of Energy Policy and Mines of the Ministry for the Energy Transition and the Demographic Challenge.

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• PSOE

• Mariano Rajoy

• Minister council

• Yolanda Diaz