Mariano Bacigalupo leaves the CNMC board to join the CNMV

Mariano Bacigalupo leaves the National Commission of Markets and Competition (CNMC) to join the National Securities Market Commission (CNMV), as confirmed by knowledgeable sources consulted by La Información. The ‘strong man’ of Competition in energy matters, and husband of the Minister for the Ecological Transition, Theresa Riverawill not finish his term, according to the sources consulted, and will leave the governing body of the regulator he presides over Cani Fernández in brief.

Bacigalupo will replace a Juan Manuel Santos-Suarez Marquez on the advice of the CNMV, according to the sources consulted. The latter renewed his last mandate in the body he presides over Rodrigo Bonaventure in 2018, so he had to be ratified in office this year. Bacigalupo’s entry into the stock market supervisor implies shelve the inheritance of the Popular Partyas all the directors appointed at the request of the Government of Mariano Rajoy.

On the other hand, the chair that Bacigalupo will leave vacant in the council of the supervisor will be occupied by María Jesús Martínez Martínez, who is now Director of Energy at the CNMC and a profile of the outgoing director’s full confidence. It remains to be resolved who will replace Mariano Bacigalupo on the board of the Regulatory Supervision room, where his work within the regulatory body has been most notable.

The expertise of Bacigalupo in regulatory affairs has turned the counselor into a heavyweight within the supervisor in the heat of the current context of energy crisis. The relationship between Cani Fernández and Bacigalupo had eroded since the arrival of the former at the head of the CNMC, among other reasons, due to the president’s determination to move the counselor from the Regulatory Supervision room to the Competition room. The until now member of the CNMC had resisted said transfer.

Bacigalupo’s presence in the area of ​​Regulatory Supervision had become a source of tension inside and outside the regulator. Some opposition parties have resorted to this fact in their criticism of the government, seeing incompatibilities in Bacigalupo’s supervisory functions given his personal relationship with the head of energy policy. Until now ‘number one’ in energy matters, he had barely ten months left as a counselor and another three months to go to the Competition room, if the aforementioned transfer between areas has taken place.

The internal regulations of the CNMC had prevented, until now, making the change that the president of the institution wanted. This mandates that rotations can only be carried out every two years, with these transfers occurring only in even-numbered years, when two directors will move, one for each room. This forced the controversy to be extended, at least, until January 2023, when the change would become effective, since the relays take place during the Christmas break. Finally, Bacigalupo’s decision has settled the controversy ahead of schedule.

Source: LA INFORMACIÓN – Lo último by

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