CNMV: Spanish Markets Remain Resilient as AI and Tech Risks Stay on Regulatory Radar

Spain's securities regulator, the CNMV, said the country's financial markets remained resilient in the first half of 2026, while warning that AI-related risks and the concentration of global technology stocks continue to warrant close monitoring.

In its latest Financial Stability Report, the regulator said stress levels in Spain's financial system remained low despite geopolitical tensions and higher interest rate expectations. Private debt issuance by Spanish companies rose 21% during the period, while primary equity market activity increased 33%.

The report also highlighted continued growth in Spain's investment fund industry, with assets under management rising 3% to €827 billion. Net inflows into domestic funds reached €8 billion, primarily directed toward fixed-income products, followed by international equity investments.

Spanish investment funds maintained a relatively high allocation to fixed income, accounting for 64% of portfolios. However, the CNMV said interest rate risk remains contained due to the short duration of bond holdings. Exposure to technology companies across all Spanish investment funds stands at 11%, although tech stocks represent around 31% of equity fund portfolios.

The regulator identified the global concentration of technology stocks and the growing adoption of artificial intelligence as key vulnerabilities that could affect international financial stability. It also referenced recent warnings from the European Systemic Risk Board regarding AI's potential cybersecurity implications.

The report additionally provided an update on Spain's implementation of the Markets in Crypto-Assets (MiCA) framework. Following the end of the transitional period on June 30, Spain has authorised 20 crypto-asset service providers, including 14 specialist firms and six credit institutions, while another 16 applications remain under review.