Introduction
Directive 2006/48/EC 
of the European Parliament and of the Council of 14 June 2006, relating to the taking up and pursuit of the business of credit institutions (OJEU of 30 June 2006), establishes transparency requirements not only for European credit institutions (CIs) but also for their respective supervisory authorities regarding the exercise of their powers with respect to CIs’ solvency. Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006, on the capital adequacy of investment firms and credit institutions (OJEU of 30 June 2006), extends the supervisory disclosure requirements to the supervisory authorities of investment firms (IFs).
The Committee of European Banking Supervisors (CEBS) 
, in order to allow for readier comparison of supervisory information from all European Union countries, has agreed guidelines detailing the means and formats for disclosing worthwhile information, both on its own website, where it draws together information from the member countries, and on the websites of national supervisors of CIs and IFs. The CEBS, in line with the Directive’s provisions, suggests that national supervisors post on a single website all the information to be disclosed at national level.
In response, the Banco de España (BE), the supervisor of CIs, and the Spanish National Securities Market Commission (CNMV), the supervisor of IFs, have set up this joint website, although each supervisor will retain full responsibility for the information provided. This information, in conformity with the provisions of Article 144 of Directive 2006/48/EEC , is divided into four areas:
- Rules and guidance
The texts of laws, regulations, administrative rules and general guidance adopted in Spain in the field of prudential regulation. - Options and national discretions
The manner of exercising in Spain the options and discretions available in Community legislation. - Supervisory review
General criteria and methodologies used in Spain in the review and evaluation. - Statistical data
Aggregate statistical data on key aspects of the implementation of the prudential framework in Spain.