Answer ... The Spanish National Commission on Markets and Competition (CNMC) recently published its Study on the Impact in the Competition of the New Technologies in the Financial Sector (Fintech). In this document, the CNMC highlights that the fintech phenomenon requires a new regulatory approach and recommends, among other things, that regulation not hinder fintech innovations and be applied proportionally.

Furthermore, the CNMC is monitoring the market to ensure that traditional financial entities do not seek to protect themselves from the disruption caused by fintechs by creating artificial barriers to competition.