Banco de España - General Glossary

General Glossary

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National Securities Market Commission (CNMV): The body in charge of supervising and inspecting Spanish securities markets and the activities of those who intervene in these markets. The objective of the CNMV is to ensure the transparency of Spanish securities markets and correct pricing, as well as to protect investors.
NIF: Spanish tax identification number. It is the same as the DNI (Spanish national ID document number), with a letter added at the end.
Nominal convergence: See Convergence criteria.
Non-voting equity rights: Financial assets or marketable securities that can be issued by savings banks. They represent money contributions of an undefined duration which can be applied in equal proportion and for the same purposes as the institution's foundational capital and reserves. They are an equity instrument and therefore have to be listed on an organised secondary market, and they award no voting rights. Their issue price has to be coherent with the financial value of the savings bank in question.
Novation: An agreement between the parties who have signed a contract to modify a part of its content. For example, it is applied to the modification of mortgage loan conditions.