Lawyer specialising in regulated sectors

Concept of Regulated Sectors

Regulated sectors in Spain form an important discipline within special Administrative Law, with the regulatory function consisting of an activity of supervision, monitoring and control over certain economic sectors that are considered strategic or, at least, of great importance for society and which are therefore required to ensure the guarantee of minimum levels or standards of accessibility, quality and price for the benefit of citizens.

Thus, the purposes pursued by the regulation of these sectors are:

• To achieve a well-functioning market, guaranteeing free enterprise and free competition in the framework of the social market economy.
• Defence of the rights and interests of consumers and users.
• Defence and protection of the environment.

Regulatory bodies

As such, this purpose is entrusted by the State to independent bodies, which are called “regulatory bodies” vested with extraordinary powers and faculties, although the supervisory function could also be conferred on administrative bodies integrated into the hierarchical structure of the Administration itself. Thus, as a supervisory body, it is worth highlighting the National Commission for Markets and Competition (Comisión Nacional de los Mercados y de la Competencia), which was formed in 2013 from the integration of six regulatory bodies:

• National Competition Commission.
• National Energy Commission.
• Telecommunications Market Commission.
• National Postal Sector Commission.
• State Audiovisual Council.
• Railway and Airport Regulation Committee.

In addition, the Bank of Spain supervises banking together with the European Central Bank in the framework of the Single Supervisory Mechanism, the securities market is supervised by the National Securities Market Commission, and insurance is supervised by the Directorate General of Insurance.