The Director of Strategy and Institutional Relations of the CNMV, Raquel García Alcubilla, stressed that the relocation of the financial sector after Brexit "will not be radical" in the meeting organized by the Master's Degree of Banking and Financial Regulation of the University of Navarra and Cuatrecasas: "Madrid place Financiera".

Although there will not be a replica of the London city in any European capital, predicted ICO president Pablo Zalba, many banks will outsource areas and Departments."We are facing an opportunity for Madrid that we must take advantage of, in a few months we will see the capital as a much more influential Financial place than it already is today."

The CNMV directive stressed that the speed of establishing a new European financial center will depend on the political negotiations and the equivalence regime of European regulations. A rules and regulations, of which there are 39 types of equivalences, recalled the Treasury's executiveadvisor , Ramón Guzmán, and which will determine whether European banks and companies will be able to continue operating in the Anglo-Saxon country. Guzmán said that the electoral result in Great Britain increased the probability of a "hard Brexit", since without the legitimacy of a political governor, negotiations within the British Parliament itself will not be easy.

However, the fragmentation of the London city would be an opportunity to "recover the capital business of the Euro and monetary sovereignty," recalled the advisor. A process of rupture, in which the Eurozone country that "moves first, will take the cat to water," warned the director Accounting and Relations with Supervisors of group BBVA, Ricardo Gómez Barredo, who pointed as determining factors for attracting investors to the Spanish capital legal certainty, the balance of powers between accounting regulators, the strength of corporate governance and adaptation to the digital environment.

The speed of coordination of the supervisory bodies, warned manager of the relationship with these entities, will make the difference between EU countries. " The jurisdiction that gets its supervisors to coordinate faster and is able to provide financial institutions with access to new technologies and new systems will make its institutions much more successful than the rest of the European institutions," said Gómez Barredo.

For his part, García Alcubilla stressed that the regulatory body is working to eliminate national regulatory peculiarities that can hinder Spain from being a competitive environmentin attracting foreign investment.

From the tax area, Enrique Fernández Dávila,Deputy Director General Taxation of Financial Operations, highlighted that the rules and regulations fiscal of our country makes our borders attractive and recalled that the Spanish tax framework is aligned with the European one, in addition to the fact that in subject of double taxation agreements, the capital enjoys 90 agreements, placing us in a favorable position.

Cyber attacks, an international threat

The Secretary of State for Security, José Antonio Nieto, recalled that economic activity requires a context of security and cited Spain as a European reference in the fight against jihadism, thanks to the preparation for the fight against ETA and 11M. Nieto showed as a current challenge the creation of a secure global space to combat cyber-attacks. "We need the international partnership in a scenario in which terrorists enjoy greater anonymity and great effectiveness in their attacks". Among these, the Secretary of State highlighted that fraud and threats from the financial sector are frequent as could be seen in the impact of WannaCry, last May 12. "We have the obligation to work with companies to stimulate, work and favor measures in subject of cybersecurity".