Lawyers and bankers welcomed a surprise move last week from the Comisión Nacional del Mercado de Valores (CNMV), the Spanish regulator, that was regarded as a sign it was trying to shrug off its reputation as a pushover.

Lawyers and bankers welcomed a surprise move last week from the Comisión Nacional del Mercado de Valores (CNMV), the Spanish regulator, that was regarded as a sign it was trying to shrug off its reputation as a pushover.