Cani Fernández's Departure from CNMC: What Changes for Regulated Companies in 2026

Key data

The presidency of the National Commission for Markets and Competition (CNMC) is changing hands. The Royal Decree 618/2026, of July 21, formalizes the departure of Cani Fernández Vicién from the helm of Spain's main independent regulatory body, due to expiration of her term in accordance with article 23.1.b) of the Law 3/2013, on the creation of the CNMC.

For companies operating in regulated sectors, this is not a simple administrative formality. The change at the top of the CNMC can translate into real changes in how markets are supervised, how sanctioning proceedings are conducted and under what criteria merger operations are authorized or blocked.

What does this regulation establish?

Royal Decree 618/2026 formalizes the departure of Cani Fernández Vicién as president of the CNMC, a position she held since her appointment. The departure occurs for the reason provided in article 23.1.b) of Law 3/2013: the expiration of the term, which is the ordinary exit route for members of the CNMC Board.

Law 3/2013 establishes that members of the CNMC Board are appointed for a fixed non-renewable period, which guarantees the independence of the body against political cycles. Once that period is exhausted, the departure is automatic and does not imply any kind of sanction or irregularity.

What this departure does open is a formal process for appointing a new president, which requires a government proposal and parliamentary appearance. Until that appointment takes place, the CNMC enters a transition period that can generate uncertainty in regulatory decision-making.

Economic and operational impact

The change in CNMC presidency has no direct cost for companies, but it can have relevant economic and operational consequences in three key areas:

• Sanctioning policy: New leadership may modify the intensity and focus of investigations into anticompetitive practices. Companies with open proceedings or in sectors with high inspection activity should pay special attention.
• Merger authorization: The criteria with which the CNMC evaluates mergers, acquisitions and joint ventures may evolve. Ongoing or planned operations in the coming months may be affected by a change in criteria.
• Sectoral supervision priorities: Each presidency tends to set different emphasis on the sectors it supervises. Energy, telecommunications and transport are the most exposed to variations in regulatory intensity.

The transition period—from the departure until the effective appointment of the new president—is the moment of greatest uncertainty. During that time, major decisions may slow down or remain pending the new direction.

Who does it affect?

• Energy sector companies supervised by the CNMC (electricity, gas, renewables).
• Telecommunications operators subject to CNMC regulation and supervision.
• Transport sector companies within the body's jurisdiction.
• Companies with merger proceedings pending authorization or in notification phase.
• Companies under investigation or surveillance for possible anticompetitive practices.
• Legal advisors and consultants accompanying clients in proceedings before the CNMC.
• CFOs and executives of business groups with corporate operations planned for 2026.

Practical example

An energy company that has a merger operation pending authorization before the CNMC finds itself in a situation of real uncertainty during the transition period. If the operation was being evaluated under the criteria of the outgoing presidency, the new leadership could apply a different approach: greater or lesser requirements in divestment commitments, longer resolution periods or a competitive impact analysis with different sensitivity.

In this scenario, the most prudent course is for the company's legal team and CFO to maintain active communication with their advisors before the CNMC, document the current status of the proceeding and be prepared to adapt the operation's arguments to the criterion of the new president once it becomes known.

What should companies do now?

1. Review the status of open proceedings before the CNMC: Identify if your company has ongoing procedures—sanctioning, merger or sectoral supervision—and assess its current situation before the leadership change.
2. Anticipate possible changes in criteria for corporate operations: If you have a merger, acquisition or joint venture planned for 2026, consult with your legal advisors how the new leadership may affect evaluation criteria.
3. Monitor the appointment process: The profile of the new president and their previous public statements will provide clues about the regulatory priorities of the next period. Follow the process from the moment of the government proposal.
4. Strengthen sectoral regulatory compliance: During transition periods, regulatory bodies usually intensify ordinary inspection activity. Ensure that your company is up to date on all its obligations before the CNMC.
5. Document and archive recent communications with the CNMC: Any criterion, resolution or communication received under the outgoing presidency may be relevant as a reference in future proceedings.

Official source

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Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-15951