Two years have passed since Fernández assumed leadership of the National Markets and Competition Commission, an agency known for shaping competition policy across the country. The appointment drew immediate attention, raising questions about potential conflicts of interest and the challenge of a long-time adviser to private firms stepping into a public regulator role. The moment underscored the heightened scrutiny the CNMC would face from both industry players and political observers, setting a tone for a tenure that would be watched closely from many angles.
Fernández entered the presidency amid practical concerns about impartiality. With decades of experience as a competition attorney and as a legal adviser to numerous large corporations, Fernández carried a history that could complicate future decisions. He had also remained connected with opposition parties in the period leading up to his formal nomination, and he had previously worked as a consultant within the Presidential Cabinet. These elements fed a narrative in which his independence would be tested regularly, especially during high-stakes negotiations involving major clients and their networks.
The appointment was formally published two years ago in the state gazette, marking the official start of a new phase for the CNMC. After a mandatory cooling-off period, the president would be freed from certain incompatibilities that limited participation in key discussions to prevent perceived bias with the firms he had represented as a private lawyer. This transition also signaled the end of Fernández’s active practice at the well-known law firm Cuatrecasas, guiding him toward full regulatory responsibility.
Upon taking the helm, Fernández faced the task of compiling a comprehensive record of all firms he had represented as a lawyer in the two years prior. The roster was initially restricted to the secretary of the Commission Council and the chief of staff, with full details kept confidential during the early phase of oversight. The aim was to ensure a transparent onboarding while limiting exposure of sensitive client information during the early period of supervision.
When any company on that roster appeared in a CNMC file, the agency acted to preserve independence. An internal safeguard restricted Fernández’s access to case documents, and the president was kept away from rooms where other executives discussed the matter. The agency invoked professional secrecy to withhold details about which clients could pose conflicts, a practice designed to balance confidentiality with concerns about impartiality in high-stakes reviews.
Transparency measures later compelled the CNMC to disclose that several filings were avoided once conflicts emerged with eight named companies. The disclosure, prompted by formal requests and governance requirements, named organizations such as FCC, Acciona, Cepsa, Mediaset, Areas, Rentrak, Toro, and the Betolaza group. This accounting of risk was presented as part of an ongoing effort to balance public confidence in the regulator with the realities of a former private practitioner entering public service.
As Fernández’s legal advisory activities ended, the list of potential conflicts gradually diminished and the names tied to them receded. Two years after his appointment, the period separating him from ongoing client work had closed, and restrictions on participating in certain files began to ease. Throughout this journey, Fernández has maintained a visible stance on impartiality, insisting on accountability whenever impartiality is questioned, and staying composed even as inquiries continued. The focus remains on upholding strong governance standards while guiding the CNMC through evolving market dynamics and the ever-changing landscape of competition rules.