The FSAP’s focus was on selected topics in relation to the regulation, oversight and supervision of two Financial Market Infrastructures (FMIs) in Spain, Bolsas y Mercados Españoles Clearing (BMEC), a central counterparty (CCP), and Iberclear (IC) a central securities depository (CSD). Within this scope, this technical note focuses on: (i) the responsibilities of the Spanish authorities in the supervision and oversight of BMEC and IC with respect to compliance with the Principles for Financial Market Infrastructures (PFMIs) of the Committee on Payments and Markets Infrastructures and the International Organization of Securities Commissions (CPMI-IOSCO); (ii) the supervision of margining practices of BMEC; and (iii) the supervision of recovery procedures of BMEC and IC.