Pilar Valiente, the head of the Spanish stock market regulator, the CNMV (Comisión Nacional del Mercado de Valores) has resigned on the back of the collapse of Gescartera, the mutual fund manager and stockbroker under investigation for alleged misappropriation of funds.

In her resignation statement, Valiente denied having assisted Gescartera and said she &quotwent with a clean conscience&quot.