Latest updates

New debt issue guarantee programme established
  • Spain
  • 21 February 2012

As a result of the ongoing Eurozone sovereign debt crisis, and in accordance with recent European Council measures intended to reinforce the equity of large credit institutions and to give such institutions easier access to medium and long-term financing, the Spanish government has passed a law which establishes a programme that guarantees credit institutions' debt issues by up to €100 billion.

Amendments to collective investment legislation
  • Spain
  • 01 November 2011

The lower house of Parliament has approved the reform of the Collective Investment Undertakings Law, with the main objective of implementing various EU directives, particularly the EU Undertakings for Collective Investment in Transferable Securities IV Directive, into Spanish law. The reform will also introduce other amendments to bolster the competitiveness of the Spanish financial services industry.

Parliament approves reform of Securities Market Law
  • Spain
  • 11 October 2011

The lower house of Parliament has approved a reform of the Securities Market Law relating to the securities clearing, settlement and registry system. In light of the fact that post-trading activities are to be carried out against a backdrop of greater integration at EU level, the reform seeks to modernise such activities, allowing the process to be simplified and costs to be cut.

New circular on information requirements for foreign collective investment schemes
  • Spain
  • 19 July 2011

A new circular of the CNMV, the Spanish securities market regulator, came into force on July 1 2011. It specifies the information that must be submitted by foreign collective investment schemes that are registered with the CNMV. Other developments to streamline the Spanish regulatory framework are still pending.

New law amends hybrid instrument regulations
  • Spain
  • 17 May 2011

New Law 6/2011 amends the Spanish regulations on hybrid instruments for credit institutions. The new law follows the EU Capital Requirements Directive which, adopted against the backdrop of the global financial crisis, aims to adjust the failings in the prudential regulation of credit institutions by establishing new conditions for acceptance of hybrid capital instruments as own funds.

Current status of the project to reform the securities system
  • Spain
  • 23 November 2010

The Comisión Nacional del Mercado de Valores has published its latest report on the reform of the Spanish system for the clearing, settlement and registration of securities. The report focuses on the introduction of central counterparty clearing houses, and on alternative models for the registration and safekeeping of securities via a settlement system.

Iberclear securities regulations amended
  • Spain
  • 16 November 2010

Amendments have been made to the regulations governing Iberclear, the central securities depository, which is in charge of both the registration of book-entry securities and the clearing and settlement of trades on the Spanish stock exchanges. The new Title V regulates settlement services in respect of out-of-the-market transactions, while Title VI establishes the scope of agreements between Iberclear and securities entities.

CNMV criteria on good practice for liquidity provision
  • Spain
  • 09 November 2010

The Comisión Nacional del Mercado de Valores has published a document containing criteria to implement liquidity provisions for fixed-income issues addressed to retail investors (excluding commercial paper). The criteria establish a framework for both issuers and financial entities, when negotiating stipulations and agreements, in order to provide liquidity to issues to be listed on a Spanish secondary market.

CNMV announcement on short-selling practices
  • Spain
  • 15 June 2010

The Executive Committee of the Comisión Nacional del Mercado de Valores has agreed to incorporate measures approved on September 22 2008 into the disclosure regime on short positions recently proposed by the Committee of European Securities Regulators. The measures include extending the obligation to disclose short positions on any share or 'cuota participativa' admitted to trading in the Spanish regulated markets.

Further new procedures for securities issuers to communicate material information
  • Spain
  • 16 February 2010

The National Securities Commission Circular on Material Information sets out a list of illustrative cases involving material information to facilitate its identification and classification, although inclusion in the list does not necessarily mean that the information has such status. The circular designates the CIFRADOC system as the means through which issuers should provide such information.

New Procedures for Securities Issuers to Communicate Material Information
  • Spain
  • 08 September 2009

The Ministry of Economy and Finance has approved an order to enforce new procedures and methods for securities issuers to communicate material information. The order establishes that securities issuers must communicate material information to the market and the Comisión Nacional del Mercado de Valores as soon as they become aware of the event.

New Requirements for Custodians of Collective Investment Institutions
  • Spain
  • 01 September 2009

The National Securities Market Commission Circular regulates the content of communications that custodians must send every six months to the commission for each management company for whose collective investment institutions they are custodians, or for each self-managed open-end investment company for which they are custodians, on the reference date of the six-monthly report.

Securities Commission Guide to Transmission of Inside Information to Third Parties
  • Spain
  • 12 May 2009

The Stock Exchange Commission recently published a guide on the transmission of inside information to third parties. The guide contains a series of non-binding measures and recommendations to ensure the confidentiality of inside information held by issuers and disclosed to third parties in accordance with the Securities Market Act.

Requirements for Financial Advising Firms
  • Spain
  • 13 January 2009

The EU Markets in Financial Instruments Directive creates a new kind of investment service, which will be carried out by so-called ‘financial advising firms’ (FAFs) and places it among the financial services subject to prior authorization. Royal Decree 217/2008 regulates the procedure to authorize a FAF, as well as the financial requirements and the aspects which must be fulfilled for its establishment.

Securities Market Commission Issues Note on Short Selling
  • Spain
  • 14 October 2008

Following the Committee of European Securities Regulators' coordinated action on short-selling practices, the Securities Market Commission has issued a notice in which it reiterates that naked short sales are prohibited and will be penalized. The notice also establishes temporary measures aimed at ensuring that the public is informed of short positions.

Securities Market Commission Publishes Block Trade Criteria
  • Spain
  • 11 March 2008

The Spanish Securities Market Commission has recently published the criteria that must be complied with by investment banks when distributing or purchasing large packages of shares (ie, block trades). Financial institutions should bear in mind the inside information rules established by Law 24/1988.

Amendment to Regulation on Hedge Funds and Funds of Hedge Funds
  • Spain
  • 17 July 2007

Hedge funds and funds of hedge funds are regulated by Articles 43 and 44 of the Collective Investment Schemes Regulation, which has recently been amended by Royal Decree 362/2007. Among other things, hedge funds and funds of hedge funds may now establish a maximum limit on redemption amounts.

National Securities Market Commission Initiative Against Market Abuse
  • Spain
  • 03 April 2007

The National Securities Market Commission has launched an initiative to prevent insider dealing and market manipulation. Among other things, the initiative aims to prevent the use or disclosure to third parties of insider information on major transactions of the company. It also aims to prevent the manipulation of the quotation or trading of shares.

Draft Legislation on Transparency of Security Issuers
  • Spain
  • 14 November 2006

The government has recently passed a bill on the transparency of security issuers. Issuers whose securities are admitted to trading on a regulated market in the European Union must, among other things, disclose and disseminate their annual financial report within four months of the end of each financial year and ensure that this information remains available to the public for at least five years.

Creation of an Alternative Stock Market
  • Spain
  • 27 June 2006

Under the new Collective Investment Institutions Law, admission to listing on a stock market is no longer necessary to acquire and retain the status of open-ended investment company. An alternative stock market was created to provide open-ended investment companies with an alternative means of selling and repurchasing their shares.

Current search