SP - new admission system of fixed-income securities to trading in Spanish regulated markets
On June 14 2023, the Comisión Nacional del Mercado de Valores (CNMV) published a press release on a new system related to the admission of fixed-income securities to trading in Spanish regulated markets.
The Spanish Securities Market and Investment Services Law (LMVSI) has introduced Article 63, effective from September 18 2023. This article transfers the CNMV's supervision powers for compliance with admission requirements to the governing bodies of markets where non-equity securities, including fixed income, warrants, and promissory notes, are sought for admission.
The implications of the handover described in Article 63 of LMVSI aim at eliminating duplication in the admission process: streamlining the admission process, reducing costs and administrative burdens for issuing companies, while aligning Spanish securities markets with supervisory practices in neighbouring countries.