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ES - Electronic access to foreign shareholders

18/01/2018

Comisión Nacional de Mercado de Valores (CNMV), the Spanish regulator, has given foreign entities access to its Virtual Office service for submitting notifications on significant shareholdings in Spanish listed companies.

Comisión Nacional de Mercado de Valores (CNMV), the Spanish regulator, has given foreign entities access to its Virtual Office service for submitting notifications on significant shareholdings in Spanish listed companies. Previously, foreign entities did not have access to the application due to the necessity of obtaining an electronic certificate, which only domestic shareholders could obtain.

The service is available to persons or entities reporting their own major shareholdings, or to authorized thirdparty representatives. If the foreign shareholder wishes to authorise a representative, they must send a letter to the CNMV, duly signed by the person subject to the notification obligation, identifying the third party

that would be authorised to send notifications on their behalf. The details to be provided for the identification of the authorised third party include the passport number or other identification number, the full name, and the relationship with the shareholder subject to notification (e.g. legal representative)