New system related to the admission of fixed-income securities to trading in spanish regulated markets

The CNMV informs about the entry into force of Article 63 of the “Law 6/2023 of 17 March on Securities Markets and Investment Services“ on 18 September, that aims to enhance the competitiveness and appeal of Spanish securities markets. This article brings about significant changes in the supervision of admission requirements for non-equity securities.
Under the new regulations, the CNMV’s powers to oversee compliance with admission requirements for non-equity securities will be transferred to the governing bodies of the markets where these securities are seeking admission. This transfer of powers eliminates the duplication that currently exists in the admission process, involving both the CNMV and the markets. As a result, issuing companies will benefit from reduced costs and administrative burdens.
While the CNMV will continue to approve prospectuses on admission when required by the EU Regulation 2017/1129, the verification of compliance with admission requirements for non-equity securities will now be carried out by the governing bodies of the respective markets. This shift in responsibility streamlines the process and allows for a more efficient and market-specific approach.
In terms of recording and publication, the CNMV will record and publish the final conditions of public offerings and/or admission without conducting any verification, this aligns with the EU Regulation 2017/1129. Additionally, the CNMV will record the necessary preliminary documentation for verifying admission requirements for promissory notes with a maturity of less than 365 days.
To facilitate the recording and publication of final conditions, a new automatic filing and deposit procedure has been implemented through the CNMV’s Virtual Office, known as the CFP procedure. The CNMV’s Virtual Office provides detailed instructions on how to complete the required document and take advantage of the simplified procedures.