Real Decreto 814/2023, de 8 de noviembre, sobre instrumentos financieros, admisión a negociación, registro de valores negociables e infraestructuras de mercado.

The Council of Ministers approved Royal Decree 814/2023, which was published in the BOE, the decree is part of a series of four Royal Decrees Royal Decree 813/2023 (eventid=23903), Royal Decree 814/2023 (eventid=23904), Royal Decree 815/2023 (eventid=23905) and Royal Decree 816/2023 (eventid=23906)] to implement the regulatory framework established by Law 6/2023, of 17 March, on Securities Markets and Investment Services (eventid=20323). Royal Decree 814/2023 develops the regulatory framework for securities markets, detailing the obligations and rights of market participants, and the supervisory regime of the CNMV.
As a reminder, Law 6/2023 aims to improve, modernize, and adapt the legal framework of Spanish securities markets to the challenges of digitization. It systematizes existing regulations, ensuring clarity, and simplicity. The law serves as a regulatory framework for securities markets, the rights and obligations of market agents, and the supervision and sanctioning regime of the CNMV. Specific provisions are moved to royal decrees, clarifying and facilitating interpretation and application.
More specifically, the presentRoyal Decree 814/2023 covers various aspects, including verification of admission requirements for non-equity securities, elimination of the obligation for CSDs to have an information system for monitoring trading, as current EU regulations already provide the necessary tools for transaction traceability and security. This aims to reduce regulatory burdens on these market infrastructures and align Spanish regulations with those of other EU member states. The decree limits the liability of leading entities in public offerings to retail clients (Article 72). It also develops the legal regime for the representation of negotiable securities by book entries.
The decree incorporates and updates various regulations related to the registration of financial instruments, admission to trading (Article 111), and post-trading market infrastructures. It streamlines and reorganizes the existing provisions, incorporating elements from previous decrees and adapting to the latest developments in financial markets and technology.
The Royal Decree highlights the impact of Law 6/2023 on adapting to European regulations, particularly in the context of technological advancements like AI. The decree also addresses the effects of technology on financial markets, considering proposed European regulations on AI systems. The decree includes transpositions of the MiFID II Amending Directive (EU) 2021/338, which focuses on information obligations and position limits in derivatives to aid economic recovery after the COVID-19 pandemic. It adjusts the application of position limits for certain derivatives, considering the impact on agricultural commodities and significant derivatives.
Additionally, the decree simplifies and updates the legislation, eliminating outdated references and aligning with the latest European regulations. It introduces changes to improve the competitiveness of Spanish financial markets, including modifications to the admission requirements for fixed-income securities and the verification process.