The Council of Ministers adopts the text guaranteeing compliance with the regulations, and includes a sanctions regime similar to the European one in order to be able to process them once approved
The Council of Ministers has approved the bill reforming the law on securities markets and investment services for submission to the Cortes Generales. A regulation that includes a draft law and three royal development decrees that will give the Ministry of Economy greater flexibility to include future transpositions and adjustments of the regulation based on the evolution of the regulation at European level.
Among them stands out the field of crypto-assets, where the obligation that they are financial instruments that comply with the regulations will be guaranteed, while for those that are not financial instruments but can be used as investments, a regime of violations and sanctions with the most up-to-date European concepts under negotiation in Europe, so that the CNMV is prepared to deal with sanctions from the moment the European MiCa Regulation comes into force.
The new regulation also improves the legislation referring to listed companies for the purpose of acquisition (SPAC, for its acronym in English) to ensure investor protection and promote legal certainty of these instruments, and the conditions under which they are executed. to ensure. repayment of the initial capital invested by the minority shareholders.
Similarly, a specific prudential regime is introduced for investment services firms (ESIs) with the aim of improving the functioning of these types of firms and enhancing investor protection.
Also, the requirements for the admission of fixed income have been simplified, the rates charged by the CNMV have been reduced and the current information system for monitoring the clearing, settlement and registration system has been eliminated (because it is outdated). In addition, the new law extends the application of the public share purchase offers (OPAs) to the BME Growth segment, with the aim of increasing the attractiveness of investments in SMEs with high growth prospects.
One of the notable elements of the new law is the updating and standardization of the renewal system for the President and Vice-President of the CNMV, who have until now taken on a four-year term, which can be renewed eight years in office.
This is the case with Rodrigo Buenaventura and Montserrat Martínez Parera, who were appointed President and Vice President of the Market Surveillance Body in December 2020 for a term of four years, renewable for a further four years upon completion in December 2024.
It is now established that the appointments of the President and Vice-President of the CNMV have a duration of six non-renewable years, harmonizing the regime with that of the main European and domestic institutions, such as the Bank of Spain.
Source: La Verdad
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