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SENADO

Markets, Spanish economy, Spanish Politics 23rd February 2023

Senate votes today on new Securities Market Law, CNMV also looks at approving Investors Code

F.R. | The plenary session of the Senate is scheduled to debate and vote on the draft Securities Markets and Investment Services Act by urgent procedure. It is expected that the new regulation will be approved without major changes to the text published last September in the Official Gazette of the Spanish Parliament (BOCG). According to the sources consulted, the bill could return to Congress for examination and approval of…

cnmv

Markets, Spanish economy 24th January 2023

CNMV finalises Code of Best Practices for investors, managers, and advisors

F. Rodriguez | The National Securities Market Commission (CNMV in its Spanish initials) has convened for the end of this month the group of experts that has been advising it on the draft of the “Code of best practices for institutional investors, asset managers and proxy advisors in relation to their duties with respect to the assets allocated or the services provided,” whose public consultation period ended on 16 September…

SiemensGamesaJGA

Spanish economy 8th November 2022

CNMV gives green light to Siemens Energy’s takeover bid for Siemens Gaming

The Spanish Securities and Exchange Commission (CNMV) on Monday authorised Siemens Energy’s takeover bid for the 32.9% of its subsidiary Siemens Gamesa that it does not yet control. Siemens Energy is offering 18.05 euros per share in its takeover bid for Siemens Gamesa, presented on 31 May and admitted for processing on 16 June, which values the company at 12,294 million euros, meaning that it would pay 4,048 million euros…

stockmarkets 1

Spanish economy 27th March 2022

CNMV, BME are proposing fiscal incentives for start-ups to list on the stock market

Fernando Rodriguez| The Spanish stock market regulator (CNMV) and BME have proposed providing fiscal incentives for start-ups which decide to list on the stock market. The proposal is in response to the public consultation prior to the elaboration of the draft text for the Law to Promote the Startup Ecosystem. This was launched by the Ministry for Economic Affairs and Digital Transformation and completed on 25 January. The text proposed…

cnmv

Spanish economy 21st December 2016

CNMV appointments: ‘pure’ rookies vs experienced professionals

The appointment of Sebastián Abella and Ana Martínez-Pina as the chairman and deputy chairman of the CNMV has caused some controversy, revealing the confusion there is over what profile candidates for heading up any institution should have. You can choose people who are totally uncontaminated to lead any organisation, without having any link to its activities. But an increasingly more complex financial and stock market environment requires experienced professionals, not rookies.

Cellnex

Spanish economy 24th March 2023

Chris Hohn (TCI) takes largest stake in Cellnex, calls for boardroom changes

Chris Hohn, who controls the firm TCI, has become the largest shareholder of Cellnex and has criticised the board of directors and its management over the appointment of the new CEO to replace Tobías Martínez. The British investor has taken a 9.032% stake in the Spanish telecoms infrastructure giant, compared to a previous holding of 7.086%. With this stake, the tycoon would surpass Edizione, the holding company of the Benetton…

Repsol

Spanish economy 7th March 2023

Repsol to buy back €900 million of its own shares

According to a note sent yesterday by Repsol to the Spanish Securities and Exchange Commission (Comisión Nacional del Mercado de Valores, or CNMV), the maximum number of shares to be acquired under the buyback programme will amount to 35,000,000, representing approximately 2.64% of Repsol’s current share capital. The maximum net investment under the programme amounts to €909,755,000, the oil company said. Repsol has explained that the acquisition of the shares…