Emisores| Article 63 of Law 6/2023 of 17 March on Securities Markets and Investment Services (LMVSI) comes into force on September 18th. With its entry into force, the powers currently exercised by the CNMV (National Securities Market Commission) to verify compliance with the requirements for admission to trading will be transferred to the governing bodies of the markets where admission to trading of non-equity securities (understood as fixed income securities, warrants and promissory notes) is requested. This measure, originally proposed by the CNMV, “will result in lower costs and fewer administrative burdens for issuing companies by eliminating the duplication that is currently generated in the admission process with the intervention of both the CNMV and the markets”, according to the supervisor.
In a statement on this simplification and elimination of formalities, the supervisor wanted to “also highlight the significant reduction in the fees to be charged by the CNMV in relation to admission processes that has already been implemented.”
According to the CNMV, “all these measures will allow for greater alignment with the supervisory practices followed in neighbouring countries, as well as a new boost to Spanish securities markets in order to encourage their use by issuers, thereby reducing companies’ dependence on bank financing and reinforcing their capital structures.”
