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 three technical amendments by the PSOE, although the new regulation is expected to be published in the BOE no later than the second half of March. The resulting regulation will replace the Consolidated Text of the Securities Market Law passed in 2015, refining it and transposing up to five European directives affecting markets and intermediaries, as well as introducing numerous additional provisions affecting different aspects of operations and the role of financial operators.

For its part, the CNMV Board is today considering approval of the Code of Best Practices for institutional investors, asset managers and proxy advisors. According to the draft of the project, the code is structured around a series of principles – seven – with the focus on “applying and explaining” how these principles are materialised in the practices of member entities, although it establishes a transitional period of three years from its approval, which could have changed in its final formulation, according to the sources consulted.

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