The bill to reform Securities Markets and Investment Services Law has been approved by the Council of Ministers and submitted to the Cortes Generales. The regulation includes a draft law as well as three royal decrees of developments that will allow the Ministry of Economy greater flexibility to include future transpositions or adaptations of regulations that are based on European regulation evolution.
The crypto asset field is the most prominent. There will be a guarantee that the assets must be financial instruments that conform to the regulations. For those that can be used for investment but are not financial instruments, there will be a system of sanctions and infractions. The most current European drafts are being negotiated in Europe. This will ensure that the CNMV can begin processing sanctions as soon as the European MiCa regulation enters into force.
The new regulation also enhances the legislation referring listed companies for acquisition (SPAC) in order to protect investors and promote legal certainty in these instruments. It guarantees the conditions under which they are executed. The minority shareholders will be reimbursed for the capital they have invested.
A specific prudential regime has been established for investment service companies (ESIs), with the goal of improving their operation and protecting investors.
There have been no changes to the requirements for admission of fixed income securities. The fees charged by CNMV were reduced, and the current information system that monitors the clearing, settlement, and registration has been dismantled (because it is obsolete). . The new law also extends the scope of public offerings for acquisition of shares (OPAs), to the BME growth segment. This is done in an effort to increase the attraction of investing in SMEs that have great growth prospects.
The new law includes the standardization and updating of the renewal system for president and vice-president at the CNMV. These men, who had a mandate of four years, could now be renewed for an additional four-year term. This would allow them to serve a maximum of eight-year terms.
Rodrigo Buenaventura was and Montserrat Martnez Parera were elected president and vice-president of the market supervision body in December 2020. Their term is for four years, which could be extended for an additional four years after it has been completed in December 2024.
It is now clear that the CNMV's president and vice-president will be appointed for a period of six years. This aligns the regime with the main European and national institutions such as the Bank of Spain.