Regulatory Alerts2015-08-10
Circular 2/2015 of the National Securities Market Commission modifying Circular 3/1999 on transparency of operations in official securities markets
The Spanish National Securities Market Commission (CNMV) issued Circular 2/2015 to amend Circular 3/1999 by removing the obligation for stock exchanges to publicly disclose the identity of buying and selling market members. This technical modification aligns Spanish regulations with European MiFID and MiFIR directives, which do not require post-trade transparency of counterparty identities. The change aims to prevent competitive disadvantages for Spanish exchanges and avoid artificial distortions in liquidity and price formation caused by stricter national requirements.
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