Resolution of 14 January 2014 by the General Secretariat for the Treasury and Financial Policy amending the 20 July 2012 resolution establishing conditions for Spanish Government Debt Market Makers

OFFICIAL BULLETIN OF THE STATE No. 16 Saturday, 18 January 2014 Sec. III. Page 2959 III. OTHER PROVISIONS MINISTRY OF ECONOMY AND COMPETITIVENESS 524 Resolution of 14 January 2014, by the General Secretariat for the Treasury and Financial Policy, amending the Resolution of 20 July 2012 establishing the operating conditions for Market Makers in Spanish Government Debt.

The Resolution of 20 July 2012, by the General Secretariat for the Treasury and Financial Policy, establishes the operating conditions for Market Makers in Spanish Government Debt. Furthermore, that regulation authorizes this General Secretariat to set the conditions under which Market Makers will perform their assigned functions, from which special provisions may arise regarding the issuance and subscription procedures for Spanish Government Debt.

Specifically, the aforementioned Resolution defines the rights of Market Makers for State Debt. Order ECC/1/2014 of 2 January, which provides for the creation of State Debt during 2014 and January 2015 and incorporates standardized Collective Action Clauses, includes in its Article 5 simple sale operations as a possible issuance procedure. The General Secretariat for the Treasury and Financial Policy considers it necessary to amend the current Resolution on Market Makers for Spanish Government Debt to explicitly accommodate this type of operation.

Pursuant to the foregoing, I have ordered:

Amendment of the Resolution of 20 July 2012, by the General Secretariat for the Treasury and Financial Policy, establishing the operating conditions for Market Makers in Spanish Government Debt.

First. a) Point 4 of Article 5. Rights of Market Makers for Bonds and Notes is replaced as follows: «4. Other debt management operations: the status of Market Maker for State Bonds and Notes will be taken into account when selecting counterparties for other placement and debt management operations that the General Secretariat for the Treasury and Financial Policy may carry out, such as simple sale operations, euro-denominated syndicated issuances, financial swap operations, or foreign currency issuances.»

b) Point 3 of Article 7. Rights of Market Makers for Treasury Bills is replaced as follows: «3. Other debt and treasury management operations: the status of Market Maker for Treasury Bills will be taken into account when selecting counterparties for other debt and treasury placement and management operations that the General Treasury of the Treasury and Financial Policy may carry out, such as simple sale operations or Treasury liquidity auctions. The General Secretariat for the Treasury and Financial Policy may, by resolution, grant exclusive access to Market Makers for Treasury Bills to Treasury liquidity auctions, provided they meet the requirements for participation in these auctions.»

cve: BOE-A-2014-524

OFFICIAL BULLETIN OF THE STATE No. 16 Saturday, 18 January 2014 Sec. III. Page 2960 Single Final Provision. This Resolution shall enter into force on the same day of its publication in the "Official Bulletin of the State".

Madrid, 14 January 2014.–The General Secretary for the Treasury and Financial Policy, Iñigo Fernández de Mesa Vargas. cve: BOE-A-2014-524 http://www.boe.es OFFICIAL BULLETIN OF THE STATE D. L.: M-1/1958 - ISSN: 0212-033X