Regulatory Alerts2007-01-26
Circular 2/2007 of the Bank of Spain. Public Debt Market in Book Entry (BOE of February 14)
The Bank of Spain issued Circular 2/2007 to consolidate and update the regulatory framework for the Spanish Public Debt Market in Book Entry, transferring operational oversight to the Sociedad de Sistemas while maintaining Bank of Spain coordination. The regulation defines secondary market transaction types, sets minimum nominal values for trades with non-account holders, and mandates transparency and public quotation requirements for entities acting as principals or agents. It also establishes rules for bond segregation and reconstitution, repeals eleven prior circulars, and entered into force on March 1, 2007.
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