Law 16/2014, of 30 September, regulating the fees of the National Securities Market Commission

Law 16/2014, of 30 September, regulating the fees of the National Securities Market Commission.

Head of State

"BOE" No. 238, of 01 October 2014 Reference: BOE-A-2014-9895

INDEX

Preamble ................................................................ 6 CHAPTER I. General Provisions ............................................... 9 Article 1. Object and Scope of Application.......................................... 9 Article 2. Budgetary Regime. ............................................ 9 Article 3. Normative Sources. ............................................... 9 Article 4. Taxable Base. .................................................. 9 Article 5. Taxable Amount. .................................................. 10 Article 6. Representation of Non-Resident Taxpayers. ............................ 10 CHAPTER II. Fees Applicable for the Provision of Certain Services by the National Securities Market Commission (CNMV) .................................................... 10 Section 1. Fees for Examination of Documentation Necessary for Verification of Compliance with Requirements for Admission to Trading of Securities on Official Secondary Markets, for Registration of Information Prospectuses and Registration Documents in Their Various Modalities, and for Verification and Registration of the Establishment of Securitization Funds and Banking Asset Funds and Their Modifications and New Incorporations of Assets ................................... 10 Subsection 1. Fees for Examination of Documentation Necessary for Verification of Compliance with Requirements for Admission to Trading of Securities on Official Secondary Markets ........ 10 Article 7. Taxable Event. ................................................. 10 Article 8. Taxpayer. ................................................... 10 Article 9. Taxable Base. .................................................. 10 Article 10. Tax Rates and Amounts.......................................... 10 CONSOLIDATED LEGISLATION Page 1

Article 11. Accrual. ..................................................... 11 Article 12. Assessment..................................................... 11 Subsection 2. Fees for Examination of Documentation Necessary for Registration of Information Prospectuses and Registration Documents in Their Various Modalities................................ 11 Article 13. Taxable Event. ................................................ 11 Article 14. Taxpayer. .................................................. 11 Article 15. Amounts. ...................................................... 11 Article 16. Accrual. ..................................................... 12 Article 17. Assessment..................................................... 12 Subsection 3. Fees for Examination of Documentation Necessary for Verification and Registration or Inscription of the Establishment of Securitization Funds and Banking Asset Funds and Their Modifications and New Incorporations of Assets.................................. 12 Article 18. Taxable Event. ................................................ 12 Article 19. Taxpayer. .................................................. 12 Article 20. Amount. ....................................................... 13 Article 21. Accrual. ..................................................... 13 Article 22. Assessment..................................................... 13 Section 2. Fees for Examination of Documentation Necessary for Admission for Processing and Authorization of Public Takeover Bids for Securities (OPA) and Their Modifications, and for Granting Dispensation or Exemption from the Obligation to Formulate an OPA .................................. 13 Subsection 1. Fees for Examination of Documentation Necessary for Admission for Processing and Authorization of OPA and Its Modifications ...................................... 13 Article 23. Taxable Event. ................................................ 13 Article 24. Taxpayer. .................................................. 13 Article 25. Taxable Base. ................................................. 13 Article 26. Tax Rates and Amounts.......................................... 14 Article 27. Accrual. ..................................................... 14 Article 28. Assessment..................................................... 14 Subsection 2. Fees for Examination of Documentation Necessary for Granting Dispensation or Exemption from the Obligation to Formulate an OPA........................................ 14 Article 29. Taxable Event. ................................................ 14 Article 30. Taxpayer. .................................................. 14 Article 31. Amount. ....................................................... 14 Article 32. Accrual. ..................................................... 15 Article 33. Assessment..................................................... 15 OFFICIAL STATE GAZETTE CONSOLIDATED LEGISLATION Page 2

Section 3. Fees for Examination of Documentation Necessary for Authorization and Registration of Official Secondary Markets, Multilateral Trading Facilities, Systems for Registration or Settlement of Securities, Central Counterparties, and Acts Related to Such Entities ........... 15 Article 34. Taxable Event. ................................................ 15 Article 35. Taxpayer. .................................................. 15 Article 36. Amount. ....................................................... 15 Article 37. Accrual. ..................................................... 16 Article 38. Assessment..................................................... 16 Section 4. Fees for Examination of Documentation Necessary for Authorization or Declaration of No Objection and for Inscription of Persons or Entities and Acts Related to Such Persons or Entities, in the Official Registers of the CNMV ...................................... 16 Subsection 1. Fees for Examination of Documentation Necessary for Authorization or Declaration of No Objection of Certain Persons or Entities and Acts Related to Such Persons or Entities ............................................................. 16 Article 39. Taxable Event. ................................................ 16 Article 40. Taxpayer. .................................................. 17 Article 41. Amounts. ...................................................... 17 Article 42. Accrual. ..................................................... 18 Article 43. Assessment..................................................... 19 Subsection 2. Fees for Inscription of Certain Persons or Entities and Acts Related to Such Persons or Entities in the Official Registers of the CNMV ........................ 19 Article 44. Taxable Event. ................................................ 19 Article 45. Taxpayer. .................................................. 19 Article 46. Amounts. ...................................................... 19 Article 47. Accrual. ..................................................... 20 Article 48. Assessment..................................................... 20 OFFICIAL STATE GAZETTE CONSOLIDATED LEGISLATION Page 3

Section 5. Fees for Verification of Compliance with Marketing Requirements in Spain .... 21 Article 49. Taxable Event. ................................................ 21 Article 50. Taxpayer. .................................................. 21 Article 51. Amount. ....................................................... 21 Article 52. Accrual. ..................................................... 21 Article 53. Assessment..................................................... 21 Section 6. Fees for Supervision and Inspection of Certain Persons or Entities .............. 21 Subsection 1. Fees for Supervision and Inspection of Solvency and Activity Requirements of Certain Persons or Entities Registered in the Official Registers of the CNMV .............. 21 OFFICIAL STATE GAZETTE CONSOLIDATED LEGISLATION Page 4

Article 54. Taxable Event. ................................................ 21 Article 55. Taxpayer. .................................................. 22 Article 56. Taxable Bases, Tax Rates, and Amounts. ............................. 22 Article 57. Accrual. ..................................................... 22 Article 58. Assessment..................................................... 22 Subsection 2. Fees for Supervision and Inspection of Conduct Rules of Persons or Entities Carrying Out Investment Services Activities ................... 23 Article 59. Taxable Event. ................................................ 23 Article 60. Taxpayer. .................................................. 23 Article 61. Taxable Bases, Tax Rates, and Amounts. ............................. 23 Article 62. Accrual. ..................................................... 23 Article 63. Assessment..................................................... 23 Subsection 3. Fees for Supervision and Inspection of the Activity of Members of Official Secondary Securities Markets, Multilateral Trading Facilities, and Central Counterparties, of Entities Participating in Securities Registration or Settlement Systems, and of Those Entities Acting as Counterparties in Over-the-Counter Derivatives Contracts Not Cleared Through a Central Counterparty........................... 24 Article 64. Taxable Event. ................................................ 24 Article 65. Taxpayer. .................................................. 24 Article 66. Taxable Bases, Tax Rates, and Amounts. ............................. 24 Article 67. Accrual. ..................................................... 27 Article 68. Assessment..................................................... 27 Subsection 4. Fees for Supervision and Inspection of Official Secondary Markets, Multilateral Trading Facilities, Authorized Central Counterparties Administering Clearing Services on Financial Instruments, Authorized Entities Managing Securities Registration or Settlement Systems, and Other Entities Related in Article 84.1.a) and b) of Law 24/1988, of 28 July, on the Securities Market.................................. 27 Article 69. Taxable Event. ................................................ 27 Article 70. Taxpayer. .................................................. 27 Article 71. Taxable Bases, Tax Rates, and Amounts. ............................. 27 Article 72. Accrual. ..................................................... 28 Article 73. Assessment..................................................... 28 Subsection 5. Fees for Supervision and Inspection of Compliance with Information Reporting Obligations to the CNMV for Issuer Persons or Entities of Securities Admitted to Trading, Securitization Funds, and Banking Asset Funds ......................... 29 Article 74. Taxable Event. ................................................ 29 OFFICIAL STATE GAZETTE CONSOLIDATED LEGISLATION Page 5

Article 75. Taxpayer. .................................................. 29 Article 76. Amounts. ...................................................... 29 Article 77. Accrual. ..................................................... 29 Article 78. Assessment..................................................... 30 Section 7. Fees for Issuance of Certificates ....................................... 30 Article 79. Taxable Event. ................................................ 30 Article 80. Taxpayer. .................................................. 30 Article 81. Amount. ....................................................... 30 Article 82. Accrual. ..................................................... 30 Article 83. Assessment..................................................... 30 CHAPTER III. Management Rules .................................................. 30 Article 84. Managing Body................................................... 30 Article 85. Payment......................................................... 30 Additional Provisions ...................................................... 30 First Additional Provision. Containment of Public Expenditure. ............................ 30 Second Additional Provision. Fees Applicable for the Provision of Certain Services by the National Securities Market Commission (CNMV) Regarding Crowdfunding Platforms. ......................................................... 30 Transitory Provisions ...................................................... 31 Transitory Provision. Applicable Normative on Fees for Pending Proceedings. .... 31 Repealing Provisions ..................................................... 31 Repealing Provision. ................................................... 31 Final Provisions ......................................................... 31 First Final Provision. Competence Title. ..................................... 31 Second Final Provision. Authorization for Regulatory Development. ..................... 31 Third Final Provision. Entry into Force. ........................................ 31 OFFICIAL STATE GAZETTE CONSOLIDATED LEGISLATION Page 6

CONSOLIDATED TEXT Last modification: 18 March 2023

FELIPE VI KING OF SPAIN

To all who see and understand this. Know: That the General Courts have approved and I come to sanction the following law:

PREAMBLE

The National Securities Market Commission (CNMV), created by Law 24/1988, of 28 July, on the Securities Market, is a public law entity with its own legal personality and full public and private capacity.

Article 24 of Law 24/1988, of 28 July, on the Securities Market, establishes that the resources of the CNMV shall be integrated, among others, by the fees it collects for the performance of its activities or the provision of its services.

Article 13 of Law 22/1993, of 29 December, on Fiscal Measures, Reform of the Legal Regime of the Civil Service, and Unemployment Protection, after determining the essential elements of said fees, authorizes the Government to agree on their application and develop their regulation.

By virtue of said authorization, various regulatory norms on CNMV fees have been issued, maintaining in force among all of them Royal Decree 1732/1998, of 31 July, on fees applicable for activities and services provided by the National Securities Market Commission. This Royal Decree has been modified firstly by successive General State Budget Laws that have been updating the fixed amount rates of State Treasury fees, with the generic objective of neutralizing the annual inflationary effect on fees; secondly, by Royal Decree 845/1999, of 21 May, partially modifying Royal Decree 1393/1990, of 2 November, approving the Regulations of Law 46/1984, of 26 December, regulating Collective Investment Institutions in relation to real estate investment companies and funds and establishing other financial measures, in order to introduce small modifications in the taxable events affecting the registration of prospectuses; and finally, by Law 23/2005, of 18 November, on Tax Reforms to Boost Productivity, with the purpose of improving the competitiveness of the financial market and adapting to the new framework of greater competition imposed by Directive 2003/71/EC of the European Parliament and of the Council, of 4 November 2003, on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC.

Article 10 of Law 8/1989, of 13 April, on Fees and Public Prices, determines that the establishment of fees, as well as the regulation of the essential elements of each of them, shall be carried out in accordance with law. Likewise, Article 8 of Law 58/2003, of 17 December, General Tax Law, establishes the elements and matters subject to the tax law reserve.

The time elapsed since the approval of Royal Decree 1732/1998, of 31 July, which regulates the current fee regime of the CNMV, combined with technological advances incorporated into market operations and integration processes in recent years, advise the review of the fees applied by the CNMV to adapt them to the current structure and characteristics of the markets and to the CNMV's own structure.

The revision process incorporated in this Law pursues a triple objective. Firstly, to guarantee the financial sufficiency of the CNMV with respect to the principle of equivalence. The main source of income for the CNMV is the fees it assesses for the activities and services it provides to the various persons, entities, and institutions participating in financial markets. In this sense, existing taxable events are reviewed and new ones are incorporated, and as a consequence, new taxpayers and tariff adjustments are introduced.

Secondly, the revision has taken into consideration the fee system applied by other supervisors in our economic and legal environment, with the object of achieving greater alignment of our fee regime with that integrated market context and avoiding that costs derived from fees could act as a negative element in the development of our capital market.

Finally, management improvements are incorporated, which will benefit both the fee taxpayers and the CNMV itself by reducing costs and burdens linked to assessment and collection procedures, which will be carried out by the CNMV itself based on the information it has in its registers or that it may obtain in case without the need to resort to additional information requests for these purposes.

Chapter I contains provisions relating to the object and scope of application, budgetary regime, normative sources, determination of taxable and assessable bases, and the treatment of non-resident taxpayers in national territory.

Chapter II, integrated by seven sections, defines the fees applicable for the performance of activities and the provision of services by the CNMV.

Section 1 regulates, in Subsection 1, the fees applicable to the examination of documentation necessary for verification of compliance with requirements for admission to trading of securities on official secondary markets; in Subsection 2, fees for examination of documentation necessary for registration of information prospectuses and registration documents; and in Subsection 3, fees for examination of documentation necessary for verification and registration or inscription of the establishment of securitization funds and banking asset funds and their modifications and new incorporations of assets.

In this Section, the verification of compliance with requirements for admission to trading of securities on official secondary markets is configured as an essential element of the taxable event. The registration of a prospectus will not accrue a fee if the documentation presented provides for the admission to trading of the securities, in which case only the fee corresponding to the verification of compliance with requirements for admission to trading of securities on official secondary markets will be assessed, when this verification has been carried out. The same rule applies to the verification and registration of the establishment of securitization funds and banking asset funds.

For cases of denial, expiration, or withdrawal, the application of fixed amount fees is provided for.

Section 2 deals, in its Subsection 1, with fees applicable to the examination by the CNMV of documentation necessary for admission for processing and authorization of public takeover bids for securities (OPA) and their modifications. This fee replaces the OPA authorization fee previously in force, shifting the taxable event to the phase of examination of the documentation provided by the person or persons (natural or legal) carrying out the OPA, establishing minimum and maximum fixed amounts, and fixing a specific fixed amount fee for the modification of OPA conditions.

Likewise, in Subsection 2, a fixed amount fee is established for the examination of documentation necessary for granting dispensation or exemption from the obligation to formulate an OPA.

For cases of denial, expiration, or withdrawal of proceedings affected by the fees of this Section 2, the application of fixed amount fees is provided for.

Section 3 establishes fixed amount fees for the examination by the CNMV of documentation necessary for authorization and registration of official secondary markets, multilateral trading facilities, systems for registration or settlement of securities, and central counterparties, as well as acts related to such entities, all of which are collected in Article 84.1, letters a) and b), of Law 24/1988, of 28 July, on the Securities Market.

Subsection 1 of Section 4 details the fixed amount fees applicable to the examination by the CNMV of documentation necessary for authorization or declaration of no objection of certain persons or entities and acts related to the same. This fee affects the creation and certain acts of investment service companies (ISC), management companies of collective investment institutions (MCIC), management companies of venture capital entities (MCVCE), and management companies of securitization funds (MCSF), as well as non-EU ISCs and MCICs providing services in Spain through a branch or under the regime of free provision of services. All fees are of fixed amount, depending on the characteristics of the specific operation to be examined.

Subsection 2 collects the fees applicable for the inscription of certain persons or entities and acts related to the same in the official registers of the CNMV, depending on the type of entity and the act in question. These fees affect the inscription of ISCs, MCICs, MCVCEs, MCSFs, collective investment institutions (CIIs), CII depositaries, foreign CIIs marketed in Spain, venture capital entities (VCEs), and branches and agents in Spain of foreign ISCs and MCICs, as well as acts related to such entities, when such acts must be inscribed in the official registers of the CNMV. All fees are of fixed amount, depending on the characteristics of the specific operation.