Regulatory AlertsLaw 32/2011 of 4 October amending Law 24/1988 on the Securities Market
The Spanish State enacted Law 32/2011 to reform the post-trade securities system by introducing Central Counterparties (CCPs) and eliminating delivery assurance mechanisms to enhance financial stability and competitiveness. The legislation mandates CCP intervention for multilateral equity trading, establishes a separation right for investors during insolvency, and restructures the governance and regulatory oversight of the Securities Registration, Clearing and Settlement Society. These changes align Spanish regulations with EU integration goals and ensure robust risk management through strict solvency and operational requirements for CCPs.
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