Regulatory Alerts2016-04-05
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Circular 1/2016 of the National Securities Market Commission establishing requirements to exempt certain issuers of shares traded exclusively on a multilateral trading system from admitting them to trading on a regulated market
The Spanish National Securities Market Commission (CNMV) issued Circular 1/2016 to define the objective criteria for exempting specific financial and investment entities from the mandatory admission of their shares to a regulated market. This exemption applies when a company's market capitalization exceeds 500 million euros for over six months but its public float remains below 25 percent of its share capital. Additionally, investment companies regulated under Law 35/2003 may qualify for exemption if their trading volume is predominantly based on liquidation value rather than supply and demand mechanisms.
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