Regulatory Alerts2016-01-27
Circular 8/2015 of the National Securities Market Commission approving notification models for significant shareholdings, directors and their close links, issuer transactions in own shares, and other models
The Spanish National Securities Market Commission (CNMV) issued Circular 8/2015 to approve new standardized notification models for significant shareholdings, directors, and issuer transactions in own shares, aligning with EU transparency directives. The regulation mandates the use of specific models (I through VI) to report voting rights, insider dealings, and market maker exemptions, while clarifying distinct notification obligations for directors versus other executives. It establishes electronic submission as mandatory for own share transactions and sets strict deadlines for reporting, replacing the previous Circular 2/2007.
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