Listing on the Spanish
Stock Exchange
6
60
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
HEDGE FUNDS
a. Minimum capital of €2,404,049.
b. The existence of at least 100 shareholders with less
than 25% of the capital.
At the time of admission to trading, and for the purpo-
ses of fulfilling Article 32 of the Stock Market Regula-
tions, the minimum requirement of 100 shareholders
must be achieved before admission.
FOREIGN SECURITIES
Requirements for the issuer
aa.
Minimum capital of Euros 1,202,025, exclu-
ding the part held directly or indirectly by sharehol-
ders with a stake of 25% or more.
b. Profits in the previous two years or three non-con-
secutive years in a five-year period must have been
sufficient to distribute a dividend of at least 6% of
the paid-out capital after taxes and the necessary
allocations to reserves. (In accordance with Ministe-
rial Order of 19.6.97 in the Official State Bulletin of
21.6.97, modified by that of 22.12.99 in the Official
State Bulletin of 30.12.99, the National Securities
Market Commission is allowed to waive the profit
requirements in certain circumstances).
c. Information on the last three fiscal years, with the last
two audited.
Requirements for securities
a. Dissemination: Public offering of securities in cir-
culation in the issuer’s country of origin or the is-
sue of securities on the Spanish market of at least
€1,202,025 and placed among at least 100 resident
investors in Spain, none representing an individual
holding of 25% or more of the volume placed on the
Spanish market.
b. Settlement: Through the book-entry system.
Additional requirements
a.Appointment by the issuer of management, link entity
and deposit agents.
b.Mediation of a broker-dealer or broker; acting on be-
half of the buyer.
c.Traded on the Spanish electronic trading platform
(SIBE).
d.Priced in Euros.
Documents must be duly legalised in the country of ori-
gin and be translated by a sworn translator.
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