Listing on the Corporate
Debt Market
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64
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
GENERAL RULES
Circular 2 of October 20, 2005 on the procedure
and documents required for admission to listing on the
AIAF Fixed Income Market sets out the requirements
for listing on this market as it incorporates the changes
introduced by the Securities Market Act through Royal
Decree Law 5/2005.
The procedure and documentation needed for lis-
ting on the AIAF Fixed Income Market are set out be-
low.
Listing on the AIAF Fixed Income Market of
commercial paper represented in the book-
entry system
1.- The issuer must deliver to the AIAF Fixed Inco-
me Market the following documentation:
1.1.- Letter requesting a listing of securities issued
under the framework of the prospectus.
1.2.- An example of the prospectus in PDF format
and sent to
.
1.3. Certification that the contents of the prospec-
tus are the same as that registered with the National Se-
curities Market Commission, issued by someone with
sufficient power.
1.4.- Photocopy of the letter accrediting registration
of the prospectus in the National Securities Market Com-
mission.
1.5.- Certification of the signatures authorised to
sign the certification of the result of the placement and
notarisation.
1.6.- If it involves securitisation of commercial pa-
per a photocopy of the public deed of the fund’s establis-
hment must also be delivered, along with certification,
issued by someone with sufficient power, that the con-
tents of the copy are the same as in the public deed of
the fund’s establishment deposited in the public registry
of the National Securities Market Commission.
2. - The documentation mentioned in point 1
must be delivered to the AIAF Fixed Income Market be-
fore the first disbursement under the programme.
Every time the issuer makes an issue and placement
of securities under the programme, the following docu-
mentation must be delivered to the AIAF Fixed Income
Market:
• Notification of the auctions to be held, where
applicable.
• Notification of the results of the auction.
• Certification of the result of the placement.
2.1.- For commercial paper placed through an auc-
tion:
2.2.- For commercial paper placed via auction and
directly:
This certification must be sent on the date of each
issue. An issue is understood to comprise all the secu-
rities with the same repayment date, the same nominal
unit value, and the same maturity date.
3. - The securities must be registered in the clearing
and settlement system of the AIAF Fixed Income Market.
Listing on the AIAF Fixed Income Market of de-
bentures and other securities which recognise
or create debt, in accordance with Article 30.3
of the Securities Market Act 24/1988 of July 28,
1988.
1.- The issuer must deliver to the AIAF Fixed Inco-
me Market the following documentation:
1.1- Before the issue’s disbursement date, a letter
requesting listing on the AIAF Fixed Income Market of
the securities issued under the framework of the securi-
ties note or the prospectus and the final conditions. It
must include a photocopy of the issue document where
necessary.
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