2013 saw intensive structural regulatory activity to
improve Spain’s economic situation.
The measures approved to promote economic activity
included Act 11/2013, on measures to support entre-
preneurs and youth employment, stimulate growth and
create employment.
In addition, Act 14/2013, on support for entrepreneurs
and internationalisation, aimed to promote all aspects
of entrepreneurial activity, from company formation
through to taxation, providing funding support and
improving relationships between companies and the
Public Administrations.
With regard to stock markets, on 31 January the CNMV
agreed not to extend the short selling ban that expired
that day, as the circumstances that had prompted it no
longer applie The ban had been extended to 31 January
2013 because of circumstances such as the restructuring
of the financial sector to meet capital requirements for
banks, and because of the application in the autumn of
Regulation (EU) 236/2012 of the European Parliament
and of the Council, on short selling and certain aspects
of credit default swaps.
In April, Ministry of Economy and Competitiveness Order
ECC/680/2013 was approved, modifying the Regulations
of Iberclear and allowing for the creation of Non-Clearing
Trading Members, making access to the Spanish stock
market more flexible.
In 2013, significant changes were made to corporate
governance disclosure obligations, increasing the infor-
mation requirements for the annual corporate govern-
ance report (Order ECC/461/2013). The CNMV also
approved regulations providing additional protection for
clients of investment services and transparency regula-
tions for collective investment institutions.
The CNMV also issued an important Circular on adapting
Mutual Fund Management Companies and Venture
Capital Companies to Directive 2011/61/EU, on Alterna-
tive Investment Fund Managers (AIFMD).
The measures adopted include the procedure for inter-
national trading in alternative investment products,
establishing that the CNMV will issue certification for
managing and marketing alternative Spanish invest-
ment products in other EU countries for Spanish fund
managers that comply with the Directive, by way of a
“passport”or authorisation.
Approval of the EMIR Regulation was also significant,
providing for increased security and transparency in
over-the-counter (OTC) derivatives markets, reducing
systemic risk, establishing common rules for central
counterparties (CCPs), and introducing interoperability
rules for clearing chambers. The MiFID II Directive and
MiFIR Regulations on financial instrument markets are
also on the verge of renewal.
Finally, Royal Decree 256/2013 incorporated the recom-
mendations of the European Banking Authority (EBA) on
professional honour, experience and good governance
in financial entities into Spanish law: despite not being
binding, these were approved to boost confidence in
Spain’s financial system.
Aereal view of BME’s headquarters in Plaza de la Lealtad.
The Market Environment
Report 2013
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