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Circular from the National Securities Market Commission on l

 
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Dołączył: 30 Lis 2023
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PostWysłany: Czw Lis 30, 2023 10:31    Temat postu: Circular from the National Securities Market Commission on l Odpowiedz z cytatem

the figure of accepted market practices was already contemplated by Directive 2003/6/EC of the European Parliament and of the Council, of January 28, 2013, on insider trading and market manipulation. In turn, article 231.1 a) of the consolidated text of the Securities Market Law, approved by Royal Legislative Decree 4/2015, of October 23, already recognized this figure in our legal system. More specifically, Royal Decree 1333/2005, of November 11, which implements Law 24/1988, of July 28, on the Securities Market, regarding market abuse, defined the accepted market practices and It provided that the CNMV would accept or reject them through the approval and publication of the corresponding Circular. To date, the CNMV has accepted a single market practice that was reflected in Circular 3/2007, of December 19, of the National Securities Market Commission, on liquidity contracts (the "Circular 3/2007" ).

This Circular replaces Circular 3/2007, in order to comply with the provisions of Regulation (EU) No. 596/2014 and introduce improvements in its configuration in light of the experience gathered in relation to the liquidity contracts that They have been operational in recent years under the protection of Circular 3/2007 and the public consultation carried out for this purpose. As in Circular 3/2007, the liquidity WhatsApp Number List contracts regulated by this provision are intended to provide liquidity by a financial intermediary that, acting on behalf of an issuer under a contract, carries out liquidity operations. purchase and sale of the issuer's shares. In compliance with the procedure established in Article 13 of Regulation (EU) No. 596/2014 and in Commission Delegated Regulation (EU) 2016/908 of 26 February 2016, which completes the MAR by establishing of regulatory technical standards on the criteria, procedure and requirements to establish an accepted market practice, as well as the requirements to maintain it, repeal it or modify the conditions for its acceptance, the CNMV has carried out a public consultation process in relation to liquidity contracts aimed mainly at issuing companies, investment services companies, credit institutions, investor associations, market governing entities and other competent authorities.



Likewise, the CNMV has informed ESMA of its intention to consider the liquidity contracts subject to this Circular as accepted market practice. In response to said communication, ESMA has issued an opinion in relation to the establishment of the market practice in which it concludes that the market practice communicated by the CNMV is compatible with article 13.2 of Regulation (EU) No. 596/2014 and contains various mechanisms to limit threats to market confidence. The CNMV has taken this opinion into account when preparing this Circular. The main changes with respect to the previous regulation, to which this Circular refers, fundamentally deal with: i) the extension of the scope of application of market practice to multilateral trading systems; ii) the establishment of a threshold associated with the average daily average of the traded volume that may be executed within the framework of the liquidity contract, which will be different depending on whether or not the shares object of the contract have a liquid market as defined.
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