Spain needs to revitalize its capital markets. A couple of months ago, the OECD (Organization for Economic Cooperation and Development) presented in Madrid a report with 32 recommendations to boost them both for the part of the companies (the supply) and of the small investors (demand). To try to revive the Outputsthe Spanish market supervisor has already announced that it works on a retrial to prevent the plans to start quoting some companies go to the fret As recently happened with Europastry or Tendam. This Wednesday, Carlos San Basilio, president of the National Securities Market Commission (CNMV), has advanced that “It is possible” that everything is ready so that it can be launched before summer. As afternoon, it would be in the second part of the year.
“It is a project in which we are quite advanced with BME [la gestora de la bolsa]we have to do some tests and talk to companies, “he explained during the presentation of the CNMV Activity Plan by 2025, adding that if everything goes well I could see the light before the summer period. You are still working on the details, But basically it would consist of something they call “Listing Technician “, in which a company could register an IPO to the leaf brochure without having to include a calendar, this would be approved and everything was simply ready for placement, which would give flexibility for the stock market debut.
Some of the companies that are considering going out this year could benefit, although perhaps some before. Although San Basilio did not put a number on the table or dates, he confirmed that There are “some files” of exits with which the CNMV is already working.
In order for capital markets to really be revitalized, the minority investor is also needed. The president of the CNMV acknowledges that protectionist measures following the financial crisis have left the retailers in many cases, which in Spain are limited to deposits or Treasury letters, while in other countries there is more participation with the same regulation . He recalled that there is an initiative of the commission in Brussels, which is in a final phase to improve its participation. And he assured that from the CNMV they have “Permanent conversations with treasure and ministry“To see what are the legislative measures that could favor their participation, some indicated by the OECD.
Cryptodivisas
Another of the hot topics of the year is in the cryptodivisas. “We will do our best to minimize fraud in a sector that is predisposed for it,” said San Basilio. “In my opinion, we are in a especially difficult time, we have an explosive combination of three things,” he said, listing that it is “a potentially very speculative product and that has a good image by a young investor”, to which It is added that “the marketing route leaves the usual channels, especially social networks” and that “the supervisor frame is still weak and incipient”, since “Mica is not as protective as Mifid“
The new regulations require that entities that want to provide cryptodiviss services must request authorization to do so, having a transitory period until December 31, 2025. At the moment, in Spain an acceleration of requests has not been seen, since San Basilio revealed that only four files have been approved so farhaving some others in process. He clarified that in the rest of Europe there is also no avalanche, since it knows that in other countries there are five or six approvals.
He stressed that one of the elements where more focus on ESMA (the European regulator) is being put is that there is control of the approval processes that follow the systemic services providers by their origin supervisors. “The risk is that there is a kind of arbitration in which some entities go to countries where the supervisor is less demanding. “
OPERATIONS: BBVA and NATURGY
The president of the supervisor also answered questions about corporate operations that are currently in the Spanish market. In relation to BBVA OPA on Sabadell, he said It would make sense not only to wait for the opinion of the CNMC but also to the government’s position. “It would be consistent with what we have done so far,” he said, adding that “we believe it would be good to have all the information available for brochure incorporation.” “You have to keep balance that you have information and that the process is as short as possible,” he added.
On joining the dividends and the repurchase of shares when transferring it to investors by both banks, San Basilio believes that “induces confusion and generates a certain uncertainty and would say that it is not entirely correct to integrate into the same package The effects of a dividend and a repurchase. OPA is a usual practice. “
As for the OPA announced by Naturgy, he says that he “likes the objective pursued by the measure, to increase the Free float ” although what they want “is to confirm with the company how this process will be carried out so that it generates the minor uncertainties in the market.”
Simplification beyond esg
In Europe there is a reflection that also shares the CNMV, and is that of simplify some of the current regulations, reduce loads, which will force to change the performance of regulators and supervisors. This Wednesday there was an announcement of the Commission on simplification measures in sustainability information, but “we think it will go further, also fully getting into the activity market activity.”
In ESMA, the first discussions in which we want to see what simplification and CNMV itself “are already being had in the CNMV”We are seeing what initiatives we could adopt to reduce loads maintaining the essence of investor protection“
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