New fees the CNMVCNMV Comisión Nacional del Mercado de Valores, the Spanish public agency that supervises the financial markets. charges for its services

Automatic summary, not yet reviewed

1. The law sets the rules for the fees the CNMV charges for its activities and services, applicable across the whole country. It replaces the previous regime under Royal Decree 1732/1998, which is repealed.
2. Fees are charged for reviewing documents for listing securities on official secondary markets, registering prospectuses, and verifying securitization funds and bank asset funds. If the prospectus provides for listing and it happens within six months, the registration fee does not apply.
3. Fees are set for reviewing takeover bid (OPAOPA Oferta pública de adquisición de valores: a public takeover bid, an offer to buy a company's shares from all its shareholders.) applications and their modifications, with amounts based on the value of the offer and with minimums and maximums, and a fixed fee of €35,000 for waivers or exemptions from making a bid. If denied or withdrawn, a fixed fee of €10,000 is charged.
4. Periodic supervision and inspection fees are created for market entities: they are calculated based on required capital, assets, number of transactions or clients, revenues or market capitalization, and accrue semiannually or annually depending on the case.
5. The tax base is calculated using information taxpayers already send to the CNMV; if there is no such obligation, they must send it within 30 days. Non-residents must appoint a representative in Spain, who is jointly liable for payment.
6. The CNMV manages and collects the fees, including through forced collection, and the law takes effect on January 1, 2015. Pending cases are governed by the previous rules.

Who it affects

• Companies requesting listing of securities on stock markets or registration of prospectuses.: They pay fees when filing the application, with proportional or fixed amounts.
• Those launching a takeover bid or requesting an exemption from making one.: They pay a fee based on the value of the offer or a fixed fee.
• Investment services firms, fund managers and private equity entities.: They pay fees for authorizations, registry filings, and CNMV annual or semiannual supervision.
• Operators of stock exchanges and markets, central counterparties and depositaries.: They pay fixed semiannual fees for supervision of their services.
• Issuers of listed securities.: They pay a semiannual fee for supervision of the information they report, based on their market capitalization.

Words worth knowing

Tasa

A fee paid to a public administration for a specific service it provides, unlike a general tax.

CNMV

Comisión Nacional del Mercado de Valores, the Spanish public agency that supervises the financial markets.

OPA

Oferta pública de adquisición de valores: a public takeover bid, an offer to buy a company's shares from all its shareholders.

Folleto informativo

A prospectus, the document describing a securities offering so investors can decide with full information.

Vía de apremio

A forced collection procedure that allows the government to collect an unpaid debt compulsorily.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries