On  October 8, 2024, the BdE updated the validation rules for DRVN and CMR3 modules. The changes are effective from September 30, 2024.

Regulator Web Page

On September 25, 2024, the BdE updated the XSD schema and guidelines for DTE reporting templates. The changes to the schema include the addition of the values 'SAVG' and 'CTDF' to the list of categories, effective from the reference date of September 30, 2024.

Regulator Web Page

Overview: This law regulates the securities market and investment services and activities in Spain. The matters include the issuance and offer of financial instruments to trading venues and the systems for the clearing, settlement and registration of financial instruments. It covers the system of authorization and operating conditions of investment firms, the provision of investment services and the performance of investment activities in Spain by third country companies. It also covers the authorization and operation of data reporting services providers and the system of supervision, inspection and sanction by the National Securities Market Commission (CNMV). Finally, it transposes EU regulations, including MAR, into Spanish law. 

Title IV: Official secondary securities markets 

Part V: Limits on positions in commodity derivatives 
Article 85: Establishes position limits adopted to prevent market abuse and facilitate orderly price formation and settlement conditions. 

Part IX: Takeover bids
Article 137: Voluntary takeover bids. 3. The circumstances to which the foregoing paragraph 2 refers are the following: (a) That the market practices of the securities, for which the bid is made, show reasonable indications of manipulation, which have caused a disciplinary procedure initiated by the National Securities Market Commission for a breach of the provisions of Article 231, regardless of the application of the corresponding sanctions, and as long as the interested party has been notified of the corresponding list of charges; 

Title V: Investment firms 
Part VI: Management systems, procedures and mechanisms 
Section 4: Internal organization and operational requirements for firms providing direct electronic access or acting as general clearing members 

Article 196: Direct electronic access: 3. The investment firm providing direct electronic access shall be responsible for ensuring that clients using that service comply with the requirements of this Act and the rules of the trading venue. It shall monitor transactions for breaches of those rules or anomalies in trading conditions or conduct which may involve market abuse and which must be notified to the competent authority. 

Title VII: Rules of conduct 
Part II: Market Abuse 

Article 225. Competent authority. Transposes MAR into Spanish law and establishes the CNMV as the competent authority. 

Article 226: Public disclosure of inside information.

Article 228: Methods and terms of publication of inside information and other relevant information.

Article 229: Delay in the disclosure of inside information.

Article 231: Obligations for MTFs and OTFs in relation to transactions carried out by persons discharging managerial responsibilities and persons closely associated with them. (must comply with EU Regulation No. 596/2014 (MAR) and No. 2016/1055. 

Title VIII: Rules for supervision, inspection and sanction 

Part I: General provisions 
Article 238: Public registers in relation to securities markets. … (p) A register of inside information concerning issuers of financial instruments that have been admitted to trading on regulated markets or for which admission to a regulated market has been requested. 

Part IV: General Provisions on infringements and sanctions 
Article 276: Remission of sanctions. 
Part IV bis: Notification of infringements 
Article 276 bis.: Types and channels of communication infringements. (obligation to report market abuse to the CNMV) 
Article 276 ter.: Minimum content of communications 
Article 276 quater. Guarantees of confidentiality.

Part V: Very serious infringements 
Article 282: Infringements for breach of transparency and market integrity obligations. The following actions or omissions are very serious infringements:  
18. Breach of the obligation to establish and maintain mechanisms, systems and procedures to prevent, detect and report orders or transactions suspected of constituting market abuse as provided for under Article 16(1) and (2) of Regulation 596/2014, of the European Parliament and of the Council, of 16 April 2014. 
19. Breach of the obligation to keep lists of insiders provided for under Article 18 of Regulation 596/2014, of the European Parliament and of the Council, of 16 April 2014, or to keep such lists with essential faults or defects which make it impossible to know the identity of persons with access to inside information or the exact date and time of such access. 

Part VI: Serious and minor infringements. 
Article 295. Infringements for breach of the obligations of transparency and market integrity.  
12. Breach of the provisions provided for under Article 11 of Regulation (EU) No. 596/2014, of the European Parliament and of the Council, of 16 April 2014, on market abuse, in the course of market sounding which does not constitute a very serious infringement insofar as constituting unlawful insider trading. 
13. Breach of Article 15 of Regulation (EU) No. 596/2014, of the European Parliament and of the Council, of 16 April 2014, on market abuse, where it does not constitute a very serious infringement. 
14. Breach of the obligation to notify the CNMV of orders or transactions suspected of constituting market abuse, as provided for under Article 16(1) and (2) of Regulation (EU) No. 596/2014, of the European Parliament and of the Council, of 16 April 2014. 
17. Breach of the duty to provide information or notification provided for under Articles 115, 117, 118 or 19 of the European Parliament and of the Council, of 16 April 2014, on market abuse, where it does not constitute a very serious infringement. 

Title X: Other trading systems: multilateral trading facilities and systematic internalizers 
Part I: Multilateral trading facilities 
Article 320. Regulation on functioning. (iv) Market supervision and discipline. (a) Methods of supervision and oversight by the market operator to ensure effective compliance with Market Regulation and with the provisions of this Act and other applicable legislation, particularly with regard to market abuse by issuers, members, registered advisors and other participants.