Bolsas y Mercados Españoles ("BME") is the Spanish company that deals with the organizational aspects of the Spanish stock exchanges and financial markets, which includes the stock exchanges in Madrid, Barcelona, Bilbao and Valencia. In addition to the trading of shares and bonds, BME offers access to a number of other products (warrants, trackers) and the clearing and settlement of operations.
Certain requirements must be met before shares can be listed for trading
The main requirements are:
A suitable spread of shares, i.e. at least 25% of the company´s shares must be distributed among investors.
A prospectus must be submitted to and registered with the CNMV for all issues of marketable securities sold through public offerings where the country of origin is Spain. A public offering is defined as any communication made in any format and through any channel that provides suitable information on the terms and conditions of the offering and securities being offered to alow an investor to decide whether to purchase or subscribe to these securities.
A commitment to publishing relevant facts and periodic financial information. Details of all periodic and one-off information companies are required to submit can be found at the CNMV website.
Presentation of the stock market admission document. The next segment shows the requirements to list shares on the Spanish stock market.
Requirements for listing marketable securities of issuers
Securities issued by Spanish and foreign limited companies may be listed for trading on the stock market, provided that their capital is fully paid up and they are not subject to any statutory legal restrictions prohibiting the trading or transfer of their shares.
Marketable securities may be promoted on the stock market at the request of an entity other than the issuer of said securities, and even without the consent of the issuer, pursuant to and enforced through their respective regulations or laws.
For an entity other than the issuer of the marketable securities to promote their listing for trading on the stock market, these securities must already be listed for trading on another EU regulated market.
The entity that promotes this issue is known as "the promoter".
The listing of marketable securities on another EU regulated market may also be promoted by the stock exchange management companies, which will be known as the promoter of the corresponding issuance.
Spanish listed companies that request to list their shares for trading on the stock market must have a minimum share of capital of €1,202,025. The portion of share capital corresponding to shareholders that directly or indirectly hold a minimum share of 25% or higher shall not be included in the calculation of this minimum amount.
Foreign listed companies that request to list their shares for trading on the stock market must have a minimum share capital of € 1,202,025 excluding the portion of share capital corresponding to shareholders that directly or indirectly hold a share of 25% or higher.
Issuers of Exchange-Traded Funds
Spanish and foreign marketable securities issued by collective investment institutions (UCITs) may be listed for trading if they comply with legal requirements governing UCITs.
Issuers of Warrants
Spanish and foreign marketable securities issued by companies may be listed for trading if they comply with applicable legal requirements.
Mr. Steve Muehler
Founder & Managing Member
Private Placement Markets
101 California Street
San Francisco, CA 94111
Phone: (877) 259-8066