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Spain

The Spanish Government has approved the creation of a new technology market for high growth companies. The Spanish National Securities Market Commission's (CNMV) Circular 1/2000 of February 10 develops a Ministerial Order of December 22 1999. The main features of the Spanish New Market are as follows:

  • Companies eligible for trading their shares in the New Market are those (i) whose business is integrated in high technology sectors, or (ii) who operate in high growth businesses. Companies willing to apply for listing on the New Market must first obtain a non-binding report from a Spanish stock exchange assessing their eligibility under the above-mentioned rules. The CNMV will take the final decision.
  • The rules governing admission to listing on the ordinary market of the Spanish stock exchanges also apply to admission to listing on the New Market.
  • The offering or listing prospectus to be registered by the relevant issuer with the CNMV must contain additional disclosure on certain matters.
  • All companies listed on the New Market must publicly file yearly with the CNMV a report describing, among others, their performance and investment plans.
  • Specific trading rules apply to the New Market, governing maximum variations of bid and offer prices during the same trading session.

The New Market will be integrated as a separate trading segment within the Spanish Automated Quotation System and is expected to start operating in April.

The four Spanish stock exchanges will make a proposal to the CNMV regarding which of the companies that are already listed in the Spanish Stock Exchanges should be included in the New Market.

Luis de Carlos / Javier Redonet

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