SPAIN: CNMV Updates Q&A on the Regime for Prospectus

Wednesday April 30 2025

On 29^th April 2025, the Spanish National Securities Market Commission (CNMV) announced that it has included an updated response (6.6) to the document titled “Q&A on the regime for prospectuses to be published in public offerings and admissions to trading on regulated markets”.

The objective is to provide information on the resources to grant public access to and submit before the CNMV the document replacing prospectuses in certain cases and established in Regulation (EU) 2024/2809 (Listing Act). Such European standard reduces and simplifies issuers’ requirements when extending cases of public offerings of securities and admission to trading on a regulated market exempted from the obligation to publish a prospectus.

Thus, the Listing Act establishes that companies whose securities are admitted to trading on a regulated market or an SME growth market when issuing securities that are fungible with those already listed will not be required to publish a prospectus, as long as they comply with all the conditions stated in the regulation. Instead, a summarised document, of no more than 11 pages, will be made available to the public.

The new response states that the document will be made available to the public as follows:

• Communication as Inside Information (II) or Other Relevant Information (ORI), in compliance with the public disclosure obligations by issuers of inside information and other relevant information, in accordance with the Spanish Securities Market and Investment Services Law; and
• Publication on the website of the issuer, offeror or person requesting admission to trading, of the financial intermediary placing or selling the securities, or of the regulated market for which admission to trading is sought, or of the operator of the multilateral trading facility, where applicable.

Click on the above link for further information.