Congress votes on the Senate’s amendments to the Securities Market reform to adapt it to European Law

The Plenary of the Chamber of Deputies will vote tomorrow on the 8 amendments proposed by the Senate to the Securities Market and Investment Services Law, which aims to reform the securities market, services and investment activities in Spain in order to simplify the currently regulated and adapted matters. European regulations.

The proposal is a basic law that replaces the existing regulations since 2015 and combines several European directives in a single text. It aims to modernize the securities markets so that they can finance the economy in a transparent manner, create a better regulatory framework for investment services firms and provide a high level of protection for depositors and financial services clients.

This reform will also facilitate adaptation to new technological and economic realities and, in particular, to digitalization, to new instruments and markets for SME financing (such as the BME Growth market) and to new forms of IPO (such as SPACs, companies that go public without activity and with the aim of raising money to buy a company).

Artificial intelligence in EU securities markets

The law transposes several EU directives and eliminates from current securities market legislation concepts governed by directly applicable European regulations. The transposition instructions are as follows:

– Directive 2019/2177 of the European Parliament and of the Council of 18 December 2019. This Directive transfers the authorization and supervision of data provision service providers, other than those relating to authorized information systems and authorized publication agents to the European Securities and Markets Authority.

– Directive 2020/1504 of the European Parliament and of the Council of October 7, 2020, excluding the application of the directive to markets in financial instruments and amending the directive on legal persons authorized as providers of financing services.

– Directive 2021/338 of the European Parliament and of the Council of February 16, 2021, which, among other aspects, relaxes certain requirements applicable to financial agents in order to facilitate the economic recovery resulting from the COVID-19 crisis.

– Directive of the European Parliament and of the Council accompanying the proposals for EU Regulations relating to cryptoasset markets and designating the CNMV as the competent authority for the supervision of the issuance, offer and admission to trading of certain cryptoassets.

– Directive 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the supervision of investment firms.

In the event that the Plenary approves the amendments of the Senate, the parliamentary processing of this proposal will be concluded, which will be ready for its publication in the BOE and its entry into force.

More information

European Parliament – Office in Spain