Paula Monfort
BANK DIVISION
For many years, the listing of fixed-income instruments on other European markets has been common practice among certain Spanish issuers. The reasons typically cited to explain this preference included the greater complexity of the listing process in Spain, resulting from the simultaneous involvement of the Comisión Nacional del Mercado de Valores (“CNMV”) and AIAF Mercado de Renta Fija (“AIAF”). This dual layer of oversight was perceived as less efficient compared to other European jurisdictions. The framework began to change with the approval of Law 6/2023 of 17 March on Securities Markets and Investment Services (“LMVSI”), together with its implementing regulations.
New Regime for the Admission of Non-Equity Securities
The new regime is essentially structured around three instruments:
(i) Article 63 of the LMVSI, which grants the market governing body the authority to verify compliance requirements;
(ii) Royal Decree 814/2023 of 8 November, which regulates the admission-to-trading procedure; and
(iii) AIAF Circular 1/2023, which specifies the procedures and documentation required for the admission and delisting of securities on that market.
From an operational standpoint, the reform contains four key elements worthy of analysis.
First, verification of compliance with admission requirements is now entrusted to AIAF.
Second, the role of the CNMV no longer extends to the entire admission file and is instead focused primarily on the approval or supervision of the prospectus, where required under applicable regulations. Nevertheless, the CNMV retains indirect supervisory powers through the notifications that AIAF must provide regarding incidents or risks that may affect the market or investors.
Third, the procedure is now comprehensively regulated both through secondary legislation and through the market’s own internal rules.
Finally, verification must be completed within a maximum period of five business days from the submission of complete documentation, without prejudice to requests for additional information, which must be answered within three business days.
From a practical perspective, the CNMV has indicated that this new framework may result in lower costs and reduced administrative burdens for issuers.
Effect on the Market
The data referred to in the text suggests that the reform may have helped strengthen the attractiveness of the Spanish fixed-income market. In particular, according to a press release issued by Bolsas y Mercados Españoles (BME) in March of this year, the cumulative repatriation of programmes previously listed on the Dublin and Luxembourg stock exchanges exceeded €60 billion since 2019.
Although this figure covers a period beginning before the entry into force of the LMVSI, it reflects a structural trend toward the repositioning of the Spanish market, which the reform has helped consolidate.
This policy direction was already apparent in the explanatory memorandum to the draft LMVSI, which justified the removal of superfluous and redundant requirements for the admission to trading of fixed-income securities in order to enhance the attractiveness of the Spanish market in this segment.
Similarly, as stated by the CNMV in a June 2023 press release, the new wording of Article 63 sought to improve the competitiveness and attractiveness of Spanish securities markets, align them with the supervisory practices of neighbouring countries, and encourage their use by issuers.
In addition, the BME Market Report (2025) reflects an increase in corporate debt issuances in Spain and links this development, among other factors, to the regulatory reform.
Conclusion
The reform has significantly simplified the admission procedure for fixed-income securities in Spanish regulated markets, and the first indicators point to a genuine improvement in their attractiveness.
Spain is therefore positioning itself as a competitive alternative to other European financial centres, with solid foundations for consolidating that leadership.
