The Council of Ministers has approved the Royal Legislative Decree that gives a green light to the Consolidated Text of the Securities Market Law with the aim of facilitating a more agile transposition of the new European regulation MIFID (Markets and Financial Instruments Directive) and market abuse. The limit for adopting European regulations is July 3, 2016. As it is a Consolidated Text there are no regulatory changes.
The complexity of the regulatory framework of the securities market and the numerous modifications that Law 24/1988 of July 28 of the Stock Market (LMV) has undergone in recent years justify the elaboration of a consolidated text. The aim is to facilitate the knowledge, application and interpretation of the regulatory regulations of the securities markets by legal and economic operators, promote clarity and reduce the burdens derived from the regulatory dispersion and complexity of the legislative framework.
In the work of drafting the Royal Legislative Decree, the following normative texts have been integrated and systematized in a single text:
1. The more than 40 standards with the rank of law that have modified the LMV since 1988.
2. Those that, affecting their material scope, have been promulgated before the approval of the royal legislative decree.
3. A series of legal provisions regarding securities markets.
After concluding the process of public hearing, in which numerous reports and observations have been received, the Royal Legislative Decree has a statement of reasons, an article, a single additional provision, a single repeal provision and two final provisions. For its part, the consolidated text has 334 articles, 10 additional provisions, 9 transitory and 2 final. The mandatory opinion has been received from the Council of State that was requested urgently and the three essential observations that are made have been incorporated, without altering the meaning of the text.
Once this recasting work has been carried out, the incorporation into the national law of the new MIFID and market abuse regulations must be carried out during the next year 2016, since the deadline for transposition of these European regulations is 3 July 2016. The new legal text, in which the normative technical guidelines have been scrupulously complied with, will allow for a more orderly and systematized transposition work, with which a better and clearer adaptation of our securities regulations will be achieved. European reality
