Rodrigo Buenaventura, chairman of the National Securities Market Commission (CNMV), shatters one of the arguments he used to explain the relocation of Ferrovial’s headquarters to the Netherlands: ease of access to US stock markets. According to Buenaventura, who attended a conference organized by Spanish“a large number of Spanish and European companies are listed on the American market or have been listed in recent years” ADR or so called listing. But later, referring to Ferrovial, Buenaventura said, “Judging from information that I have not had so far in the CNMV and Bolsas y Mercados Españoles (BME), We have not received any expressions of interest and inquiries from Spanish regulators. about the possibility listing on the American stock exchange without ceasing to register its securities in Spain”.
good luck He described the corporate move as “new and unprecedented”. Ferrovial and “The recent amendment to the Securities Market Law (public participation and processing since May 2021) could have been an excellent opportunity to calmly analyze, discuss and, where appropriate, anticipate this issue.”
“If this matter were of interest to more issuers, we would have determined what changes were necessary,” said the head of the regulator, but cautioned that “this is not an issue that will be raised or resolved in a few days.”
However, “we are analyzing whether there will be limitations to its use in both BME and CNMV,” he said. listing From Spain to the United States in two domains: the representation of values and the mechanism of indirect registration between each country’s infrastructures”.
Buenaventura insisted on these points, noting that “the vast majority of companies also traded on the New York Stock Exchange worldwide” do so through ADRs, but acknowledged that “some indices like the Nasdaq accept ADRs for their own account.” composition that others have not done.”
regarding the method listingBuenaventura commented that “using very few European companies” is a possibility, as it entails costs and liabilities outside of the ADR method.
The head of the regulator argued that “we have a highly integrated European capital market with a high degree of international openness” and denied that the stock market is fragmented at the European Union level: “To the contrary, there are numerous examples of companies that have their registered office in one country and register their shares in the other. those who trade.