CNMV Leader Questions Ferrovial Route to US Listing

Rodrigo Buenaventura, who leads the National Securities Market Commission (CNMV), challenges one line of reasoning behind Ferrovial’s decision to relocate its headquarters to the Netherlands: the supposed easier access to United States stock markets. In remarks delivered at a conference hosted by a major Spanish and European audience, Buenaventura noted that a significant number of companies in Spain and Europe have listings on the American market through ADRs or similar arrangements in recent years. Yet, when it comes to Ferrovial, he clarified that, based on information not yet available to the CNMV or Bolsas y Mercados Españoles (BME), he has not seen any expressions of interest or inquiries from Spanish regulators about listing on a U.S. exchange while maintaining registration of its securities in Spain.