Article 14 of Law 24/1988, of 28 July, of the Securities Market, as amended by Article 46 of Law 44/2002 of 22 November of Measures of Reform of the Financial System, provides, in paragraph 10, that " the the National Securities Market Commission will approve the Rules of Procedure of the Internal Regime in which the organic structure of the Commission will be established; the distribution of competences between the various bodies; the internal procedures of operation; the specific arrangements applicable to staff when they cease to provide services; procedures for the entry of staff ..., as well as how many matters relating to the operation and performance of the National Securities Market Commission are necessary in accordance with the provisions of this Law. " Moreover, the second subparagraph of Article 14 (7) of the Law 24/1988, cited above, determines that the staff of the National Securities Market Commission ' will be obliged to notify, in accordance with the provisions of the Internal regime of the CNMV, the transactions that it carries out in the securities markets, either directly or by means of a person. This same provision shall determine the limitations to which such personnel shall be subject to the acquisition, sale or availability of such securities. "

In its virtue, according to the Council of State, the Council of the National Securities Market Commission has approved, at its meeting of July 10, 2003, the following Rules of Procedure.

CNMV INTERNAL REGIME REGULATION

CHAPTER I

General Provisions

Article 1. Nature of the National Securities Market Commission.

1. The National Securities Market Commission (CNMV), created by Article 13 of Law 24/1988, of July 28, of the Securities Market, is an Ente de recho publica with legal personality and full public and private capacity.

2. The government and the Ministry of Economy will exercise the powers conferred upon them by the Law of the Securities Market with respect to the CNMV, with strict respect for their autonomy.

3. The provisions and resolutions adopted by the Commission in the exercise of the administrative powers conferred on it by the Law on the Market of Securities shall end the administrative procedure and shall be subject to administrative and administrative proceedings. Except for this rule:

(a) Resolutions that dictate on sanctioning matters, the regime of which will be provided for in Article 97 of the Securities Market Act.

(b) the decisions which he has made in the field of intervention and replacement of administrators, the scheme of which shall be as provided for in Article 107 of the said Law.

Article 2. Legal Regime.

1. The National Securities Market Commission is governed by Law 24/1988, of July 28, cited above, and by the provisions that supplement or develop it.

2. In the exercise of its public functions, and in the absence of the provisions referred to in paragraph 1 of this Article, the Commission shall act in accordance with the provisions of Law No 30/1992 of 26 November 1992 on the Public Administrations and the Common Administrative Procedure, and Law 6/1997 of 14 April of the Organization and the Functioning of the General Administration of the State.

3. The contracts concluded by the CNMV will be in accordance with the provisions of the Recast Text of the Law on Contracts of Public Administrations, approved by Royal Legislative Decree 2/2000 of 16 June. In all procurement procedures, except in the case of minor contracts, as referred to in Article 56 of the Expressed Law, a bureau shall be set up by the Secretary-General of the CNMV, who shall act as President, and by five vowels, one of whom will act as secretary. Among the members of the staff members must necessarily be: (a) two representatives of the Directorate-General of the Legal Service; (b) two representatives of the General Secretariat; and (c) a representative of the Directorate concerned, in accordance with the contract.

4. The Commission shall also be governed by those provisions which apply to the recast of the General Budget Law, adopted by Royal Decree No 1091/1988 of 23 September 1988.

5. The Commission's property acquisitions shall be subject to private law without any exception.

CHAPTER II

The purpose and functions of the National Securities Market Commission

Article 3. Object of the National Securities Market Commission.

The National Securities Market Commission will ensure the transparency of securities markets, the correct formation of prices and the protection of investors, promoting the dissemination of all necessary information. for the achievement of these purposes.

Article 4. Functions of the Commission.

1. The CNMV shall perform the following functions:

a) The supervision and inspection of stock markets.

b) The supervision and inspection of the activity of how many natural and legal persons are related in the traffic of those markets.

c) The exercise on such persons of sanctioning power.

d) The other functions attributed to you by the current legal order.

2. The Commission shall advise the Government, the Ministry of Economic Affairs and, where appropriate, the equivalent bodies of the Autonomous Communities in matters relating to the Securities Markets either at their request or on their own initiative. It may also raise to these bodies proposals on measures or provisions relating to such markets.

3. The Commission shall draw up and give publicity to an annual report reflecting its action and the general situation of the stock markets. It will also raise an annual report on the development of its activities and on the situation of organised financial markets to the Committee on Economic, Trade and Finance of the Congress of Deputies. The President of the Commission shall appear before the cited Congressional Commission to account for such a report, as well as how many times it is required to do so.

4. The CNMV shall annually draw up a report on its supervisory function, in accordance with the provisions of the second provision of Law 44/2002 of 22 November 2002 on Reform Measures of the Financial System. This memory, which shall be forwarded to the General Courts and the Government of the Nation, shall include a report of the internal control body referred to in Article 44 of this Regulation.

CHAPTER III

Governing Bodies of the National Securities Market Commission

Section 1

Article 5. Governing Bodies.

In accordance with Chapter II of Title II of Law 24/1988 of July 28, of the Securities Market, are Governing Bodies of the National Securities Market Commission:

a) The Council

b) The President

c) The Vice President

d) The Executive Committee

Section 2 Of The Council

Article 6. Powers of the Council.

1. The CNMV shall be governed by a Council, which shall be responsible for the exercise of all the powers referred to in Article 4 of this Regulation.

2. For the purposes of such functions, the Council shall have, inter alia, the following powers:

a) Approve the Circulars referred to in Article 15 of the Securities Market Act.

b) Approve the CNMV's Rules of Procedure.

c) Approve the Commission's predraft budgets.

d) Constituency of the Executive Committee, governed by Article 18 of the Securities Market Act.

e) To appoint and cease the Directors-General, Directors of Division and Directors Adjointly of the CNMV, on a proposal from the President.

f) Approve the annual reports referred to in Article 13 of the Securities Market Act and Article 4.3 of this Regulation.

g) Approve annually a Memory on the supervisory function of the CNMV.

(h) Raise the annual accounts of the financial year to the government for approval.

i) Approve or propose all those matters that legally correspond to you.

3. The Council, acting on a proposal from its President, may redistribute the functions assigned by this Regulation to the various Directorates-General or Directorates, and to determine the management centre which will have to exercise the new powers conferred on it. attribute to the CNMV. This redistribution or assignment of duties will be published in the "Official State Gazette".

4. The powers of the Council are delegated to the President, the Vice-President and the Executive Committee. The following powers may not be delegated:

a) The approval of the CNMV's Rules of Procedure.

b) The approval of the Circulars.

c) The approval of the predraft budgets.

(d) The lifting of the annual accounts of the financial year to the government.

e) Those other faculties that, by law with a range of law, are inselectable.

In any event, the Council shall be informed, in the manner determined by the Council, of any decisions or decisions taken by delegation.

5. The Council may at any time revoke the delegated delegations.

Within three months of the holding of any member of the Council, the Council shall, in extraordinary session, confirm, amend or revoke, in an express manner, each and every one of its delegations of powers in the Chair, the Vice-President or the Executive Committee.

6. The delegations, as well as their modifications and revocations, will be published in the "Official State Gazette".

Article 7. Composition and appointment.

1. The Council shall be composed of the following members:

(a) A President and a Vice-President, who shall be appointed by the Government, on a proposal from the Minister of Economy, among persons of recognised competence in matters relating to the stock market.

b) The Director General of the Treasury and Financial Policy and the Deputy Governor of the Bank of Spain, who will have the character of National Directors.

(c) Three Directors, appointed by the Minister of Economy among persons of recognised competence in matters relating to the stock market.

2. He will act as Secretary, with voice but no vote, the Director General of the Legal Service. The Council of the CNMV shall appoint a Deputy Secretary to replace the Secretary in the case of vacancy, absence or disease.

Article 8. Duration of the command.

1. The term of office of the President, of the Vice-President and of the Counsellors shall be four years, at the end of which it may be renewed for one time.

If, during the period of his term of office, the term of office of the President, the Vice-President or any of the non-natos is terminated, his successor shall cease at the end of his predecessor's term of office. Where the latter ceases to occur before a year has elapsed since the appointment, the limit laid down in the last subparagraph of the preceding paragraph shall not apply, and the term of office may be renewed twice.

2. Prior to the two months prior to the expiration of the terms of office of the President, the Vice President or the Non-Natally Directors, the Chairman of the National Securities Market Commission, or who will legally replace him, will request the Minister of Economy the initiation of the formalities for the appointment of the same.

If, during the four-year period for which the President is appointed, the Vice-President or the non-born Vocals is vacant, the President of the Commission, or who legally replaces him, shall proceed with the same (a) in the form set out in the preceding paragraph, in order to make the corresponding appointment for the remainder of the term of office.

Article 9. Cessation of the members of the Council.

1. The President and the Vice-President shall cease to be charged for the following reasons:

a) Expiration from the term of your command.

b) Renunciation accepted by the Government.

c) Separation agreed upon by the Government for serious non-compliance with its obligations, permanent incapacity for the exercise of its function, incompatibility with or conviction for intentional crime, subject to the instruction of a file by the Ministry of Economy.

2. The same causes of cessation shall apply to non-natos members, corresponding to the acceptance of the waiver or to agree the separation of the Minister of Economy.

3. The file to be instructed to agree the separation shall be contradictory.

4. Except in the case of separation, the President, the Vice-President and the non-naturates shall continue in the exercise of their duties until they have taken possession of them.

Article 10. Incompatibilities and duty of secrecy.

1. The President, the Vice President and the Directors of the National Securities Market Commission will be subject to the regime of incompatibilities and control of interests established in Law 12/1995, of May 11, of Incompatibilities of the Members of the Government of the Nation and the High Charges of the General Administration of the State.

2. The President, the Vice-President and the Directors, when they cease in office and for the next two years, will not be able to engage in any professional activity related to the stock market and will be entitled to receive the financial compensation. established in Royal Decree 1079/1992 of 11 September 1992.

3. The members of the Council shall keep secret, even after they have ceased their posts, of any confidential or confidential information they have been aware of in the performance of their duties.

Article 11. Remuneration scheme.

The members of the Council shall receive the remuneration fixed by the Minister of Finance, in accordance with the legal procedure established for the High Charges of Entes and Entities of Public Law.

Section 3 of the President, the Vice President, the Directors and the Secretary

Article 12. The President.

1. The Chairman of the National Securities Market Commission, which shall also be the Chairman of the Board and the Executive Committee, shall perform the following functions:

a) Ostend the legal representation of the Commission.

(b) agree to the convening of the ordinary and extraordinary sessions of the Council and the Executive Committee of the CNMV, to set its agenda, to moderate the development of the debates, to suspend the meetings for justified reasons and Settle the draws with your vote of quality.

c) Ensure compliance with laws.

d) Visas the minutes and certifications of the agreements adopted by the collegiate bodies that I chair.

e) Communicate to the Government or the Minister of Economy those agreements adopted by the Council and the Executive Committee on which such bodies are required to know.

f) Exercise the actions and resources that correspond to the National Securities Market Commission in defense of its interests.

g) To direct and coordinate the activities of all the management bodies of the CNMV.

(h) Submit to the Council, for approval, the preliminary draft budgets.

i) Dispose of expenses and order payments from the Commission.

j) Celebrate the contracts and conventions of the CNMV.

k) Play the top leadership of all Commission staff.

l) Sign and order the publication of the National Securities Market Commission circulars.

ll) Exercise the powers that the Council expressly delegates to it.

m) Resolve all issues not reserved or legally or legally attributed to other organs.

n) Exercise the other functions assigned to you by the current legal order.

2. In the case of vacancy, absence or illness, the President shall be replaced by the Vice-President and, failing that, by the longest-serving non-nato Counselor and, at the same age, by the oldest.

3. The President may delegate his or her powers to the Vice-President, to the non-national members or to the Directors-General of the Commission, in the field of their respective powers, except those which, by their nature, are inselectable.

4. The President may direct the activities of the bodies which are hierarchically dependent on them by means of service instructions. In addition, and in consideration of the general interest, impact or scope of these instructions, you may order your publication in the "Official State Gazette".

Article 13. The Vice President.

1. The Vice President of the CNMV has the following attributions:

a) Replace the President in the cases of vacancy, absence or illness.

b) Chair of the CNMV Advisory Committee.

(c) Part, as Vice-President, of the Council and of the Executive Committee of the CNMV.

d) Exercise the functions that the President or the Council delegates to him.

(e) Develop, as a member of the Council, the tasks referred to in Article 14.1 of this Regulation.

2. In the case of vacancy, absence or illness, the Vice-President shall be replaced by the longest-serving non-nato Counselor and, on an equal basis, by the oldest.

Article 14. The Counselors.

1. Corresponds to the Directors of the CNMV:

a) Attend Council sessions.

b) Exercise their right to vote, formulate, where appropriate, particular votes, as well as express the meaning of the vote and the reasons that justify it.

c) Receive, at least forty-eight hours in advance, the call containing the agenda of the meetings. Information on the topics on the agenda will be available to members in the same time.

d) Get the documents, reports, background and data that are necessary for the development of their functions.

e) Submit requests and suggestions for inclusion on the agenda of meetings.

f) Formulate pleas and questions.

g) Exercise the President's own powers, which he delegates to them.

(h) Request the holding of extraordinary meetings of the Council, as provided for in Article 17.3 of this Regulation.

i) In general, exercise the powers conferred on the members of the collegiate bodies by Article 24 of Law 30/1992, of 26 November, of the Legal Regime of Public Administrations and of the Administrative Procedure Common.

2. Members of the Executive Board shall also be members of the Executive Board and shall also exercise the functions of management, coordination and control entrusted to them by the Council or its President.

Article 15. The Secretary.

1. The Secretary of the Council of the National Securities Market Commission, which will also be the Executive and Advisory Committees, has the following powers:

(a) Advise the Council, its members, and the other collegiate bodies of the CNMV.

b) To call for meetings of all the collegiate bodies, on the order of the President.

(c) Receive the notifications, requests, corrections or any other letters from the members of the Council and the other collegiate bodies that you should be aware of on the basis of the charge.

d) Prepare for the affairs of the Council and the other collegiate bodies of the CNMV, and draft and authorize the minutes of their meetings.

e) Exorder certifications from the reports, opinions, and agreements approved by the collegiate body.

f) Exercise those other functions that are inherent in the status of Secretary.

2. In case of vacancy, absence or illness, the Secretary of the Council shall be replaced by the Deputy Secretary.

Section 4. Of The Executive Committee

Article 16. Composition of the Executive Committee.

1. The Executive Board shall be composed of the President, the Vice-President and the non-national Directors of the Commission.

2. They may attend meetings of the Executive Committee, with a voice and without a vote, the Directors-General and those other directors of the CNMV who are expressly called by the President, taking into account the matters to be dealt with.

3. These are the competencies of the Executive Committee:

a) Prepare and study the issues to be submitted to the CNMV Board.

b) To study, report and deliberate on the issues to be considered by the President.

(c) Coordinate the actions of the different management bodies of the Commission, without prejudice to the powers that correspond to the President.

(d) To approve, in the sphere of private law, the property acquisitions of the Commission and to dispose of its assets.

(e) to resolve the administrative authorities assigned to it by delegation of the Council, as well as to exercise those powers that the Council expressly delegates to it.

4. He shall be the Secretary of the Executive Committee, with a voice and without a vote, the Secretary of the Council of the CNMV.

CHAPTER IV

The functioning of the Board, the Advisory Committee and the Executive Committee of the National Securities Market Commission

Section 1 of the CNMV Council and its Advisory Committee

Article 17. Meetings.

1. The Board of the National Securities Market Commission may meet in ordinary and extraordinary sessions.

2. The Council shall normally hold one session each month.

3. The members of the Council may request the holding of extraordinary meetings, which shall be convened whenever the request has been made by at least two members. The application shall expressly state the order of the day of the call.

The call for extraordinary sessions shall be held within 10 working days of the submission of the application.

Article 18. Quorum.

1. For the valid constitution of the Council, for the purposes of the holding of meetings, deliberations and adoption of agreements, the presence of the President and the Registrar or, where appropriate, of those who replace them shall be required, and at least half of their members.

2. Members of the Council shall attend their meetings in person. They may also grant their representation to another member of the same.

Article 19. The order of the day.

1. The order of the day of the meetings of the Council shall be fixed by the President, taking into account, where appropriate, the requests of the other members made in good time.

2. No matter which is not on the agenda may not be the subject of deliberation or agreement unless all the members of the Council are present and the urgency of the matter is declared by the majority vote.

Article 20. The votes.

1. The agreements shall be adopted by a majority of votes of those present.

2. The draws shall be settled by the President, by means of his or her vote of quality.

Article 21. Minutes.

1. The minutes shall necessarily specify the assistants, the agenda of the meeting, the circumstances of the place and time at which it has been held, the main points of the deliberations, and the content of the agreements adopted.

2. The minutes shall include, at the request of the members of the body, the vote against the agreement adopted, the abstention and the reasons for the vote or the vote in favour.

3. Members who disagree with the majority agreement may make a special vote in writing within forty-eight hours, which shall be incorporated in the relevant minutes.

4. Where the members of the Council vote against or abstain, they shall be exempt from the liability which, where appropriate, may result from the agreements.

5. The minutes shall be adopted in the same or the following session and may, however, be issued by the Registrar certifying the specific agreements which have been adopted, without prejudice to the subsequent approval of the minutes. In any event, the certificates issued prior to the approval of the minutes shall expressly state such a circumstance.

6. The deliberations of the Council have a reserved character and must be kept secret by those who, by reason of their duties, have knowledge of them.

7. Those who credit the ownership of a legitimate and direct interest may apply to the Secretary of the Council for certification of matters affecting them.

Article 22. Advisory Committee.

The Advisory Committee of the National Securities Market Commission is the advisory body of its Board, and is governed by the provisions of Royal Decree 504/2003 of 3 May and its implementing rules.

Section 2 Of The Executive Committee

Article 23. Meetings.

1. The Executive Committee shall meet in the following cases: (a) prior to the holding of a meeting of the Council of the CNMV; (b) when it is required to agree on any administrative authorization or to exercise those other powers delegated to it by the Council. (c) to coordinate the actions of the different management bodies of the CNMV; (d) whenever the President calls it, for the purpose of studying, informing and deliberating on the matters he considers appropriate.

2. Meetings of the Executive Committee shall be held, in an ordinary manner, on Thursday of each week.

3. The permanent monitoring and control of all external inspection and supervision activities of the CNMV shall be the responsibility of the Executive Board. The same collegiate body shall, in relation to such activities, raise the proposals for the opening of sanctioning dossiers to the Council.

Article 24. Quorum.

1. For the valid constitution of the Executive Committee, the first call shall require the presence, at least, of the President and of the Secretary or, where appropriate, of those who replace them and of the half, at least, of their members.

2. On the second call, the Executive Committee shall be validly constituted with the presence of the President and the Secretary or, where appropriate, of those who replace him and two members, at least, of the Committee.

3. The Directors-General or managers of the CNMV, who are expressly called upon by the President, may attend the meetings of the Committee, with a voice and without a vote, taking into account the matters to be dealt with.

4. Members of the Executive Committee shall attend their meetings in person. They may also give their representation to another member of the Committee.

Article 25. The order of the day.

1. The order of the day of meetings of the Executive Board shall be fixed by the President, taking into account, where appropriate, requests from other members.

2. No matter which does not appear on the agenda may not be the subject of deliberation or agreement unless the urgency of the matter is declared by the majority of its members.

Article 26. Minutes and votes.

1. The rules and rules laid down in Articles 20 and 21 of this Rules of Procedure for the Council of the CNMV shall apply to the minutes and votes of the Executive Committee.

2. The deliberations of the Executive Committee are reserved.

CHAPTER V

The management bodies of the National Securities Market Commission

Article 27. The Directorates-general.

1. The National Securities Market Commission, under the top leadership of its President, is structured in the following Directorates-General:

a) General Address of Entities.

b) General Directorate of Markets and Investors.

c) General Directorate of the Legal Service.

2. The following management bodies shall be directly dependent on the President, such as support or advisory bodies:

a) Directorate of Studies and Statistics.

b) Directorate of International Relations.

3. Under the top leadership of the President of the CNMV and the immediate dependence of the Vice-President, the following management bodies will perform their duties:

a) Information Systems Address.

b) General Secretariat.

4. The Council of the CNMV may, on a proposal from its President, create an accompanying Directorate to develop those other activities of direct support or advice to the Presidency that are uniquely determined.

5. The appointments of the Directors-General must be published in the "Official Gazette of the State".

Article 28. Duties of Directors-General and Directors attached to the President or Vice-President.

Directors General and Directors directly attached to the President or Vice President shall have the following privileges:

a) Coordinate and monitor the activities that are attributed to this Interior Regime Regulation.

b) Lead and organize integrated services in the corresponding Address.

c) Propose to the President, for elevation to the Council or the Executive Committee, matters whose knowledge or resolution corresponds to these collegiate bodies.

(d) Submit to the President and the Vice-President the matters for which they are addressed.

e) Initiate and promote, in the field of their competencies, the procedures for the elaboration and approval of Circulars.

f) Formalize and subscribe the documents, reports, and proposals that correspond to the Address.

g) Make, within the scope of its powers, the requirements or requests for a report to be addressed to the entities and natural persons subject to the supervisory regime provided for in Chapter I of Title VIII of the Law of the Stock Market.

h) Analyze and follow the evolution of your competition's own affairs.

i) Exercise those other functions attributed to you by this Rules of Procedure.

Article 29. General Direction of Entities.

1. It is for the General Directorate of Entities to exercise the following functions:

(a) To instruct, report and process the files for the authorization of new Securities Companies, Securities Agencies or Management Companies, as well as the files on modification of the social statutes of such companies, on the services provided by them, or those related to the revocation of the authorisations granted.

(b) To instruct, report and process the files for the authorization of new institutions of Collective Investment and Capital-Risk Entities, as well as the files on modification of their social statutes, regulations, or related to the revocation of the granted authorizations.

c) to process the registration files relating to the constitution, the social statutes or their amendments, to the declarations of activities, to the depositories, to the standard contracts, to the rates and to the significant holdings of the companies, agencies, institutions or entities referred to in points (a) and (b) of this paragraph.

d) Monitor and inspect investment services companies and agents or proxies.

e) Oversee and inspect the Collective Investment Institutions regulated by Law 46/1984 of 26 December, and verify compliance by the same of the legally established obligations, provided that such powers are not expressly attributed to other bodies.

f) Monitor, check and investigate the activities of the Capital-Risk Entities, as well as those of their Management Societies.

2. The General Direction of Entities is structured in the following Divisions:

(a) Authority and Entity Records, to which the exercise of the activities referred to in points (a), (b) and (c) of the previous paragraph shall be carried out.

(b) a Supervisory Directorate, to which the activities referred to in points (d), (e) and (f) of the previous paragraph are carried out.

Article 30. General Direction of Markets and Investors.

1. It is for the Directorate-General for Markets and Investors to exercise the following functions:

(a) To instruct, report and process the files relating to the issue of securities, the admission of securities to trading, and public bids for the acquisition and sale of securities.

(b) To process the records of the registration of the acts, documents and facts corresponding to the matters referred to in the preceding paragraph.

(c) Control and analyse communications on significant holdings in listed companies, as well as on the self-portfolios held by them.

d) Control communications about relevant information from the issuer of securities.

e) Spread the information of a public nature relating to the activities referred to in the preceding letters.

f) Oversee the collecting societies, the members of the securities secondary markets, the securities clearing and settlement services and the Stock Exchange Company.

g) To instruct, in the cases legally applicable, the files on suspension of securities trading on the official markets, or on the exclusion of the negotiation of certain securities.

h) Spread among investors the necessary information on stock markets, investment firms, collective investment funds, venture capital institutions and, in general, on how many issues They are in the improvement and protection of investment in primary and secondary stock markets.

i) Organize courses, seminars, round tables and conferences for the appropriate information of investors and, where appropriate, for the training and professional improvement of the same.

j) Control, verify and analyze the audit reports on the accounts of the Securities and Companies Companies and the Companies with securities admitted to trading, as well as to process the corresponding registration files in Special Records.

k) Control, verify and analyze the periodic information to be sent to the CNMV the companies mentioned above, as well as to process the corresponding registration files.

l) Develop those other functions which, in relation to the audit of accounts and the accounts of the companies with securities admitted to trading, are attributed to the CNMV.

ll) Monitor and inspect activities developed in the stock markets.

2. The General Directorate of Markets and Investors is structured in the following Divisions:

(a) Address of Primary Markets, which shall carry out the functions listed in points (a), (b), (c) and (e) of paragraph 1 of this Article, and those corresponding to point (ll) of the same paragraph.

(b) Directorate of Secondary Markets, which shall carry out the functions described in points (d), (f) and (g) of paragraph 1 of this Article, and those corresponding to point (ll) of the same paragraph.

(c) Address of Investors, which shall perform the functions described in paragraph 1 (h) and (i).

(d) Directorate of Financial and Accounting Reports, which shall perform the functions referred to in points (j), (k) and (l) of paragraph 1 of this Article.

Article 31. Directorate-General of the Legal Service.

1. It is for the Directorate-General of the Legal Service to exercise the following tasks:

(a) Legally advise the President, the Vice-President, the Directors and the Directorates-General or Directorates of the CNMV in the performance of their duties.

b) Examine, report in law and, where appropriate, elaborate the Circulars and resolutions of the CNMV.

c) Inlegally inform matters that are raised to the approval, resolution or knowledge of the Council or the Executive Committee of the CNMV.

d) Report on the projects and draft provisions relating to the CNMV or those other than those submitted for consultation.

e) Collaborate in the defense in the judgment of the CNMV.

f) To instruct the sanctioning files that correspond to the CNMV.

g) Propose the adoption of the provisional measures that are necessary to ensure the effectiveness of the resolutions in the sanctioning procedures.

h) Formulate proposals for resolution of sanctioning files.

i) To provide assistance, collaboration or advice to the Judges and Courts in the exercise of their duties.

j) Collaborate with the competent authorities of foreign States in the cases referred to in Article 90 of the Securities Market Act.

k) Develop the functions inherent in the Secretaries of the Council, the Executive Committee and the Advisory Committee of the CNMV.

2. The Directorates-General, Directorates and other services of the CNMV shall refrain from direct relations with the courts. All relations of such nature must be carried out through the Directorate-General of the Legal Service, who must know, as quickly as possible, all communications received from the Judges and Courts.

3. The Directorate-General of the Legal Service is structured in the following divisions:

(a) Directorate of Legal Counsel, which shall be responsible for the exercise of the tasks assigned in points (a), (b), (c), (d) and (k) of the previous paragraph.

(b) Address of the Contentious Service and the Santioner Regime, which shall be the responsibility of the exercise of the functions listed in points (e), (f), (g), (h), (i) and (j) of the same paragraph.

Article 32. Addresses directly attached to the Presidency and Vice-Presidency.

1. They shall perform their duties under the direct dependence of the President of the CNMV on the following management bodies:

a) Directorate of Studies and Statistics.

b) Directorate of International Relations.

2. It will be for the Directorate of Studies and Statistics: a) the elaboration of the memoirs and the annual reports on the development of the activity of the CNMV and on the situation of the financial markets; b) the carrying out of studies, works (c) the compilation and maintenance of the Commission's statistical information; and (d) the promotion and distribution of publications of interest to the CNMV.

3. It shall be the responsibility of the Directorate for International Relations: (a) coordination of the participation of the CNMV in international institutions and programmes related to the securities markets; (b) advice to the President and other senior bodies and managers of the Commission in relation to relations (c) the preparation of reports, studies and proposals to define the position of the CNMV in the international bodies, commissions and committees in which it participates; (d) the follow-up of the Regulations and Directives Community, as well as the Memorandums of Understanding (MOUS) and e) knowledge of the issues related to the bodies, committees and other international fora that maintain relations with the CNMV.

4. Under the top leadership of the President of the CNMV and the immediate dependence of the Vice-President, the following management bodies will perform their duties:

a) Information Systems Address.

b) General Secretariat.

5. It will be the responsibility of the Information Systems Directorate: (a) Planning and managing the IT services of the CNMV; (b) Designing, programming, implementing and maintaining the Commission's IT applications; (c) Providing technical assistance to the (d) To draw up the general criteria for the assessment and selection of computer equipment; (e) to direct and coordinate the National Agency for the Coding of Securities.

6. It shall be for the General Secretariat: (a) to assist the government, the administration and the internal system of the Commission; (b) to administer the human resources of the CNMV; (c) to coordinate the economic management of the body, to keep its accounts, to draw up the preliminary draft budgets, to process its (d) to direct and organise the general services of the registry, archive, security, surveillance, communications, conservation and maintenance of the CNMV; and coordinate the various special registers; (f) instruct and process the administrative procurement.

Article 33. Replacement of the Head of the Directorates-General.

1. The Director-General of Entities, the Director-General of Markets and Investors and the Director-General of the Legal Service shall propose to the President the Directors dependent on each of them who will supply them in the cases of vacancy, absence or disease.

The Resolution approving such suplences will be published in the "Official State Gazette".

2. In the absence of the above paragraph, the Directors-General shall be supplied by one of the Division Directors who are dependent on them, in accordance with the order of precedence in which they are regulated in this Regulation. Internal Regime.

Article 34. CNMV records.

1. Within the CNMV, a General Register shall be carried out in which the corresponding seat of all the written or communications presented therein shall be made or received by any other service or unit of the Commission.

This same Registry shall record the outputs of the written and official communications addressed to other bodies, entities, companies or individuals.

2. In addition to the General Register referred to in the preceding paragraph, the following Special Records shall be carried out on the CNMV, in which the acts, facts, documents and communications which, in each case, correspond:

2.1 Records related to Securities Broadcasting Companies.

a) Registration of the Accounting Entities of the Accounting Records of the Securities Emissions.

b) Public Scripture Registry of Securities Emissions.

c) Record of Communications of Securities Emissions Projects.

d) Registration of Credit Documents related to Securities Emissions.

e) Registration of Public Information of Securities Broadcasters.

f) Record of Reports of Audits of Accounts of Securities Broadcasters.

g) Registration of Information Booklets of Securities Broadcasters.

h) Registration of Holders of Significant Holdings in Securities Broadcasters.

i) Registration of Relevant Facts on Securities Broadcasters.

j) Registration of Public Procurement of Securities Acquisition.

2.2 Investment Services Business Records:

a) Registration of Securities Companies, Securities Agencies, and Portfolio Management Societies.

b) Registration of Agents of Securities Companies, Securities Agencies, and Portfolio Management Societies.

c) Registration of Accounts Audits of Investment Services Companies.

d) Registration of Foreign Investment Services Companies providing services in Spain.

e) Registration of Significant Holdings in Investment Services Companies.

2.3 Records related to Collective Investment Institutions:

a) Register of Capital Investment Companies of Fixed Capital.

b) Registration of Capital of Variable Capital Investment Companies.

c) Registration of Mobilise Investment Funds.

d) Registration of Investment Funds in Money Market Assets.

e) Registration of Real Estate Investment Companies.

f) Registration of Real Estate Investment Funds.

g) Registration of Corporate Investment Institutions Managers.

h) Register of Depositary of Collective Investment Institutions.

i) Registration of other Collective Investment Institutions.

j) Registration of Significant Holdings in Collective Investment Institutions.

k) Registration of Brochures, Quarterly Reports, Annual Memoirs, and Audits.

l) Registration of Foreign Collective Investment Institutions marketed in Spain.

ll) Registration of Companies for the Property of Real Estate Collective Investment Institutions.

2.4 Capital Entities Related Records-Risk:

a) Registration of Corporate Managers of Capital-Risk Entities.

b) Registration of Capital-Risk Societies.

c) Capital-Risk Funds Register.

d) Registration of Significant Holdings in Capital-Risk Entities.

e) Registration of Brochures and Annual Memoirs of Capital-Risk Entities.

2.5 Other Records:

a) Registration of Entitlement Fund Information Brochures.

b) Registration of Entitlement Fund Accounts Audits.

(c) Registration of Fees of Entities acting on the Stock Market.

d) Record of Contracts-Type of Entities acting on the Stock Market.

e) Registration of sanctions imposed, for the last five years, by the commission of serious and very serious infringements.

f) Record of Accounts of Accounts of Accounts of the Companies Rector of the Markets, Society of Bags and Service of Compensation and Settlement of Securities.

3. The registration in the Special Records of the CNMV shall be mandatory, except in those cases where the contrary is expressly provided.

4. The filing of documents, letters and communications for registration in any of the Special Records shall be carried out, in any case, through the General Register of the CNMV, without prejudice to the subsequent referral of the file, to its processing, to the appropriate Directorate-General for the matter.

5. All CNMV records are public in character.

CHAPTER VI

Of the various procedures for handling matters

Section 1. of the cases corresponding to the Council

Article 35. The Circulars of the CNMV.

1. The CNMV may dictate, for the proper exercise of the powers conferred on it by Law 24/1988, of July 28, of the Stock Market or other provisions with the rank of Law, and in accordance with the provisions of Article 15 of the Law of the Market -the provisions requiring the development and execution of the rules contained in the Royal Decrees approved by the Government or in the Orders of the Ministry of Economy, provided that such provisions expressly enable it to this.

2. The Director-General of Entities, the Director-General of Markets and Investors, and the Director-General of the Legal Service, within the scope of their respective powers, or the Directors directly attached to the Presidency or the Vice-Presidency, which are expressly authorized by the President, shall order and direct the projects of Circulars.

3. The Circular Project shall be initiated by means of a technical report, signed by the Director concerned, consisting of the following parts:

a) Specifying the enabling rule or rules to dictate the disposition.

(b) Justification of the need for the provision, as well as of the technical measures or solutions that are proposed and of the objectives to be achieved.

c) Circular Project.

4. The technical report referred to in the preceding paragraph shall, in any case, have the required legal or legal report issued by the Directorate-General of the Legal Service.

5. The dossier shall be completed by the Director corresponding to the Council of the Commission, through its Secretariat.

6. Whenever the Council considers it appropriate, the Project shall forward it, for its report, to the Advisory Committee of the CNMV.

7. Once the preceding procedures have been completed, the Circular Project will be submitted to the final approval of the Council of the CNMV, without in any case the delegation of this faculty in any other governing body.

8. The Circulars shall be published in the "Official State Gazette" and shall enter into force in accordance with Article 2 of the Civil Code.

Article 36. Of the sanctioning procedure.

1. The opening, instruction and sanction in the sanctioning procedures corresponding to the CNMV shall comply with the following provisions:

(a) To the rules and rules laid down in Chapter II of Title VIII of Law 24/1988 of 28 July of the Stock Market.

b) To the precepts of Law 26/1988, of July 29, of Discipline and Intervention of Credit Entities, expressly mentioned in Article 98 of the Law of the Market of Securities.

(c) To the provisions of Article 89 of the Law on Companies, approved by Royal Decree-Law 1564/1989 of 22 December 1989.

(d) To the provisions of Royal Decree 2119/1993 of 3 December on the sanctioning procedure applicable to subjects acting on financial markets.

e) Substitute, to the rules contained in Royal Decree 1398/1993, of 4 August, for which the Rules of Procedure for the Exercise of the Sanctioning Authority are approved.

2. The sanctioning procedure shall always be initiated on its own initiative, by agreement of the Council of the National Securities Market Commission, either on its own initiative, or as a result of a reasoned report of the services, or denunciation.

3. Where the procedure is initiated as a result of a reasoned report on the services, the procedure shall be signed by the Director-General concerned and shall specify the possible breaches, the rule or rules allegedly infringed and The circumstances may clarify or specify the irregular conduct. The report shall have the appropriate legal opinion, issued by the Directorate-General of the Legal Service. In any event, the proposed opening of the sanctioning files shall be the responsibility of the Executive Committee of the CNMV. The same treatment will be followed in cases of complaint.

4. When the Commissioner for the Defence of the Investor, in accordance with the provisions of Article 24 of Law 44/2002, of November 22, warned of signs of non-compliance or breach of the rules of transparency and protection of the The Commission shall send the file to the President of the CNMV, who shall, where appropriate, order the Directorate-General responsible for the matter to carry out the appropriate inspection and supervision measures. The processing of such files shall be in accordance with the provisions set out in the preceding paragraph.

Article 37. The processing of other matters for which the decision or decision falls to the Council.

1. Those other matters not referred to in Articles 35 and 36 of this Regulation, the decision or resolution of which falls within the Council of the CNMV, shall be raised to the same prior to the following formalities:

(a) On an initial basis, it is necessary to draw up a technical report, which shall be signed by the Director-General or Director to whom it corresponds.

(b) Where appropriate, the report shall be accompanied by a proposal for an agreement.

(c) Where appropriate, the Director-General of the Legal Service shall report on the legality of the proposed decision or decision.

(d) The preceding procedures shall be completed, the matter shall be raised by the Director-General or Director to whom it corresponds to the decision or decision of the Council of the CNMV.

2. Matters whose resolution has been delegated by the Council to the President, the Vice-President, or the Executive Board shall remain the same as the case referred to in the preceding paragraph, but the decision or decision shall correspond directly to the organ enabled for effect.

Section 2. Of the internal operating procedures of the CNMV

Article 38. Rules of general application.

The procedures that the National Securities Market Commission, in the exercise of the public functions that correspond to it, will accommodate the norms of Law 30/1992, of November 26, of Legal Regime of the General Administration and the Common Administrative Procedure, and the accompanying provisions resulting from implementation.

Article 39. Internal operating procedures.

The National Securities Market Commission will have the following internal operating procedures:

1.) Internal procedures in the field of entities and persons involved in the Securities Market.

a) Procedures for the authorization of Investment Services and Collective Investment Institutions.

b) Procedures on communications and information of Investment Services Companies, Collective Investment Institutions and Capital-Risk Entities.

(c) Procedures on the supervision and inspection of the Companies, Institutions and Entities involved in the Secondary Securities Markets.

(d) Procedures on the modification of the statutes, regulations and services provided by the Companies, Institutions and Entities involved in the Secondary Securities Markets.

e) Procedure for the formulation of requirements and requests for data and reports to the Companies, Institutions and Entities acting on the Stock Market.

2. º) Internal procedures in the scope of the issue of securities.

a) Procedure for processing the issue of securities issues.

(b) Procedure for the processing of admission files for the negotiation of certain securities.

(c) Procedures for the suspension and exclusion of trading of certain securities on official markets.

d) Procedures for the processing of the Public Procurement and Sale of Securities Offerings.

e) Procedures on the periodic information of the issuing entities.

f) Procedure on communicating relevant facts.

g) Procedures on the communication of significant shareholdings in listed companies and on the acquisition of own shares.

(h) Procedures on the supervision of the collecting societies, the members of the secondary markets, the securities clearing and settlement services, and the Stock Exchange Company.

3.) Internal procedures in the field of Administration and Services:

(a) Procedure for the administration, settlement, notification and collection of the fees applicable for the activities and services provided by the CNMV.

b) Procedure for the codification of marketable securities and other instruments of a financial nature.

c) Staff recruitment and recruitment procedures.

d) Procedure for managing service commissions.

e) Economic management procedures.

f) Administrative procurement procedures.

Article 40. Elaboration and approval of the internal operating procedures of the CNMV.

1. The preparation of the projects on internal procedures for the operation of the CNMV shall be the responsibility of the competent Directorate for the matter and the General Secretariat.

2. The internal operating procedures shall, in all matters relating to their formalities, time limits, content of communications, require standard models and other requirements to the provisions referred to in Article 38 of this Regulation. Rules of the Interior Regime and the rules contained in the Royal Decrees, Ministerial Orders and Circulars of the CNMV that regulate the different subjects.

3. The initial draft of the internal operating procedures shall be drawn up by the competent Directorate-General for the purpose of the matter, in accordance with the guidelines and models approved by the President.

4. Projects on internal operating procedures shall be submitted to the General Secretariat, with the aim of homogenising and completing its content.

5. The Directorate-General of the Legal Service shall, in any case, issue a report of legality.

6. The approval of the internal operating procedures shall be the responsibility of the Executive Committee of the CNMV, on a proposal from its Chairman.

7. The procedures shall be signed by the President of the CNMV and shall take the form of instructions for service.

8. The President of the CNMV, in consideration of the general interest, impact or scope of the proceedings, may order its publication in the "Official Gazette of the State".

Article 41. Internal control of the operating procedures of the CNMV.

1. Under the direct dependence of the Executive Committee of the CNMV, there shall be an internal control body, which shall exercise its functions in accordance with the principles of impartiality, objectivity and avoid the production of conflicts of interest to which it is refers to the second paragraph 1 of Law 44/2002 of 22 November of the Financial System Reform Measures.

2. It shall be for the internal control body referred to in the preceding paragraph the exercise of the following functions:

(a) Report to the Executive Committee on compliance, speed in the processing and suitability of the procedures established for the supervision and inspection of companies, institutions and entities involved in Secondary Stock Markets.

b) Inform the Executive Committee on compliance, speed in the processing and suitability of the procedures established for the supervision and inspection of the collecting societies, the members of the markets, securities clearing and settlement services, and the Stock Exchange Company.

(c) In general, monitor and monitor the correct application of the procedures referred to in Articles 35, 36, 37 and 39 of this Regulation, and raise the proposals, suggestions and observations to the Executive Committee; consider appropriate in relation to them.

3. The National Securities Market Commission shall, in accordance with the provisions of the second provision of Law 44/2002, draw up an annual report on the supervisory function developed by the Commission. This memory, which must be approved by the Council, will include a specific report of the internal control body on the adequacy of the decisions taken by the governing bodies of the CNMV to the procedural rules applicable in each case.

4. The holder of the control body referred to in this Article shall be appointed by the Council of the CNMV, on a proposal from its President, and shall have the category to be determined by the latter.

5. The Council of the CNMV shall approve the structure of the control body referred to in this Article, authorise its annual action plan, and provide the necessary instructions for its proper functioning.

CHAPTER VII

From staff to the CNMV Service

Section 1. Nature, templates and categories of staff

Article 42. Nature and classes of personnel.

1. The staff of the CNMV shall be subject to the same by a relationship of employment services.

2. As a general rule, the staff of the CNMV will have the status of permanent staff.

3. Exceptionally, and with the agreement of the Council of the CNMV, it may be possible to hire non-permanent staff for the performance of jobs that cannot be attended by the fixed workforce.

Article 43. Staff and categories of staff.

The staff template of the CNMV, which will consist of all the existing jobs in the CNMV, conveniently ordered by categories and bodies, will be approved by the Council, on a proposal from its President.

Section 2. Staff Selection

Article 44. General rules.

1. The selection of the staff of the CNMV, with the exception of the managerial character, shall be carried out by means of public notice and in accordance with systems based on the principles of equality, merit and capacity.

2. The Directors-General, the Directors-General, the Directors of Division and the Directors attached to the President or Vice-President are considered to be managerial staff for the purposes of this article.

3. The selection of staff who have the status of a career official of the General Administration of the State or other Public Administrations shall be made by means of a contest.

4. The selection of personnel who do not have the status of a career official shall be made through the opposition or opposition systems.

5. The CNMV may, where it considers appropriate and in accordance with the staff template referred to in Article 43 of this Regulation, convene the selective processes to fill the vacant posts.

6. The provision of vacancies that are not newly entered shall be made, by means of competition or by free designation, according to the nature of the vacancies.

Article 45. Selective calls and processes.

1. The calls and the selective processes shall be subject, in all matters relating to review and challenge, to the minimum content of the calls, the order of action of applicants, applications, disabilities, lists of admitted and excluded and notices. for the conduct of the tests, to the requirements contained in Articles 14, 16, 17, 18, 19, 20 and 21 of the General Staff Regulations to the Service of the General Administration of the State, approved by Royal Decree 364/1995, 10 of March.

2. The selective tests corresponding to the opposition system shall consist of a written and other oral exercise, both of which are referred to a programme to be published jointly with the call. There may also be a practical exercise, the content of which will accommodate the nature of the places to be covered.

3. In the tender procedure, the degree to which the qualifications are held, the knowledge, the skills, the courses which have been completed, the jobs previously carried out and the experience of the applicants, all in relation to the job to be carried out. In any case, the call may establish the conduct of interviews for the verification and assessment of the merits.

4. By means of procedures to ensure a general dissemination, at least the number of places convened by category and the place where the basis for the call is displayed shall be announced.

5. Once the qualification of the applicants has been completed, the selection board shall make public the list of approved by order of punctuation at the headquarters of the CNMV and at the premises where the last test was held.

6. The proposed applicants shall submit to the CNMV, within 20 calendar days of the publication of the approved relations referred to in the preceding paragraph, the supporting documents of the conditions of capacity and requirements required in the call.

Who, within the prescribed period, and except for cases of force majeure, do not present the documentation or the documentation, which do not have any of the required requirements, will not be able to be hired, leaving all their actions.

Article 46. Selection bodies.

The Selection Bodies will be constituted for each call and will be made up of a President and four Vocals. He will act as Secretary one of the Vocals of the Selection Body. All members shall have a level of qualification equal to or greater than the level required for the entry into the place in question. One of the Vocals will be appointed on a proposal for the representation of the staff.

Article 47. Announcement of the start of selective testing.

Within the maximum period of one month, from the date of termination of the period provided for in each call for the submission of instances, the date, place and time of completion of the first exercise of the tests shall be published. selective, indicating in this advertisement the place where the lists of admitted are exposed.

Article 48. Proposal for approval.

Selective testing shall be concluded and the corresponding proposal for the formalisation of contracts shall be submitted to the General Secretariat, the number of which shall not exceed the number of seats convened.

Article 49. Acquisition of the condition of fixed employment personnel.

1. The President of the CNMV shall proceed with the formalization of the contracts, subject to the conditions of capacity and requirements required in the call. As long as the corresponding contract is not formalized and the applicant is incorporated into his job, he will not be entitled to any economic perception.

2. After the test period determined in each call, those who successfully pass it will acquire the condition of fixed labor personnel.

Section 3. Incompatibilities and duty of secrecy

Article 50. General Incompatibilities Scheme.

1. The staff of the National Securities Market Commission will be subject, in general, to Law 53/1984 of December 26, of Incompatibilities of Personnel to the Service of Public Administrations.

2. The staff at the service of the CNMV will perform their job position as a sole dedication.

This regime will involve absolute incompatibility with any other public or private activity and the full availability of those who perform it.

3. The following activities are exempted from the incompatibilities scheme referred to in the preceding paragraphs:

(a) Those arising from the administration of personal or family assets, without prejudice to the provisions of Article 12 of the Law on the Incompatibilities of Personnel to the Service of Public Administrations and Article 54.4 of this Regulation.

b) Participation in qualifying courts of selective testing for admission to the Public Administrations and the CNMV.

c) Literary, artistic, scientific and technical production and creation, as well as publications derived from those, provided that they do not originate as a consequence of a relationship of employment or service delivery.

d) Collaboration and occasional attendance at professional conferences, seminars, conferences or courses.

e) the training, teaching and social communication activities referred to in points (b), (d) and (g) of Article 19 of the Law on the Incompatibilities of Personnel to the Service of Public Administrations.

Article 51. Special Staff Incompatibilities Regime.

1. The staff of the National Securities Market Commission, which, by reason of the public position held, would have intervened decisively in matters relating to companies, institutions, companies or individuals acting on the market Securities may not, for the two years following such intervention, carry out private activities for the service or for the persons or entities concerned-or companies of the same group-even if it has ceased in the exercise of the office.

2. The decisive nature of the interventions referred to in the preceding paragraph shall be estimated by the Executive Board.

Article 52. Duty of secrecy.

1. The staff at the service of the CNMV must keep secret, even after they cease their duties, of any information of a reserved nature in the exercise of their job.

2. The staff referred to in the preceding paragraph shall not be able to provide a statement, testimony, or publish, communicate, display data or documents reserved, even after they have ceased the service, except for the express permission granted by the Council of the CNMV.

3. The information and actions listed in Article 90 (4) of the Securities Market Act are exempted from the obligation of secrecy in this Article.

Article 53. Obligation to communicate certain transactions.

1. The staff of the National Securities Market Commission is obliged to communicate to the General Secretariat of the CNMV, in accordance with the procedure laid down in the General Code of Conduct of the Staff of the CNMV, the operations that are listed below, whether directly or directly performed by the person in question:

(a) Subscription, acquisition, disposal or redemption of shares or obligations admitted to trading on any organised securities market.

b) Acquisition or redemption of units in investment funds.

(c) Acquisition or disposal of products derived from the actions or obligations referred to in point (a).

d) Operations on shares in companies that have announced their decision to apply for admission to trading.

2. The new entry staff must make, at the time of their incorporation into the CNMV, a formal declaration on the securities they hold, provided that they are included in the previous section of this article.

Article 54. Limitations for performing certain operations.

1. The staff of the CNMV shall not, within a period of less than 11 months from the corresponding subscription or acquisition, be entitled to the securities listed in Article 53 (1) (a) and (d

.

2. Notwithstanding the provisions of the preceding paragraph, the persons concerned may request authorization from the General Secretariat of the CNMV to carry out the disposal of such securities. The authorization shall be deemed to be granted if the request is not answered within three working days from its receipt. The refusal of authorisation shall, in any event, be reasoned.

3. The staff of the CNMV may not acquire the derivative products referred to in point (c) of Article 53, unless the operation is intended to cover a portfolio of securities.

4. The staff who are to sign a portfolio management contract, in order to manage their property, must apply for authorisation from the CNMV, in accordance with the procedure laid down in the previous number.

Article 55. Responsibility and legal/institutional support granted by the CNMV.

1. The staff at the service of the CNMV who consider that an order or instruction given does not accommodate the laws or regulations in force must, before taking it into effect, make manifest such a circumstance to the superior of whom the has received. If the superior ratifies it in writing, the subordinate staff must comply with it, being exempt from disciplinary responsibility.

2. The National Securities Market Commission shall ensure the free defense and legal advice of its authorities and personnel for the responsibilities that may arise from the acts performed in the exercise of their functions, and shall enable the precise funds for the establishment of the bonds and guarantees that they may be required to process. Except for those cases where the CNMV is acting as a claimant or an accuser, it is exempted from the express agreement of its Council.

CHAPTER VIII

Heritage, Budget and Economic-Financial Control of the National Securities Market Commission

Article 56. Heritage and economic resources.

1. The National Securities Market Commission will have its own heritage, independent of State Heritage.

2. The resources of the CNMV are integrated by the following assets, values and revenues:

(a) The assets and securities that constitute the equity and the products and income thereof.

(b) The fees you receive for the performance of your activities or the provision of your services.

(c) Transfers which, under the General Budget of the State, are carried out by the Ministry of Economy.

Article 57. Application of the economic result.

1. The benefits of each economic year obtained by the CNMV may be used for the following purposes:

a) Cover losses from previous exercises.

b) Create the necessary reserves for the financing of the investments that the CNMV must carry out for the proper fulfilment of the objectives set out in article 13 of the Law 24/1988, of July 28, of the Market of Values.

c) Create the reserves that ensure the availability of a suitable maneuver fund to your operational needs.

(d) Your incorporation as an income of the State of the financial year in which the annual accounts for the financial year have been approved.

2. The Council of the CNMV shall raise for the approval of the Government, together with the annual accounts for the financial year, a proposal for the distribution of the result, which shall be accompanied by a supporting report that, with this proposal, is duly covers the needs referred to in points (a), (b) and (c) of the previous paragraph.

Article 58. Budgets.

1. The CNMV will draw up a preliminary draft budget annually, with the structure indicated by the Ministry of Finance, and forward it to the Ministry of Finance for its elevation to the Government's agreement and subsequent referral to the General Cortes, which is integrated into the budget. State generals.

2. The approval of the preliminary draft budget shall correspond to the Council of the CNMV.

3. Changes in the budget of the CNMV shall be authorized by the Ministry of Finance when its amount does not exceed 5% of it and the Council of Ministers in other cases.

Article 59. Economic and financial control.

1. The economic and financial control of the National Securities Market Commission will be carried out exclusively through periodic checks or audit procedures, in charge of the General Intervention of the State Administration, without prejudice to the functions of the Court of Auditors.

2. The President of the CNMV shall raise the financial control reports issued by the General Intervention of the State Administration to the Council.

First transient disposition. Complaints and complaints.

Until both the Commissioner for the Defense of the Investment, referred to in Articles 22 to 27, both of them, of Law 44/2002, of 22 November, of Measures of Reform of the Financial System, the National Securities and Exchange Commission, through its General Secretariat, will continue to address the complaints and complaints filed by investors regarding their legally recognized interests and rights.

Second transient disposition. Council delegations.

Within three months of the entry into force of this Regulation, the Council of the CNMV shall review the delegations of powers in force in order to adapt them to the forecasts contained in the Articles 6.3, 12.1.ll), 13.1.d), 16.3.e) and 23.1.b) of this Regulation.

Transitional provision third. Operational input from the Financial and Accounting Reporting Directorate.

The Directorate of Financial and Accounting Reports, as referred to in Article 33.2.d) of this Regulation, shall become operational once the full powers referred to in this Regulation have been taken up by the CNMV. Article 1 (2) of Regulation (EC) No 1831/2003 shall apply.

Final disposition first. Delegation from Barcelona.

1. The National Securities Market Commission will have a Delegation in Barcelona.

2. It shall be for this delegation, under the immediate functional dependence of the Directorates-General responsible for the matter, to exercise the following powers:

a) Collaborate in the supervision of investment services companies, collective investment institutions and venture capital entities, which are based in Catalonia.

b) Receive, analyze and process the records of entities and the registration of securities issuance brochures, as long as they correspond to companies or companies based in Catalonia.

c) Inform entities, institutions, companies or investors on securities market related matters.

3. The Delegation of the National Securities Market Commission in Barcelona will have an entry record of documents, which will develop its activity under the dependency of the General Registry of the CNMV referred to in article 34.1 of this document. Regulation.

Final disposition second. Entry into force.

This Regulation shall enter into force on the day following its publication in the Official Gazette of the State.

Madrid, 10 July 2003.-President, Blas Calzada Terrados.