Key Benefits:
FELIPE VI
KING OF SPAIN
To all who present it and understand it.
Sabed: That the General Courts have approved and I come to sanction the following law:
PREAMBLE
The National Securities Market Commission (CNMV), created by Law 24/1988 of July 28, of the Securities Market, is a public law entity with its own legal personality and full public and private capacity.
Article 24 of Law 24/1988 of 28 July of the Securities Market establishes that the resources of the CNMV will be integrated, among others, by the fees it receives for the performance of its activities or the provision of its services. services.
Article 13 of Law 22/1993 of 29 December 1993 on tax measures, the reform of the legal system for public service and the protection of unemployment, after determining the essential elements of these charges, authorizes the Government to agree on its implementation and develop its regulation.
According to the aforementioned authorization, various regulatory norms of the rates of the CNMV have been dictated, keeping from among all of them in force Royal Decree 1732/1998, of July 31, on charges applicable for the activities and services provided by the National Securities Market Commission. This Royal Decree has been modified in the first place by the successive laws of general budgets of the State that have been updating the fixed rates of the rates of the State Treasury, with the generic objective of neutralizing the The Court of Justice held that the Court of Justice of the European Court of Justice of the European Communities, of the Court of Justice of the European Communities, of the Court of Justice of the European Communities, of the Court of Justice of the European Communities, of the Court of Justice of the European Communities, of the December, regulation of the institutions of collective investment in relation to the companies and funds of property investment and other financial measures are available, in order to make small changes in the taxable facts that fall on the register of brochures; and finally, by Law 23/2005 of 18 November, of reforms in the field of Tax on the boost to productivity, with the aim of improving the competitiveness of the financial market and adapting to the new framework of increased competition imposed by Directive 2003 /71/EC of the European Parliament and of the Council of 4 November 2003, on the prospectus to be published in the event of a public offer or admission to trading values and amending Directive 2001 /34/EC.
Article 10 of Law 8/1989, of 13 April, of Public Fees and Prices, determines that the establishment of the fees, as well as the regulation of the essential elements of each of them, must be carried out according to law. Likewise, Article 8 of Law 58/2003 of 17 December, General Tax, establishes the elements and matters subject to the tax law reservation.
The time since the approval of Royal Decree 1732/1998, of 31 July, which regulates the current rate regime of the CNMV, coupled with the advances of technology incorporated into the operating of markets and processes In recent years, they advise the revision of the rates that the CNMV has been applying in order to adapt them to the structure and characteristics of the markets and to the own structure of the CNMV.
The review process that incorporates this Law pursues a triple objective. Firstly, to ensure the financial sufficiency of the CNMV with respect to the principle of equivalence. The main source of revenue for the CNMV is the rates that are liquid for the activities and services it provides to the different individuals, entities and institutions involved in the financial markets. In this respect, the current and new taxable facts are reviewed and new and, as a consequence, new taxable persons and adjustments in the tariffs are incorporated.
In the second term, the review has taken into consideration the system of fees that other supervisors in our economic and legal environment apply, in order to achieve a greater alignment of our rate regime to that integrated market context and to avoid that the costs arising from the charges can act as a negative element in the development of our capital market.
Finally, improvements are incorporated in the management, which will benefit both the taxable persons of the tax and the CNMV itself by reducing the costs and charges related to the procedures of liquidation and collection, which will carry out the CNMV itself based on the information it has in its records or which it can obtain without the need for additional information requirements for these purposes.
Chapter I contains provisions relating to the subject matter and scope, budgetary regime, regulatory sources, determination of taxable and liquidable bases, and the treatment of non-resident taxable persons. national territory.
Chapter II, consisting of seven sections, defines the applicable fees for the performance of activities and the provision of services by the CNMV.
Section 1, in subsection 1, regulates the fees applicable to the examination of the documentation necessary for the verification of compliance with the requirements for admission to trading of securities in secondary markets officers; in subsection 2, the fees for examination of the documentation necessary for the registration of information brochures and registration documents; and in subsection 3, the fees for examination of the documentation necessary for the verification and registration or registration of the establishment of securitisation funds and of funds of banking assets and their assets modifications and new asset additions.
In this Section, the verification of compliance with the requirements for admission to trading of securities in official secondary markets is an essential element of the taxable event. The prospectus register shall not be charged if the documentation submitted provides for admission to trading of the securities, in this case only the fee corresponding to the verification of compliance with the requirements for admission to securities trading on official secondary markets, when this verification has been performed. The same rule applies for the verification and registration of the establishment of the securitisation funds and of funds of bank assets.
For cases of refusal, expiration or withdrawal, the application of fixed amount fees is foreseen.
Section 2, in its subsection 1, deals with the fees applicable to the examination by the CNMV of the documentation necessary for the admission to the processing and authorization of public bids for the acquisition of securities (OPA) and its modifications. It replaces this rate to that of the OPA authorization until now in force, displacing the taxable fact to the phase of the examination of the documentation provided by the person or persons (natural or legal) that perform the OPA, establishing minimum fixed quotas and maximum, and setting a specific fixed fee rate for the modification of OPA conditions.
Also, in subsection 2. a fixed amount fee is established for the examination of the documentation necessary for the granting of waiver or exemption from the obligation to formulate OPA.
For cases of refusal, revocation or withdrawal of the files affected by the fees of this Section 2., the application of fixed amount fees is foreseen.
Section 3 establishes fixed amount fees for the examination by the CNMV of the documentation necessary for the authorization and registration of official secondary markets, multilateral trading systems, registration systems or the settlement of securities and central counterparties, as well as of the acts related to those entities, all of which are set out in points (a) and (b) of Article 84.1 of Law 24/1988 of 28 July of the Securities Market.
Subsection 1 of Section 4 gives details of the fixed rates applicable to the examination by the CNMV of the documentation necessary for the authorisation or declaration of non-opposition of certain persons or entities and of acts related to the same. This rate is affected by the creation and certain acts of investment firms (ESI), management companies of collective investment institutions (SGIICs), management companies of venture capital institutions (SGECs) and management companies securitisation funds (SGFT), as well as non-Community ESI and SGIICs providing services in Spain through a branch or under the freedom to provide services. All fees are fixed, depending on the characteristics of the specific operation to be examined.
Subsection 2 sets out the fees applicable for the registration of certain persons or entities and of acts related thereto in the official records of the CNMV, depending on the type of entity and the act of treat. These fees are affected by ESI, SGIIC, SGECR, SGFT, collective investment institutions (IIC), IIC depositaries, foreign IICs marketed in Spain, risk capital institutions (ECR) and branches and agents in Spain of ESI and SGIIC foreign nationals, as well as acts related to those entities, where such acts are to be entered in the official records of the CNMV. All fees are fixed, depending on the characteristics of the specific registration to be made.
Section 5. determines the fixed amount rates applicable to the verification by the CNMV of the compliance with the requirements for the marketing of foreign IICs in Spain, establishing the distinction between those entities subject to Directive 2009 /65/EC of the European Parliament and of the Council of 13 July on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities; and the other. This is an annual accrual rate.
Section 6 includes the fees applicable for the supervision and inspection that the CNMV permanently performs on certain persons and entities. Thus, Subsection 1. regulates the applicable fees for the supervision of the solvency and activity requirements of the persons or entities registered in the CNMV, collecting here the ESI, SGIIC, SGFT, IIC and its depositary, ECR and SGECR. These rates are the basis of which the tax base refers to the own resources payable, in the case of ESI and management companies; to the equity, in the case of IICs; to the assets deposited, in the case of IIC depositaries; and to the total assets of funds or companies, in the case of ECR. In all cases, a minimum fixed fee is established and the accrual of the fee is semi-annual, except for the ECR and the SGFT and SGECR, where the accrual has an annual character.
In subsection 2, the fee for supervision and inspection of the rules of conduct of persons or entities providing investment services, which affects all ESI, as well as credit institutions (EC) and SGIIC, is collected. enabled to provide investment services. It also affects branches and agents domiciled in Spain of ESI, EC and foreign SGIICs entitled to provide investment and ancillary services, and to ESI and EC of non-EU Member States authorised to provide services investment in Spain in the form of free provision without a branch. The fee is made up of the sum of two tariffs, each with a minimum fixed fee. For the first rate the taxable amount is the total gross receipts received for the provision of investment services, ancillary services and other market activities of securities associated with the former, and the second rate is proportional to the number of retail and professional customers to whom such services are provided. The rate is annual accruals.
Subsection 3 refers to the fees for supervision and inspection of the activity of the members of the securities secondary markets, of the participating entities in the securities settlement and settlement systems, the taxable bases being the number of transactions carried out on the markets and the balances held in the Systems Society. These rates have a half-yearly accrual.
Subsection 4. establishes the applicable fees for the supervision and inspection of the governing entities of the official secondary markets and of the multilateral trading systems; and the central counterparty authorised to administer clearing services on financial instruments and of entities authorised to manage securities registration or settlement systems, the tax base being the case of the markets of spot and variable income, market trading figures; for the futures and futures markets options, the number of contracts; and in the case of entities that administer registration or settlement and clearing systems, a fixed fee is applied according to the services it provides. These rates have a half-yearly accrual.
Finally, Subsection 5 sets out the applicable fees for the supervision and inspection of compliance with the reporting obligation rules of the securities issuing institutions admitted to trading, with rates of a different amount fixed on the basis of their market capitalisation, in the case of entities with shares admitted to trading, or on the basis of specific reporting obligations, in the case of entities whose securities are admitted to negotiations are not actions. These rates have a half-yearly accrual.
As a closure of this Chapter, Section 7 defines the applicable fees for the issue of certificates referring to the information contained in the public records of the CNMV, the only self-contained rate for the taxable person.
Chapter III develops the rules for the management and payment of CNMV fees.
Finally, this Law contains an additional Disposition of Containment of Public Expenditure, a Transitional Disposition, which establishes the regime applicable to the files in respect of the date of entry into force of the Law; a the repeal of the rules of the same or lower range relating to the fees of the CNMV, and three Final Provisions. The first of these contains the reference to the title of competence, the second to enabling the Government to develop this Law, and the third one determines its entry into force on 1 January 2015, in order to ensure its proper implementation and the least impact on the economic-administrative and accounting management of the profound change that this Law implies, both for the CNMV, and for the taxable persons.
INDEX
Chapter I. General provisions.
Article 1. Object and scope of application.
Article 2. Budget regime.
Article 3. Regulatory sources.
Article 4. Tax base.
Article 5. Liquidable Base.
Article 6. Representation of non-resident taxable persons.
Chapter II. Fees applicable for the provision of certain services by the National Securities Market Commission (CNMV).
Section 1. Fees for examination of the documentation necessary for the verification of compliance with the requirements for admission to trading of securities in official secondary markets, for the registration of information brochures and registration documents in their different modalities and for the verification and registration of the establishment of securitisation funds and of funds of banking assets and of their modifications and new asset additions.
Subsection 1. th Fees by examination of the documentation necessary for the verification of compliance with the requirements for admission to securities trading on official secondary markets.
Article 7. Taxable fact.
Article 8. Taxable person.
Article 9. Tax base.
Article 10. Types of taxes and fees.
Article 11. Accrual.
Article 12. Settlement.
Subsection 2. A fee for examination of the necessary documentation for the registration of information brochures and registration documents in their different modalities.
Article 13. Taxable fact.
Article 14. Taxable person.
Article 15. Quotas.
Article 16. Accrual.
Article 17. Settlement.
Subsection 3. Third Fees for examination of the documentation necessary for the verification and registration or registration of the establishment of securitisation funds and of funds of banking assets and of their modifications and new asset additions.
Article 18. Taxable fact.
Article 19. Taxable person.
Article 20. Quota.
Article 21. Accrual.
Article 22. Settlement.
Section 2. Fees for examination of the documentation necessary for the admission to the processing and authorization of the public offering for the acquisition of securities (OPA) and for its modifications, and for the granting of waiver or exemption from the obligation to formulate OPA.
Subsection 1. th Fees for examination of the documentation necessary for the admission to processing and authorization of OPA and of its modifications.
Article 23. Taxable fact.
Article 24. Taxable person.
Article 25. Tax base.
Article 26. Types of taxes and fees.
Article 27. Accrual.
Article 28. Settlement.
Subsection 2. th Fees by examination of the documentation necessary for the granting of waiver or exemption from the obligation to formulate OPA.
Article 29. Taxable fact.
Article 30. Taxable person.
Article 31. Quota.
Article 32. Accrual.
Article 33. Settlement.
Section 3. Fees for examination of the documentation necessary for the approval and registration of official secondary markets, multilateral trading systems, securities settlement or settlement systems, central counterpart and acts related to such entities.
Article 34. Taxable fact.
Article 35. Taxable person.
Article 36. Quota.
Article 37. Accrual.
Article 38. Settlement.
Section 4. Third Fees for examination of the documentation necessary for the authorization or declaration of non-opposition and for the registration of persons or entities and of acts related to such persons or entities, in the records officers of the CNMV.
Subsection 1. th Fees by examination of the documentation necessary for the authorization or declaration of non-opposition, of certain persons or entities and of acts related to such persons or entities.
Article 39. Taxable fact.
Article 40. Taxable person.
Article 41. Quotas.
Article 42. Accrual.
Article 43. Settlement.
Subsection 2. th Fees by registration of certain persons or entities and of acts related to such persons or entities in the official records of the CNMV.
Article 44. Taxable fact.
Article 45. Taxable person.
Article 46. Quotas.
Article 47. Accrual.
Article 48. Settlement.
Section 5. Fees for verification of compliance with the requirements for marketing in Spain.
Article 49. Taxable fact.
Article 50. Taxable person.
Article 51. Quota.
Article 52. Accrual.
Article 53. Settlement.
Section 6. Fees for supervision and inspection of certain persons or entities.
Subsection 1. th Fees for supervision and inspection of the solvency and activity requirements of certain persons or entities registered in the official records of the CNMV.
Article 54. Taxable fact.
Article 55. Taxable person.
Article 56. Tax bases, tax rates and quotas.
Article 57. Accrual.
Article 58. Settlement.
Subsection 2. th Fees for supervision and inspection of the rules of conduct of persons or entities engaged in the provision of investment services.
Article 59. Taxable fact.
Article 60. Taxable person.
Article 61. Tax bases, tax rates and quotas.
Article 62. Accrual.
Article 63. Settlement.
Subsection 3. 3rd Fees for supervision and inspection of the activity of the members of the official secondary stock markets, multilateral trading systems and central counterparties, of the institutions participants in securities registration or settlement systems and those entities acting as counterparties in OTC derivative contracts not cleared through a central counterparty.
Article 64. Taxable fact.
Article 65. Taxable person.
Article 66. Tax bases, tax rates and quotas.
Article 67. Accrual.
Article 68. Settlement.
Subsection 4. th Fees for supervision and inspection of official secondary markets, multilateral trading systems, central counterparties authorised to administer clearing services on financial instruments, entities authorised to manage securities settlement or settlement systems and the other entities related to Article 84.1.a) and b) of the Securities Market Act 24/1988 of 28 July 1988.
Article 69. Taxable fact.
Article 70. Taxable person.
Article 71. Tax bases, tax rates and quotas.
Article 72. Accrual.
Article 73. Settlement.
Subsection 5. 3rd Fees for supervision and inspection of compliance with the reporting obligation rules to the CNMV for persons or entities issuing securities admitted to trading, securitisation funds and bank asset funds.
Article 74. Taxable fact.
Article 75. Taxable person.
Article 76. Quotas.
Article 77. Accrual.
Article 78. Settlement.
Section 7. Fees by issue of certificates.
Article 79. Taxable fact.
Article 80. Taxable person.
Article 81. Quota.
Article 82. Accrual.
Article 83. Settlement.
Chapter III. Management rules.
Article 84. Managing body.
Article 85. Payment.
Additional disposition. Containment of public expenditure.
Transitional disposition. Applicable rules for the fees to be processed in the case of processing.
Repeal provision.
Final disposition first. Competence title.
Final disposition second. Enabling regulatory development.
Final disposition third. Entry into force.
CHAPTER I
General provisions
Article 1. Object and scope of application.
1. The purpose of this Law is to establish the legal system of the fees applicable for the performance of activities and the provision of services by the National Securities Market Commission (CNMV), as defined in the Articles next.
2. The fees applicable for the performance of activities and the provision of services by the CNMV shall apply throughout the national territory.
Article 2. Budget regime.
The income derived from the fees applicable for the performance of activities and the provision of services by the CNMV have the nature of the budget revenue of the CNMV.
Article 3. Regulatory sources.
The fees applicable for the performance of activities and the provision of services by the CNMV shall be governed by the provisions of this Law and, failing that, by Law 8/1989, of 13 April, of Public Fees and Prices and by the Law 58/2003, of December 17, General Tax.
Article 4. Tax base.
1. The tax base of the liquidations to be practiced by the CNMV will be determined according to the information that, in compliance with its reporting obligations, will refer the taxable persons or third parties acting on their behalf to the CNMV.
2. Where, for a given period of accrual, there is no obligation to refer information to the CNMV, the tax base shall be determined on the basis of the data contained in the information corresponding to the previous period.
3. If there is no obligation to send information to the CNMV, the taxable persons or third parties acting on their behalf shall forward the information required to carry out the settlement within 30 days of the date of the accrual of the rate.
4. In the event that the information referred to in the above paragraphs is not referred to within the required time limits, the CNMV shall carry out the necessary verification and investigation actions necessary for the practice of the timely settlement, in accordance with with the provisions of Law 58/2003 of 17 December, General Tax.
Article 5. Liquidable Base.
The liquidable basis will be the result of making, as the case may be, the tax base, the reductions defined in this Law, in accordance with the provisions of Law 58/2003 of 17 December, General Tax.
Article 6. Representation of non-resident taxable persons.
1. In the case of liquidations to be carried out by the CNMV, if the taxable person turns out to be a person or entity not resident in the national territory, he shall appoint a representative in Spain for the purposes of the payment of the CNMV fees.
2. The representative with domicile in Spanish territory will be the one who relates to the CNMV in matters of fees, will attend the administrative actions derived from them and will be responsible in solidarity for the payment of the fee.
CHAPTER II
Applicable fees for the provision of certain services by the National Securities Market Commission (CNMV)
Section 1. Fees for examination of the documentation necessary for the verification of compliance with the requirements for admission to trading of securities in official secondary markets, for the registration of information brochures and registration documents in their different modalities and for the verification and registration of the establishment of securitisation funds and of funds of banking assets and of their modifications and new asset additions
Subsection 1. th Fees for examination of the documentation necessary for verification of compliance with the requirements for admission to trading of securities in official secondary markets
Article 7. Taxable fact.
constitutes the taxable fact of the fee for the examination of the documentation necessary for the verification by the CNMV of the fulfilment of the requirements for admission to trading of securities in official secondary markets, (a) in accordance with Law 24/1988 of 28 July 1988 on the Securities Market and its provisions on development.
Article 8. Taxable person.
A person or entity who applies for admission to trading in securities on official secondary markets shall be a taxable person.
Article 9. Tax base.
The tax base shall, in the case of equity securities, be the effective value of the securities of the public offering to be admitted to trading or its nominal value where there has been no prior public offering. In the case of shares in a company applying for the first time the admission to trading on a stock exchange, a minimum fixed fee shall be established.
In the case of non-equity securities, the taxable amount shall be the nominal value of the securities to be admitted to trading, or their effective value when they do not have a nominal value.
Article 10. Types of taxes and fees.
1. Tariff 1.1. Fee for examination of the documentation necessary for the verification of compliance with the requirements for admission to trading of equity securities in official secondary markets. The tax rate will be the result of multiplying the liquidable base by the levy rate of 0.01 percent, with fixed minimum and maximum fixed quotas of 4,000.00 and 70,000.00 euros, respectively. In the case of shares in a company applying for the first time the admission to trading on a stock exchange, the minimum fixed fee provided for in the previous article shall be EUR 25,000.00.
2. Tariff 1.2. Fee for examination of the documentation necessary for the verification of compliance with the requirements for admission to trading of equity securities in official secondary markets, issued in another State of the European Union and covered by a prospectus approved by the competent authority of the home Member State, which has been communicated to the CNMV in the form and time limit laid down in the legislation in force. The tax rate will be the result of multiplying the liquidable base by the rate of 0.002 percent, with fixed minimum and maximum fixed quotas of 600,00 and 11,000.00 euros, respectively. In the case of shares in a company applying for the first time the admission to trading on a stock exchange, the minimum fixed fee provided for in the previous article shall be EUR 4,000.00.
3. Tariff 1.3. Fee for examination of the documentation necessary for the verification of compliance with the requirements for admission to trading of non-equity securities in official secondary markets. The tax quota will be the result of adding the following tariff quotas 1.3.1 and 1.3.2:
a) Tarifa 1.3.1. The tax rate shall be the result of multiplying the liquidable basis by the rate of 0,01%, with fixed minimum and maximum fixed quotas of 3,000.00 and 60,000,00 euros, respectively.
b) Tarifa 1.3.2. A fixed fee of EUR 500,00 shall be applied to each of the checks on compliance with the requirements for admission which the same taxable person carries out in the framework of a base prospectus, where the number of ten verifications has been exceeded. in the framework of that prospectus, except those relating to promissory notes and warrants.
4. Tariff 1.4. Fee for examination of the documentation necessary for the verification of compliance with the requirements for admission to trading of non-equity securities in official secondary markets, issued in another State of the European Union and covered by a prospectus approved by the competent authority of the home Member State, which has been communicated to the CNMV in the form and time limit laid down in the legislation in force. The tax quota will be the result of adding the following quotas of the following tariffs 1.4.1 and 1.4.2:
a) Tarifa 1.4.1. The tax rate will be the result of multiplying the liquidable base by the rate of 0.002 percent, with fixed minimum and maximum quotas of 400.00 and 9,000.00 euros, respectively.
b) Tarifa 1.4.2. A fixed fee of EUR 100,00 shall be applied to each of the checks on compliance with the requirements for admission which the same taxable person carries out in the framework of a base prospectus, where the number of ten verifications has been exceeded. in the framework of that prospectus, except those relating to promissory notes and warrants.
Article 11. Accrual.
The accrual of the fees set out in Article 10 will occur at the time of filing in the CNMV of the corresponding application.
Article 12. Settlement.
1. Once compliance with the requirements for admission to trading of securities on official secondary markets has been verified, the CNMV shall practice the timely settlement of the fees referred to in Article 10.
2. In the case of fees for examination of the documentation relating to compliance with the requirements for the admission to trading of non-equity securities, as set out in Article 10 (3) and (4), the same taxable person carry out a single quarterly settlement for all verifications produced in each calendar quarter corresponding to that base prospectus in the framework of a base prospectus. The sum of the fees of the rates 1.3.1 and 1.4.1 to each taxable person in the framework of a base prospectus shall not exceed the amount which would have resulted from a single liquidation carried out on the whole of the amount admitted to trading in application of the base prospectus.
3. In cases of refusal of verification of compliance with the requirements for admission to trading of securities in official secondary markets, or of withdrawal or expiration of the file, the CNMV shall practice the timely settlement, from the moment in which those circumstances occur, for a fixed fee of EUR 3,000.00, in the case of the fees referred to in Article 10 (1) and (3), and EUR 400,00, in the case of the fees referred to in Article 10 (2) and (4
.Subsection 2. Third Fees for examination of the documentation necessary for the registration of information brochures and registration documents in their different modalities
Article 13. Taxable fact.
1. The taxable fact of the fee is the examination of the documentation necessary for the registration in the official records of the CNMV of the information brochures and registration documents, except those that are part of information brochures prepared as a single document, as well as the supplements thereof, which would be required in accordance with Law 24/1988, of 28 July, of the Securities Market and its development provisions.
2. These fees shall not be payable if the documentation provided for examination provides for admission to trading of securities in official secondary markets and occurs within a period of less than six months from the date of registration of the prospectus. information and registration document, where applicable, in this case, as provided for in Article 10.
Article 14. Taxable person.
A person or entity shall be liable for the fee to be applied for registration in the corresponding official register.
Article 15. Quotas.
1. Tariff 1.5. Fee for the examination of the documentation required for the registration of the CNMV's official records of information brochures and documents for the registration of participative securities: a fixed fee of 25,000.00 euros will be applied. If the securities issuing institution has equity securities admitted to trading on an official secondary market at the time of submission of the application for registration of the information prospectus or registration document, the fee to be applied shall be EUR 10,000,00.
2. Tariff 1.6. Fee for examination of the documentation necessary for the registration of information brochures and non-participatory securities registration documents and other financial instruments in the CNMV's official registers: a fixed fee of EUR 5,000.00.
3. Tariff 1.7. Fee for examination of the documentation required for the registration of the official records of information brochures and registration documents: a fixed fee of EUR 300,00 will be applied.
4. Where participatory securities, and non-equity securities or other financial instruments, are included in a prospectus, the fees to be applied shall be those for Tarifa 1.5.
Article 16. Accrual.
1. The accrual of the fees referred to in Article 15 shall take place at the time of submission to the CNMV of the relevant application.
2. The accrual of the fees referred to in Article 15.1 and 15.2 shall also occur where, after registration has been made in the registers of an information leaflet or registration document providing for admission to trading of securities, the admission to trading of the securities concerned does not occur within six months from the date of registration of the prospectus or registration document.
Article 17. Settlement.
1. The fees referred to in Article 15 shall be settled by the CNMV after the registration of the prospectus or registration document, except in the case provided for in Article 16 (2), in which the settlement shall be carried out once produced the accrual.
2. In cases of refusal of registration and withdrawal or expiry of the file, the settlement shall be carried out from the moment when those circumstances occur.
Subsection 3. Third Fees for examination of the documentation necessary for the verification and registration or registration of the establishment of securitisation funds and of funds of banking assets and of their modifications and new asset additions
Article 18. Taxable fact.
1. It is the taxable fact of the fee for the examination of the documentation necessary for the verification and registration or registration of the establishment of the securitisation funds and funds of banking assets, as well as of their modifications and new asset additions, all of which would be required in accordance with the provisions of Law 24/1988 of 28 July of the Securities Market; Law 19/1992 of 7 July on the Company and the Real Estate Investment Funds and on the Funds Mortgage securitisation; Law 9/2012 of 14 November of restructuring and resolution of credit institutions; Royal Decree 926/1998 of 14 May 1998 on the Funds for the Titling of Assets and the Management of Funds for the Management of Funds; and Royal Decree 1559/2012 of 15 November establishing the legal framework for the asset management companies, and in their development provisions.
2. This fee shall not be payable if the documentation provided for examination provides for the admission to trading of securities in official secondary markets and occurs within a period of less than six months from the date of registration of the prospectus, application, in this case, as provided for in Article 10.
Article 19. Taxable person.
The rate of the securitisation fund or the fund of bank assets to which the verification and registration or registration of its constitution or its modifications and new asset additions shall be requested shall be a liability of the fee.
Article 20. Quota.
1. Tariff 1.8. Fee for examination of the documentation necessary for the verification and registration or registration of the establishment of securitisation funds and funds of bank assets: a fixed fee of EUR 5,000.00 shall be applied.
2. Tariff 1.9. Fee for examination of the documentation necessary for the recording of the modification of the writing of the securitisation funds and the funds of bank assets: a fixed fee of EUR 300,00 shall be applied.
3. Tariff 1.10. Fee for examination of the documentation required for the registration and verification of new asset additions: a fixed fee of EUR 100.00 shall apply.
Article 21. Accrual.
The accrual of the fees referred to in Article 20 shall occur at the time of filing in the CNMV of the application or the communication of the corresponding modification.
Article 22. Settlement.
1. The fees referred to in Article 20 (1) and (2) shall be settled by the CNMV after the relevant verification and registration or registration occurs.
2. In the case of the fee referred to in Article 20.3, a single quarterly settlement shall be carried out, the amount of which shall be the result of adding all the accrued interest rates to those additions produced by the same taxable person. during the corresponding calendar quarter.
3. In cases of refusal of verification and registration or registration and withdrawal or expiry of the file, the settlement shall be carried out at the time when such circumstances occur.
Section 2. Fees for examination of the documentation necessary for the admission to the processing and authorization of the public offering of securities acquisition (OPA) and of its modifications and for the granting of waiver or exemption from the obligation to formulate OPA
Subsection 1. Third Fees for examination of the documentation necessary for the admission to processing and authorization of OPA and its modifications
Article 23. Taxable fact.
It constitutes the taxable fact of the examination of the documentation necessary for the admission to processing and authorization of the OPA, as well as of those modifications that require authorization, all of it demanded according to the Law 24/1988, of 28 July, on the Stock Market and on its development provisions.
Article 24. Taxable person.
The person or entity to whom the authorization is requested shall be a taxable person. If the authorisation is requested in favour of more than one person or entity, each of them shall be taxable.
Article 25. Tax base.
The tax base will be the effective value of the values that constitute the object of the offer, calculated according to the following rules:
(a) In the event that the OPA is formulated as a sale, the effective value shall be calculated by multiplying the consideration offered in money for each value by the number of securities to which the offer is directed.
(b) In the event that the OPA is formulated as a swap or as a combination of sales and swap, the effective value shall be calculated by multiplying the equivalent cash price shown in the offer prospectus by the number of values to which you address the same.
Article 26. Types of taxes and fees.
1. Fee 2.1. Fee for examination of the documentation necessary for admission to processing and authorization of OPA. The tax rate shall be the result of multiplying the liquidable basis by the tax rates defined below:
a) Tarifa 2.1.1. In the case where the applicable tax base is in accordance with Article 25 (a), the rate of charge shall be 0,0225%, with fixed minimum and maximum fixed quotas of EUR 10,000.00 and EUR 150,000,00, respectively.
b) Tarifa 2.1.2. In the case where the applicable tax base is in accordance with Article 25 (b), the rate of charge shall be: 0,03%, with fixed minimum and maximum quotas of EUR 10,000.00 and EUR 200,000.00, respectively.
2. Tariff 2.2. Fee for examination of the documentation necessary for the authorisation of the amendment of the OPA: a fixed fee of EUR 35,000.00 shall be applied.
3. The quotas defined in the two preceding paragraphs shall be apportioned, where appropriate, between each of the taxable persons to whom the authorization is requested, on the basis of their participation in the offer or in their amendment.
Article 27. Accrual.
The accrual of the fees referred to in Article 26 shall be produced at the time of the filing in the CNMV of the corresponding application for admission to processing and authorization.
Article 28. Settlement.
1. Once the OPA or its amendment is authorised, the CNMV shall carry out the appropriate settlement in accordance with Article 26.
2. In cases of refusal of admission to the processing and authorization of the takeover or of its amendment, as well as in the cases of withdrawal or revocation of the relevant file, the CNMV shall practice the settlement of the fees as defined in Article 26, for a fixed fee of EUR 10,000.00.
Subsection 2. th Fees by examination of the documentation necessary for the granting of waiver or exemption from the obligation to formulate OPA
Article 29. Taxable fact.
It constitutes the taxable fact of the examination of the documentation necessary for the granting of waiver or exemption from the obligation to formulate OPA that requires it according to the Law 24/1988, of July 28, of the Market of Values and its development provisions.
Article 30. Taxable person.
The person or entity to whom the waiver or exemption is requested shall be taxable. If the waiver or exemption is requested in favour of more than one person or entity, each of them shall be taxable.
Article 31. Quota.
1. Tariff 2.3. Fee for examination of the documentation necessary for the granting of waiver or exemption from the obligation to formulate OPA: a fixed fee of 35,000.00 euros will be applied.
2. The above quota shall be prorated, where appropriate, between each of the taxable persons to whom the waiver or exemption is requested.
Article 32. Accrual.
The accrual of the fee collected in Article 31 shall be produced at the time of filing in the CNMV of the corresponding request for waiver or waiver.
Article 33. Settlement.
1. Once the waiver or exemption from the obligation to formulate OPA has been granted, the CNMV shall practice the timely settlement in accordance with the provisions of Article 31.
2. In the event of refusal of the waiver or exemption from the obligation to formulate OPA, as well as in the case of withdrawal or revocation of the relevant file, the CNMV shall practice the settlement of the rate defined in Article 31, for a fixed fee from EUR 10,000.00.
Section 3. Fees for examination of the documentation necessary for the approval and registration of official secondary markets, multilateral trading systems, securities settlement or settlement systems, central counterparty and related acts with such entities
Article 34. Taxable fact.
Constitutes the taxable fact of the fee for the examination of the documentation necessary for:
(a) The authorisation and subsequent registration of official secondary markets except those of public debt, of multilateral trading systems, of securities settlement or settlement systems, and of counterparties central (infrastructure of the markets).
b) The authorisation and subsequent registration of the modification of the market infrastructure regulations.
(c) The authorisation of the amendment of the statutes of the entities related to Article 84.1.a) and b) of the Law 24/1988 of 28 July of the Stock Market.
(d) The authorisation of the corporate transactions affecting the entities related to Article 84.1.a) and (b) of the Law 24/1988 of 28 July of the Securities Market, as well as the statement of non-opposition to the acquisition of significant holdings and the authorisation of the acquisition of control units in such entities.
(e) The authorisation of the company shares and agreements or agreements referred to in Articles 31.5, 44 bis.7 and 44 ter.7 of Law 24/1988 of 28 July of the Stock Market.
(f) The authorisation of the appointment of members of the board of directors, directors and assimilated entities in the entities referred to in Article 84.1.a) and b) of Law 24/1988 of 28 July of the Securities Market.
g) The issuance of the notification and certificate for the acquisition of the status of a participating member or entity in the market infrastructures by the investment services providers, which is due to all the provisions of Law 24/1988, of 28 July, of the Stock Market and its provisions for development.
Article 35. Taxable person.
A person or entity shall be liable for the fee for the application of the authorisation and, where applicable, the registration, the non-opposition statement or the issue of the notification or certificate.
Article 36. Quota.
Rate 3. The following fixed amount quotas shall apply, depending on the type of documentation to be examined:
|
| Fixed quota (euros) | Type of documentation to be examined |
|---|---|---|
|
Tarifa 3.1 | 20,000.00 | Authorization and subsequent market infrastructure registration. |
|
Tarifa 3.2 | 10.000.00 | Authorization of the corporate operations of the entities related to item 84.1.a) and b), of the Law 24/1988, of July 28, of the Securities Market, with the exception of those relating to entities governing multilateral trading systems. Authorization of acquisitions of significant control units in the related entities in the article 84.1.a) and b), of the Law 24/1988, of July 28, of the Stock Market |
| Tarifa 3.3 | 5.000.00 | Authorization of the corporate operations of the multilateral systems negotiation. Agreements of non-opposition to the acquisition of significant holdings exceeding 10% of the capital other than those of control in the entities related to Article 84.1.a) and b) of the Law 24/1988, of July 28, of the Stock Market. Authorization of agreements or conventions referred to in Articles 31.5, 44 bis.7 and 44 ter.7 of Law 24/1988, of 28 July, of the Stock Market |
|
Tarifa 3.4 | >3.000.00 | Authorization of the modification of the statutes of the entities related to article 84.1.a) and b), of the Law 24/1988, of July 28, of the Stock Market. Authorization and subsequent record of modifying the Entities Regulations related to article 84.1.a) and b), of the Law 24/1988, of July 28, of the Stock Market |
|
Tarifa 3.5 | 1,000,00 |
Non-opposition agreements on the acquisition of significant non-control units of less than 10% of the capital in the entities related to Article 84.1.a) and b) of Law 24/1988 of 28 July of the Market Settings. |
| Tarifa 3.6 | 300,00 | Authorization of the appointment of board members, managers, and assimilated entities in the entities related to article 84.1.a) and b) of the Act 24/1988, of July 28, of the Stock Market. Emission of the notification and certificate for the acquisition of the condition of participating member or entity in the infrastructures of the markets by the entities investment service providers |
Article 37. Accrual.
The accrual of the fees referred to in Article 36 shall be produced at the time of filing in the CNMV of the corresponding application for authorization and, where applicable, registration, non-opposition or issuance of notification and certificate.
Article 38. Settlement.
1. The fees referred to in Article 36 shall be settled by the CNMV, once the authorisation, registration, non-opposition declaration or the notification and certificate issue has been produced.
2. In cases of refusal of authorisation, registration, statement of non-opposition or the issue of notification and certificate, as well as in the case of withdrawal or expiry of the relevant file, the corresponding settlement shall be practice once those circumstances occur.
Section 4. Third Fees for examination of the documentation necessary for the authorization or declaration of non-opposition and for the registration of persons or entities and of acts related to such persons or entities, in the records officers of the CNMV
Subsection 1. Third Fees for examination of the documentation necessary for the authorisation or statement of non-opposition of certain persons or entities and of acts related to such persons or entities
Article 39. Taxable fact.
Constitutes the taxable fact of the fee for the CNMV examination of the necessary documentation for:
(a) The authorisation of investment firm (ESI) companies, management companies of collective investment institutions (SGIICs), management companies of venture capital institutions (SGECR) and management companies securitisation (SGFT), as well as the modification of its statutes and its programme of activities and of the social operations affecting them.
(b) The statement of non-opposition to the acquisition of significant shares and control of ESI, SGIIC, SGECR and SGFT.
(c) The authorisation of ESI and SGIIC to provide services with or without a branch in a non-EU Member State.
d) The creation or taking of participation by ESI and SGIIC or its groups in ESI or foreign SGIIC domiciled in a non-member State of the European Union.
(e) The authorisation of ESI and SGIIC non-Community or non-Community institutions not subject to Directive 2009 /65/EC of the European Parliament and of the Council of 13 July on the coordination of laws, regulations and administrative provisions relating to certain undertakings for collective investment in transferable securities, for the provision in Spain of services by branch or under the freedom to provide services and for the modification of its programme of activities.
All in accordance with the provisions of Law 19/1992 of July 7 on the Company and Fund for Real Estate Investment and Mortgage Securitisation Funds; Law 24/1988 of 28 July of the Securities Market; Law 35/2003, of 4 November, of Institutions of Collective Investment; Law 25/2005, of 24 November, regulator of institutions of venture capital and their management companies, and in the provisions of development of these.
Article 40. Taxable person.
1. The person or entity to whom the authorisation or statement of non-opposition is requested shall be liable for the fee.
2. If the application is made in favour of more than one person or entity, each of them shall be taxable.
3. If the application is made in favour of a person or entity not yet constituted, the applicant shall be liable to the person or entity.
4. The quota shall be apportioned to equal parts, where appropriate, between each of the applicant passive subjects.
Article 41. Quotas.
1. Tariff 4.1. Fee for examination of the documentation necessary for the authorisation or declaration of non-opposition and other acts related to the following entities:
(a) ESI other than securities agencies (AVs) requesting authorization only for the receipt and transmission of orders, without maintaining funds or instruments from their clients, providing or not further providing the advisory service on investments (restricted-scope AV), portfolio management companies (GSC) and financial advisory firms (EFSI).
b) SGIIC.
c) SGECR.
d) SGFT.
(e) ESI and SGIIC non-Community or not subject to Directive 2009 /65/EC, of 13 July, providing services in Spain by branch or under the freedom to provide services (non-Community ESI and non-Community SGIIC).
The following fixed-value quotas will apply, depending on the type of documentation to be examined:
|
| Fixed quota (euros) | Type of documentation to be examined |
|---|---|---|
| Tarifa 4.1.1 | 10.000.00 | Authority of the entities included in the letters a) to the d) and of the social operations that affect them. |
|
|
| Authorization for the provision of services in Spain to entities within the preceding letter (e) |
| Tarifa 4.1.2 | 5.000.00 | Statement of non-opposition for acquisition of control units in entities within (a) to (e) above. Authorization to the entities included in points (a) and (b) above or their groups, for the creation or taking of participation in foreign ESI or SGIICs domiciled in a non-Member State of the European Union. Authorisation of entities within the European Union points (a) and (b) above for the provision of services by branch in a non-EU Member State |
|
Tarifa 4.1.3 | 3.000.00 | Authorization to modify the statutes of the entities referred to in points (a) to (d) above. Authorisation of the modification of the programme of activities of the entities referred to in points (a) to (e) above. Statement of non-opposition for acquisition of significant non-controlling interests in the entities within the (a) to (e) above. Authorization to the entities (a) and (b) above for the provision of services by way of freedom to provide services in a State not a member of the European Union |
2. Tariff 4.2. Fee for examination of the documentation necessary for the authorisation or statement of non-opposition and other acts related to the following persons or entities:
a) restricted-scope AV.
b) SGC.
c) EAFI.
The following fixed-value quotas will apply, depending on the type of documentation to be examined:
|
| Fixed quota (euros) | Type of documentation to be examined |
|---|---|---|
|
Tarifa 4.2.1 | 6.000.00 | Authority of the entities included in (a) and (b) above and Corporate operations that affect them. |
|
4.2.2 | 3.000.00 | Statement of non-opposition for acquisition of control units in the entities referred to in (a) and (b) b) prior to the date of the entry into the European Union of foreign nationals residing in a Member State of the European Union or of a Member State of the European Union or of the European Union; European. Authorization to the entities referred to in points (a) and (b) prior to the provision of services by branch or freedom to provide services in a non-member State of the European Union |
|
Tarifa 4.2.3 | 1,000,00 | Authorization of the persons or entities of the previous letter (c) and their corporate operations. Statement of non-opposition for acquisition of significant control units in the entities referred to in point (c) . (c) the decision to authorize the persons or entities referred to in point (c) above or their groups for the creation or taking of participation in ESI or SGIIC domiciled in a non-Member State of the European Union. < The_table_table_izq"> Authorization for the modification of the statutes and the program of activities of the persons or entities included in (a) to (c) above.Statement of non-opposition for acquisition of significant non-controlling interests in the entities covered by points (a) to (c) above. Authorization to persons or entities under (c) above for the provision of services by branch or freedom to provide services in a non-EU Member State |
Article 42. Accrual.
The fees as defined in Article 41 shall be payable at the time the corresponding authorisation or non-opposition declaration is agreed. In the event of refusal of the authorisation or declaration, or withdrawal or expiry of the file, the fee shall not be due.
Article 43. Settlement.
The fees related to Article 41 will be settled by the CNMV.
Subsection 2. th Fees by registration of certain persons or entities and of acts related to such persons or entities in the official records of the CNMV
Article 44. Taxable fact.
1. It is the taxable fact of the fee for the registration of persons or entities in the official records of ESI, SGIIC, SGECR, SGFT, collective investment institutions (IICs), risk capital institutions (ECR), depository institutions of IIC, of foreign IICs marketed in Spain, of branches of ESI and of non-Community SGIICs, of branches and agents in Spain of ESI and of SGIIC authorized in a Member State of the European Union, as well as of the acts related to the cited persons or entities, provided that they are to be entered in the relevant records In accordance with the provisions of Law 24/1988, of 28 July, of the Securities Market; Law 35/2003 of 4 November of the Institutions of Collective Investment; Law 25/2005 of 24 November, regulating the (a) the capital-risk institutions and their management companies; Law 19/1992 of 7 July on the Company and the Real Estate Investment Fund and on the Mortgage Securitisation Fund and the provisions for the development of the latter.
2. The registration of the absence of persons or entities in the official records of the CNMV, nor the registrations made of its trade by the CNMV, is not taxable for this fee.
Article 45. Taxable person.
A person or entity shall be liable for the fee to be applied for registration in the corresponding official register.
Article 46. Quotas.
1. Tariff 4.3. Fee for the registration of ESI, SGIIC, SGECR and SGFT authorised in Spain in the corresponding official records of the CNMV, as well as the acts related to the aforementioned entities, provided that they must be entered in the records Officers of the CNMV. The following fixed value quotas shall apply:
|
| Fixed quota (euros) | Enrollment |
|---|---|---|
| Tarifa 4.3 | 300,00 | Registration in the registry. |
| Enrollment of Bylaws, Activities and Operations Programs societaries. | ||
|
Enrollment of counselors, administrators, managers, and assimilated. Enrollment of counselors, administrators, managers, and assimilates of the ESI's dominant entities. Enrollment of the entity as being in charge of the log record in the account of issuers of securities. Enrollment of agreements delegation |
2. Tariff 4.4. Fee for the registration of ESI and SGIIC branches authorised in a Member State of the European Union, ESI and non-Community SGIICs and their agents in Spain, and of IIC depository institutions, in the official records of the CNMV, as well as of the acts related to the aforementioned entities, provided that they must be entered in the corresponding official records of the CNMV. The following fixed value quotas shall apply:
|
| Fixed quota (euros) | Enrollment |
|---|---|---|
| Tarifa 4.4.1 | 5.000.00 | Enrollment of ESI or SGIIC branches authorized in a Member State of the Union European. Enrollment of IIC Depository Entities. Enrollment of the first ESI or SGIIC agent authorized in a Member State of the European Union, domiciled in Spain |
|
Tarifa 4.4.2 |
300,00 | Enrollment of the second or following ESI or SGIIC agents authorized in a European Union Member State, domiciled in Spain. ESI Branch Enrollment and Non-Community SGIIC. |
| Data modification enrollment that are listed in the ESI and foreign SGIIC branch records |
3. Tariff 4.5. Fee for the registration of ECR and IIC Spanish and foreign marketed in Spain in the corresponding official records of the CNMV, as well as of the acts related to the aforementioned entities, as long as they must be registered in the official records of the CNMV. The following fixed value quotas shall apply:
|
| Fixed quota (euros) | Enrollment |
|---|---|---|
| Tarifa 4.5.1 | 2.500.00 | IIC and Spanish ECR Enrollment |
|
Enrollment of merger, excision or other corporate operations of IIC and Spanish eCR. | ||
|
IIC Enrollment not subject to Directive 2009 /65/EC. Enrollment of new concrete objective of return on investment funds. | ||
|
Tarifa 4.5.2 | 1,000,00 | Enrollment essential modifications of brochures and data documents fundamental for the investment fund investor not included in the 4.5.1 tariff. < Rant_table_to_izq"> Enrollment of ECR Prospectus Modifications.IIC Enrollment authorized in another European Union Member State in accordance with Directive 2009 /65/EC |
| Tarifa 4.5.3 | 300,00 | Enrollment of regulations or statutes modifications. |
|
Enrollment of counselors, managers, and assimilated. Enrollment of modifications of IIC investor fundamental data brochures and documents, not included in 4.5.1 and 4.5.2 rates. Enrollment of verification of the requirements for admission to trading on official secondary markets of domestic and foreign IICs. Enrollment of asset management or delegation agreements or management subdelegation, as well as other delegation agreements. Entity Change Enrollment in charge of the representation and/or management of investment companies |
Article 47. Accrual.
The fees set out in Article 46 shall be payable at the time the corresponding registration is agreed in the official records of the CNMV.
Article 48. Settlement.
The fees set out in Article 46 shall be settled by the CNMV.
Section 5. Fees for verification of compliance with the requirements for marketing in Spain
Article 49. Taxable fact.
It constitutes the taxable fact of the rate the permanent verification of the compliance with the requirements of marketing in Spain that the CNMV performs on the foreign IICs marketed in Spain, according to the previewed Law 24/1988, of July 28, of the Stock Market; Law 35/2003, of 4 November, of Institutions of Collective Investment, and in the provisions of its development.
Article 50. Taxable person.
Foreign IICs traded in Spain, registered in the official records of the CNMV at the date of accrual, shall be taxable persons.
Article 51. Quota.
1. Tariff 5.1. Fee for permanent verification of compliance with the requirements for the placing on the market in Spain of non-Spanish IICs, not subject to Directive 2009 /65/EC of 13 July: a fixed fee of EUR 3,000.00 shall apply.
2. Tariff 5.2. Fee for permanent verification of compliance with the requirements for the placing on the market in Spain of non-Spanish IICs, subject to Directive 2009 /65/EC of 13 July: a fixed fee of EUR 2,500,00 shall apply.
Article 52. Accrual.
The rate will be payable annually, on the 1st of January of each financial year.
Article 53. Settlement.
The rates defined in Article 51 shall be settled by the CNMV.
Section 6. Monitoring and inspection fees for certain persons or entities
Subsection 1. 3rd Fees for supervision and inspection of the solvency and activity requirements of certain persons or entities registered in the official records of the CNMV
Article 54. Taxable fact.
It constitutes the taxable fact of the rate the supervision and inspection of the solvency and activity requirements that the CNMV permanently performs on certain persons or entities registered in the official registers of the CCNMV, by examining the information which it regularly submits to it and the checks it carries out on it, as well as through the necessary on-site inspections, all in accordance with the provisions of Law 24/1988 of 28 July 1988 on the Securities Market; Law 35/2003 of 4 November, of Collective Investment Institutions; the Law 25/2005 of 24 November, regulator of venture capital institutions and their management companies; Law 19/1992, of 7 July, on the Company and the Real Estate Investment Funds and on Mortgage Securitisation Funds, and on the provisions for the development of these, in relation to the following solvency and business requirements:
(a) Solvency, minimum own resources requirements, requirements or suitability of the investments and coefficients to be applied.
(b) Those relating to capital, equity and number of shareholders required by the rules.
c) Demands in relation to the organizational structure according to the activity, material and human means and control systems required.
Article 55. Taxable person.
The ESI, SGIIC, SGECR, SGFT, IIC, ECR and Depository Entities of IIC and ECR, registered in the official records of the CNMV at the date of accrual, shall be taxable persons, except those on the date of accrual the liquidation or absorption process and have notified the CNMV by the appropriate relevant fact.
Article 56. Tax bases, tax rates and quotas.
1. Tariff 6.1. Fee for supervision and inspection of the solvency and activity requirements of ESI and SGIIC. The taxable amount shall, where appropriate, be the own resources payable under the rules in force at the date of accrual. The levy rate and the fee will be:
a) Tarifa 6.1.1. For ESI, which, according to the applicable prudential regulation, must have a certain level of own resources: 0,1%, with a fixed fee of EUR 500,00.
b) Tarifa 6.1.2. For SGIICs: 0,025 per cent, with a fixed fee of EUR 500,00.
2. Tariff 6.2. Fee for supervision and inspection of the solvency and activity requirements of IICs. The taxable amount shall be the assets of the funds and of the investment companies at the date of accrual. The rate of charge will be 0.00175 percent, with a fixed fee of 500.00 euros.
3. Tariff 6.3. Fee for supervision and inspection of the activity requirements of the IIC and ECR depository entities. The taxable amount shall be the actual amount of the equity of the funds and investment companies and the RCTs deposited with the institution to the date of accrual. The rate of charge will be 0.0005 percent, with a fixed fee of 500,00 euros.
4. Tariff 6.4. Fee for supervision and inspection of the solvency and activity requirements of the SGFT and SGECR. The taxable amount shall be the own resources payable in accordance with the rules in force on 31 December of the year preceding that of the accrual. The rate of charge shall be:
a) Tarifa 6.4.1. For SGFT: 0,050 per cent, with a minimum fixed fee of EUR 1,000,00.
b) Tarifa 6.4.2. For SGECR: 0,040 per cent, with a fixed fee of at least 1,000,00 euros.
5. Tariff 6.5. Fee for supervision and inspection of the solvency and activity requirements of the RCTs. The taxable amount shall be the total assets of the funds and the venture capital companies on 31 December of the year preceding the date of accrual. The rate of charge will be 0.002 percent, with a fixed fee of 1,000,00 euros.
Article 57. Accrual.
1. The fees referred to in Article 56.1, 56.2 and 56.3 shall be payable on the last day of each calendar year.
2. The fees referred to in Article 56.4 and 56.5 shall be payable annually on 1 September of each financial year.
Article 58. Settlement.
The rates defined in Article 56 shall be settled by the CNMV.
Subsection 2. 3rd Fees for supervision and inspection of the rules of conduct of persons or entities engaged in the provision of investment services
Article 59. Taxable fact.
It constitutes the taxable fact of the rate the supervision and inspection that the CNMV permanently performs, on the fulfilment of the requirements laid down in Title VII, Chapter I, and the Articles 770b and 70.quater of the Law 24/1988, of 28 July, of the Stock Market, by the persons or entities empowered to provide investment services, ancillary services and other securities market activities associated with the former, by means of the examination of the information which is regularly sent to you, and the checks on it carries out, as well as through the on-site inspections necessary for these checks, in the terms laid down in that Law 24/1988, 28 July, of the Securities Market, and its provisions for development.
Article 60. Taxable person.
They will be passive rate subjects:
(a) ESI, credit institutions (EC) and SGIICs enabled to provide investment services, at the date of the accrual of the fee;
(b) branches and agents domiciled in Spain of ESI, EC and foreign SGIICs enabled to provide investment and ancillary services, to the date of accrual of the fee;
(c) ESI and EC of non-EU Member States authorised to provide investment services in Spain under the free-provision scheme without a branch.
Article 61. Tax bases, tax rates and quotas.
Tarifa 6.6. Fee for supervision and inspection of the rules of conduct in the provision of investment services, ancillary services and other securities market activities associated with the above. The rate will be the result of adding the following 6.6.1 and 6.6.2 rates:
a) Tarifa 6.6.1. The taxable amount shall be the volume of the total gross receipts, including incentives, received in the financial year preceding the accrual, for the provision of investment services, ancillary services and other securities market activities associated with the above. The fee will be the result of applying a tax rate of 0.047 per cent to the liquidable basis, with a minimum fixed fee of EUR 350.00.
b) Tarifa 6.6.2. The taxable amount shall be the number of retail and professional clients to which the institution, in the year preceding the accrual, has provided investment services, ancillary services or any securities market activity associated with the previous. The quota shall be the result of multiplying the liquidable basis by EUR 0,47, with a fixed fee of EUR 850,00.
Article 62. Accrual.
The fees referred to in Article 61 shall be payable annually on the 1 April of each financial year.
Article 63. Settlement.
The rates defined in Article 61 shall be settled by the CNMV.
Subsection 3. 3rd Fees for supervision and inspection of the activity of the members of the official secondary stock markets, multilateral trading systems and central counterparties, of the institutions participants in the securities settlement or settlement systems and those entities acting as counterparties in OTC derivative contracts not cleared through a central counterparty
Article 64. Taxable fact.
It constitutes the taxable fact of the rate the supervision and inspection that the CNMV permanently performs on the members of the official secondary markets of securities, the members of the multilateral trading systems, the members of the central counterparties (CCPs) established on national territory and the entities participating in the securities registry or settlement systems, by examining the information which they regularly send to them and the checks carried out on it, in accordance with the provisions of Law 24/1988, of 28 July, on the Securities Market, and its provisions on development.
It shall also constitute the taxable fact of this fee for the supervision and verification of risk mitigation techniques applied by resident entities acting as financial or non-financial counterparties in contracts. for OTC derivatives not cleared through a CCP in accordance with the provisions of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparty and transaction logs.
Article 65. Taxable person.
Persons or entities member of the official secondary securities markets and of the multilateral trading systems whose supervision corresponds to the CNMV shall be taxable persons, the member entities compensators of a CCP and the participating entities in the securities settlement or settlement systems.
Persons or resident entities, acting as financial or non-financial counterparties in OTC derivative contracts that are not compensated in a CCP, shall also be taxable persons of this fee, in so far as they are not are within the scope of the revisions to be carried out by the CNMV in relation to the risk mitigation techniques applicable to OTC derivative contracts not cleared in a CCP provided for in Article 11 of that Regulation. Regulation 648/2012 EU.
Article 66. Tax bases, tax rates and quotas.
1. Tariff 6.7. Fee for the supervision of the activity of the members of the official secondary stock markets and of the members of the multilateral trading systems. The number of transactions in the purchase and sale of securities carried out by taxable persons on official secondary stock markets and on multilateral trading systems, on their own account, or on the basis of which they are based, shall constitute the taxable amount. (a) to be transferred to or in the course of the natural semester, with the exception of transactions due to maturity or simple purchase and sale of securities with the rating of public debt. Depending on the amount of each operation and the type of operation concerned, the following fixed amount rates shall apply:
a) Tarifa 6.7.1. Transactions relating to shares and other securities of variable income:
| Tramos: cash value in euros per operation | Euro |
|---|---|
| Up To 300,00 | 0.020000 |
|
300,01 to 3.000.00 | 0.050000 |
|
3.000.01 to 35,000.00 | 0.350659 |
|
35,000.01 to 70,000.00 | 0.478864 |
|
| 0.683993 |
|
140,000.00 | 0.991685 |
b) Tarifa 6.7.2. Transactions on fixed income securities:
| Tramos: nominal value in euros per operation | Euro |
|---|---|
| To 3.000.00 | 0.031250 |
|
3.000.01 to 6.000.00 | 0.062500 |
|
More than 6.000.00 | 0.218750 |
(c) Where the sum of quotas resulting from the application of the above rates is less than EUR 300,00, a fixed fee of EUR 300,00 shall apply.
2. Tariff 6.8. Fee for supervision of the activity of the members of the official secondary markets and of the multilateral trading systems for futures and options contracts. It shall be the tax base, in the case of financial underlying derivative contracts, the number of contracts negotiated in the six-month period, and in the case of contracts for non-financial underlying derivatives, units of service, supply or the delivery underlying the subject matter of the contracts negotiated in the accrual semester.
The following fixed amount types will apply:
a) Tarifa 6.8.1. Financial underlying derivative contracts on transferable securities and indices on baskets formed by these securities.
| Euro quota by contract | |
|---|---|
| Up to 50,000.00 | 0.0007 |
|
50,000.01 | 0.0058 |
For the purposes of calculating this rate, the notional value will be calculated according to the following formulas:
-For futures on transferable securities and indices: price of future X multiplier of the contract.
-For debt futures: price of future nominal contract X.
-For options on transferable securities and indices: exercise price X multiplier of the contract.
-For debt options: nominal contract year X price.
b) Tarifa 6.8.2. Non-financial underlying derivative contracts.
| Euro quota per unit | |
|---|---|
|
0.00031 | |
|
per tonne of olive oil | 0.05000 |
(c) A minimum fixed fee of EUR 300,00 shall be applied for each of the preceding subparagraphs (a) and (b).
3. Tariff 6.9. Fee for the supervision of the activity of the participating entities in the securities settlement or settlement systems. The taxable amount shall be the average of the effective value-in the case of equity securities-and of the nominal value-in the case of fixed income securities-of the balance which they maintain, on their own account and third parties, in the systems of registration or settlement of securities, on the last day of each month of the calendar year, with the exception of securities that hold the public debt rating. Depending on the type of value maintained as the balance, the following tax rates apply:
a) Tarifa 6.9.1. Variable income balances: the rate of charge shall be 0,00014 per cent, with fixed minimum and maximum fixed fees of EUR 1,700,00 and EUR 75,000.00, respectively.
b) Tarifa 6.9.2. Fixed income balances: the rate of charge shall be 0,00047 per cent, with minimum and maximum fixed fees of 3,100.00 and EUR 190,000.00, respectively.
4. Tariff 6.10. Fee for the supervision of the activity of clearing members of a CCP. The taxable amount shall be the number of transactions or their effective value, or the notional value of the derivative contracts or their number, or the amount of the guarantees required by the CCP for the open position, as the operative and the nature of the transferable securities which are the subject of the transactions and the underlying derivative contracts for which each member is responsible for the clearing and, where applicable, settlement in the CCP. In the case of derivative contracts with non-financial underlying, the taxable amount shall be the unit of service, supply or delivery, depending on the nature of the underlying of each contract.
The rates to be applied on the basis of the operational nature and the nature of the securities or the underlying contracts for derivative contracts shall be as follows:
a) Tarifa 6.10.1. Compensation for purchase of shares and other transferable securities of variable income. A fixed amount of EUR 0,00525 per transaction of trading shall be applied to compensate in the accrual semester.
b) Tarifa 6.10.2. Clearing transactions or simple and simultaneous transactions on debt securities. A levy rate of 0,00525 per cent shall be applied on the average amount of the value of the guarantees for the open position required throughout the period of accrual for transactions or transactions to be offset.
c) Tarifa 6.10.3. Compensation for derivative contracts with financial underlying on transferable securities and indices on baskets formed by these securities. The following fixed amount rates shall apply:
| Tramos: notional value in euros per offset contract in the semester | Euro fee per contract |
|---|---|
|
to 50,000.00 | 0.0007 |
|
50,000.01 | 0.0058 |
d) Tarifa 6.10.4. Compensation for derivative contracts on interest rates, exchange rates or any other underlying financial nature not included in previous letters. A levy rate of 0.00525 per cent will be applied on the average amount of the value of the guarantees per position required throughout the period of accrual for transactions or transactions or contracts to be made up.
e) Tarifa 6.10.5. Clearing of derivative contracts with non-financial underlying. Depending on the service, supply or delivery unit underlying the subject of the contracts cleared over the period of the accrual period, the following fixed amount rates shall apply:
| Euro | |
|---|---|
|
0.00031 | |
|
per tonne of olive oil | 0.05000 |
(f) A minimum fixed fee of EUR 300,00 shall be applied for each of the tariff points (a) to (e) above.
5. Tariff 6.11. Fee for the supervision and verification of risk mitigation techniques applied by resident entities acting as financial or non-financial counterparties in OTC derivative contracts not cleared through a CCP. The number of contracts concluded during each half of the calendar year by each resident entity of which the counterparty is a counterparty shall be the taxable base where such contracts are subject to risk reduction techniques as provided for in the Article 11 of the aforementioned Regulation 648/2012 EU, would not have been the subject of compensation in a CCP and were subject to the duty of notification to an approved trade repository in accordance with Article 9 of that Regulation. For this purpose, counterparties subject to this fee shall forward to the CNMV within 20 calendar days following the end of the accrual semester, a comprehensive statement of all OTC derivative contracts before the end of the accrual period. details of the statements to each trade repository and with a breakdown of those in which its counterparty is a non-financial institution established in Spain.
A fixed amount of EUR 0,0035 shall be applied for each contract subject to the declaration, with a fixed fee of at least EUR 300,00.
Article 67. Accrual.
The fees shall be payable on the last day of the natural semester, for so many concepts of the rates referred to in Article 66 as they are in the taxable person of the same.
Article 68. Settlement.
The fees related to Article 66 shall be settled by the CNMV.
Subsection 4. th Fees for supervision and inspection of official secondary markets, multilateral trading systems, central counterparties authorised to administer clearing services on financial instruments, entities authorised to manage systems for the registration or settlement of securities and the other entities related to Article 84.1.a) and b) of Law 24/1988 of 28 July of the Stock Market
Article 69. Taxable fact.
It constitutes the taxable fact of the rate the supervision and inspection that the CNMV permanently performs on the entities that are related in article 84.1.a) and b) of the Law 24/1988, of July 28, of the Market of Values, by examining the information which it regularly refers to it and the checks it carries out on it, in accordance with the provisions of the abovementioned Law 24/1988 of 28 July and its provisions for development.
Article 70. Taxable person.
The entities referred to in Article 84.1.a) and (b) of the Law 24/1988, of July 28, of the Securities Market shall be taxable persons.
Article 71. Tax bases, tax rates and quotas.
1. Tariff 6.12. Fee for the supervision of the companies governing the official securities markets and of the contracting entities of the multilateral trading systems, except the official secondary markets and multilateral systems of negotiation of futures and options. The taxable amount shall be the sum of the amount negotiated in the calendar year of all securities admitted to trading by the company or entity of the relevant market or multilateral trading system. For the purposes of determining that amount, the variable income values shall be computed by their effective trading value and those of fixed income, by their nominal negotiated value, with the exception of those securities that hold the public debt rating, which does not be part of that computation.
a) Tarifa 6.12.1. Fee for the supervision of companies governing the official secondary markets and of the entities governing the multilateral trading systems that admit to trading variable income securities and, where applicable, also of income fixed. The following fixed value quotas shall apply:
| Sum of the effective value (RV) and the nominal value (RF) of the negotiated values (in millions of euros). | Fixed quota (euros) | |
|---|---|---|
|
6.12.1.1 | Up to 1,000,00 | 0.00 |
| From 1,000.01 to 5,000.00 | 5.000.00 | |
| Tarifa 6.12.1.3 | From 5,000.01 up to 40,000.00 | 50,000.00 |
| Tarifa 6.12.1.4 | From 40,000.01 to 100,000.00 | 75.000.00 |
| Tarifa 6.12.1.5 | From 100,000.01 to 200,000.00 | 150,000.00 |
| Tarifa 6.12.1.6 | From 200,000.01 to 400.000.00 | 225.000.00 |
| Tarifa 6.12.1.7 | More than 400.000.00 | 300,000.00 |
b) Tarifa 6.12.2. Fee for the supervision of the companies governing the secondary securities markets and of the contracting entities of the multilateral trading systems, which allow the trading of fixed income securities exclusively. The following fixed value quotas shall apply:
| Nominal value of fixed income values negotiated (in millions of euros) | Fixed Fee (euros) | |
|---|---|---|
| Tarifa 6.12.2.1 | Up to 100,000.00 | 0.00 |
| Tarifa 6.12.2.2 | From 100,000.01 to 1,000,000.00 | 25,000.00 |
| Tarifa 6.12.2.3 | From 1,000,000.01 to 2,500,000.00 | 50,000.00 |
| Tarifa 6.12.2.4 | From 2.500.000.01 to 10.000,000.00 | 150.000.00 |
| Tarifa 6.12.2.5 | More than 10.000,000.00 | 200.000.00 |
2. Tariff 6.13. The supervisory fee of the companies governing the official secondary markets of futures and options and of the contracting entities of the multilateral trading systems that operate with futures and options contracts. The number of contracts negotiated in the natural year shall be the taxable amount. The following fixed value quotas shall apply:
| Number of contracts negotiated | Fixed quota (euros) |
||
|---|---|---|---|
| Tarifa 6.13.1 | No contracts | 0.00 | |
| Tarifa 6.13.2 | From 1 to 100,000 contracts | 5.000.00 | |
| Tarifa 6.13.3 | From 100,001 to 1,000,000 contracts | 10.000.00 | |
| More than 1,000,000 contracts | 20,000.00 |
3. Tariff 6.14. The supervisory fee of central counterparties authorised to administer clearing services on financial instruments and of entities authorised to manage securities settlement or settlement systems.
a) Tarifa 6.14.1. The supervisory fee of central counterparties authorised to administer clearing services on financial instruments. The following fixed value quotas shall apply:
| Services being provided to the accrual date | Share fixed (euros) | |||
|---|---|---|---|---|
|
6.14.1.1 | Compensation with or without settlement of derivative contracts | 30,000.00 | ||
| Tarifa 6.14.1.2 |
70.000.00 | |||
| Tarifa 6.14.1.3 | Rate 6.14.1.3 |
Tarifa | Fixed Income Value Compensation | 25,000.00 |
b) Tarifa 6.14.2. Fee for the supervision of institutions authorised to manage systems for the registration or settlement of securities. The following fixed value quotas shall apply:
| Services being provided to the accrual date | Share fixed (euros) | |
|---|---|---|
|
6.14.2.1 | Record or settlement of variable income values | 80.000.00 |
| Tarifa 6.14.2.2 | Record or Settlement of Fixed Income Values | 80.000.00 |
Article 72. Accrual.
The fees shall be payable on the last day of the natural semester for so many concepts of the fees referred to in Article 71 as they are in the taxable person.
Article 73. Settlement.
The fees set out in Article 71 shall be settled by the CNMV.
Subsection 5. 3rd Fees for supervision and inspection of compliance with the reporting obligation rules to the CNMV for persons or entities issuing securities admitted to trading, securitisation funds and bank asset funds
Article 74. Taxable fact.
It constitutes the taxable fact of the rate the supervision and inspection that the CNMV permanently performs on the information that the persons or entities issuing of securities admitted to trading in secondary markets officers, securitisation funds and bank asset funds, in accordance with the provisions of Law 24/1988 of 28 July of the Securities Market, Law 19/1992 of 7 July on the Conditions of Employment of Companies and Real Estate Investment Funds and on Mortgage Securitization Funds, Law 3/1994 of 14 April, of adaptation of the Spanish legislation on credit institutions to the Second Banking Coordination Directive and Law 9/2012 of 14 November, on the resolution and restructuring of the banking sector and its development provisions.
Article 75. Taxable person.
Persons or entities issuing securities admitted to trading on official secondary markets shall be taxable persons on the date of accrual of the fee, who are required to submit information to the CNMV, as well as the securitisation funds. and bank asset funds.
Article 76. Quotas.
1. Tariff 6.15. Fee for the supervision of reporting obligations to the CNMV of persons or entities issuing securities admitted to trading on official secondary markets, securitisation funds and bank asset funds. The following fixed value quotas shall apply:
| Persons or entities to which it is applicable | Fixed quota (euros) | |
|---|---|---|
|
Tarifa 6.15.1 | Shares admitted to trading whose market capitalization at the close of the last session of the semester of accrual is equal to or greater than 10 billion euros. | 40,000,00 |
| Tarifa 6.15.2 | Shares of supported shares trading whose market capitalization at the close of the Last session of the accrual semester is less than 10 billion euros and more than 2 billion euros. | 25,000.00 |
|
6.15.3 | Shares admitted to trading whose Stock market capitalization at the close of the last session of the accrual semester is equal to or less than 2 billion euros. | 10.000.00 |
| Tarifa 6.15.4 | Securities broadcasters admitted to trading on official secondary markets, not included in the previous sections (Rates 6.15.1 to 6.15.3), required to make public regulated information public. | 7.500.00 |
| Tarifa 6.15.5 | Securities broadcasters admitted to trading on official secondary markets, not included in the previous sections (Rates 6.15.1 to 6.15.4), funds from securitisation and bank asset funds | 500,00 |
2. For the purposes of determining the fixed fee, in the event that for a given share or value it is not possible to obtain the stock market capitalization at the close of the last session of the accrual semester, the data of the last one shall be taken known stock market capitalization or value.
3. The fees referred to in paragraph 1 shall not apply to those persons or entities issuing securities admitted to trading on official secondary markets who are not required to forward information to the CNMV.
Article 77. Accrual.
The fees referred to in Article 76 shall be payable on the last day of the calendar year.
Article 78. Settlement.
The fees set out in Article 76 shall be settled by the CNMV.
Section 7. Fees for issuing certificates
Article 79. Taxable fact.
It is the taxable fact of the fee to issue certificates relating to the information contained in the public records of the CNMV.
Article 80. Taxable person.
The person or entity requesting the certificate will be taxable for the fee.
Article 81. Quota.
Rate 7. Fee for issue of certificate: a fixed fee of EUR 30.00 shall apply.
Article 82. Accrual.
The fee will become due when the application is submitted, which will be processed once the corresponding payment has been made.
Article 83. Settlement.
The rate for issue of certificates shall be subject to self-validation by the taxable person.
CHAPTER III
Management rules
Article 84. Managing body.
1. The management and collection of the applicable fees for the performance of activities and the provision of services shall be the responsibility of the CNMV, which may be used for the effectiveness of the collection of the fees.
2. The management of the revenue in the executive period may be carried out after the conclusion of the appropriate agreement by the collection bodies of the State Tax Administration Agency.
Article 85. Payment.
The taxable persons shall pay the fees in accordance with the official models to be approved by the Ministry of Economy and Competitiveness.
The payment of the fees will be made in the conditions and deadlines set forth in Law 58/2003, of December 17, General Tax and in the General Regulations of Collection, approved by Royal Decree 939/2005, of July 29, and its development regulations.
Additional disposition. Containment of public expenditure.
The application of this rule will not result in a net increase in personnel costs for the CNMV service.
Transitional disposition. Applicable rules for the fees to be processed in the case of processing.
In the case of fees charged with the processing of the entry into force of this Law, the regulations in force at the time of the accrual of the levy will apply to them, with the exception of the cases in respect of The fees of Sections 1 and 2 of Chapter II, to which the Royal Decree 1732/1998 of 31 July 1998 applies.
Repeal provision.
Without prejudice to the provisions of the Transitional Provision, any provisions of equal or lower rank shall be repealed as set out in this Law, and expressly the following:
(a) Article 13 of Law 22/1993 of 29 December 1993 on fiscal measures, the reform of the legal system of public service and unemployment protection.
(b) Royal Decree 1732/1998 of 31 July 1998 on charges applicable to the activities and services provided by the National Securities Market Commission.
Final disposition first. Competence title.
This Law is issued under the jurisdiction of the State in matters of commercial law, bases of the management of credit, and bases and coordination of the general planning of economic activity of Article 149.1.6. 11. and 13. respectively, of the Spanish Constitution.
Final disposition second. Enabling regulatory development.
The Government is empowered to dictate how many provisions are necessary for the development and implementation of this Law.
Final disposition third. Entry into force.
This Law shall enter into force on 1 January 2015.
Therefore,
I command all Spaniards, individuals and authorities, to keep and keep this law.
Madrid, 30 September 2014.
FELIPE R.
The President of the Government,
MARIANO RAJOY BREY
