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Royal Decree 901/1997, Of 16 June, Whereby The Types Of Assessment Are Updated And Partially Amending Royal Decree 647/1994, 15 April, On Applicable Fees For Activities And Services Provided By The National Commission Of The Merca...

Original Language Title: Real Decreto 901/1997, de 16 de junio, por el que se actualizan los tipos de gravamen y se modifica parcialmente el Real Decreto 647/1994, de 15 de abril, sobre tasas aplicables por actividades y servicios prestados por la ComisiĆ³n Nacional del Merca...

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TEXT

Article 24 (2) (b) of Law 24/1988 of 28 July 1988, as amended by Article 13 (7) of Law No 22/1993 of 29 December 1993 on Tax Measures, on the Reform of the Legal System of the European Communities The Civil Service and the Protection for Unemployment, establishes that they are part of the economic resources of the National Commission of the Market of Securities (CNMV) the fees it receives for the performance of its activities or the provision of its services.

Article 13 of Law 22/1993, of 29 December, authorizes the government to agree on the application and to develop the regulation of these charges. In use of the powers conferred on this provision, Royal Decree 647/1994 of 15 April 1994 was approved on charges applicable to the activities and services provided by the CNMV.

Article 13 (5) of that Law No 22/1993 of 29 December 1993 provides that the government may establish the rates or, where appropriate, the fixed amount of such fees, taking into account the provisions of the Articles 19 and 20 of Law 8/1989, of 13 April, of Public Fees and Prices. In the use of that authorisation, Royal Decree 106/1995, of 27 January 1995, amended the rates of charge for certain tariffs.

This Royal Decree, in use of the said authorisations, amends the reference parameter for determining the taxable amount within the meaning of Article 13 of Law 22/1993 of 29 December 1993 to apply to the the registration of a prospectus for public offers of sale and the supervision of the activity of the members of the Bags and non-official secondary markets, as well as some of the fixed amount rates applicable to the trading on the markets of future options and options, as a result of substantial changes in the nominal value of certain contracts negotiated in these markets. It also determines the rate to be applied to the members of the Futures and Options Market on Citrus, as members of an official market for futures and options monitored by the CNMV.

In its virtue, on the proposal of the Minister of Economy and Finance, in accordance with the opinion of the Council of State and after deliberation of the Council of Ministers at its meeting of June 13, 1997,

D I S P O N G O:

Article first. Amendment of the determination of the tax base to be applied in the case of public offering for sale of securities.

New wording is given to Article 5 of Royal Decree 647/1994, of 15 April:

" Article 5. Tax base.

The taxable amount shall be the nominal value of the issues referred to in the relevant information prospectus, or the equity of the investment fund at the date of the registration of the prospectus.

However, in the case of a change in securities in circulation on the basis of an increase in nominal value, the taxable amount shall be the amount of the increase in the nominal value of the emissions as a result of the change, to the date of the registration of the relevant prospectus.

In the case of prospectus for public offering of securities sale, the tax base will be the effective value of the corresponding offer. If the effective value of the securities making up the offer is greater than 30 billion, the latter figure shall be applied in all cases as a taxable amount. "

Article 2. Amendment of the determination of the tax base with certain classes of securities and the rate of charge of fares 12 and 13.

Rates 12 and 13, included in Article 19 of Royal Decree 647/1994, of 15 April, on charges applicable to the activities and services provided by the National Securities Market Commission and modified by the Royal Decree 106/1995, of January 27, will be worded as follows:

" Tarifa 12. By supervision of the activity of the members of the Stock Exchanges. The taxable amount shall be the actual amount of the purchase and sale of securities held on the Securities Exchange on its own account, or on the basis of which they participate or mediate, during the calendar quarter.

When the securities referred to in the preceding paragraph are fixed income, to the sole purposes of calculating the tax base, the effective amount of the purchase and sale transactions shall be multiplied by 0.25. The actual amount of the purchase and sale of securities with the rating of public debt is excluded from the calculation of the taxable amount. The rate of charge to be applied to the tax base shall be 0,02 per 1,000.

Rate 13. By supervision of the activity of the members of non-official organized secondary markets. The taxable amount shall be the actual amount of the purchase and sale of securities held in the relevant market on its own account, or on the basis of which they participate or mediate during the calendar quarter.

When the securities referred to in the preceding paragraph are of fixed income, to the sole purposes of calculating the tax base, the effective amount of the purchase and sale transactions is multiplied by 0.25. The actual amount of the purchase and sale of securities with the rating of public debt is excluded from the calculation of the taxable amount. The rate of charge to be applied to the taxable amount shall be 0,02 per 1,000. '

Article 3. Modification of the fixed amount fees applicable to the negotiation of certain derivative contracts and determination of the fees to be applied to the negotiation of future contracts and options on citrus fruits.

Fee 14, included in Article 19 of Royal Decree 647/1994 of 15 April, on charges applicable to the activities and services provided by the CNMV will be worded as follows:

" Rate 14. By monitoring the activity of the members of the official futures and options markets. The following fixed amount rates shall apply:

1. Contracts arising from public debt: 0.756 pesetas for each contract negotiated in the calendar quarter.

2. Contracts derived from variable income (shares and indices) of nominal value not exceeding 1,000,000 pesetas: 0,27 pesetas for each contract negotiated in the calendar quarter.

3. Derivative contracts on the MIBOR: 1.50 pesetas for each contract negotiated in the calendar quarter.

4. Contracts derived from variable income (shares and indices) of a nominal value of more than 1,000,000 pesetas: 2.5 pesetas for each contract negotiated in the calendar quarter.

5. Futures contracts and options on citrus fruits: 2.5 pesetas for each contract negotiated in the calendar quarter. "

Single end disposition. Entry into force.

This Royal Decree shall enter into force on the day following that of its publication in the "Official Gazette of the State".

Given in Madrid to June 16, 1997.

JOHN CARLOS R.

The Second Vice President of the Government

and Minister of Economy and Finance,

RODRIGO DE RATO Y FIGAREDO