Article 24, paragraph 2., (b) of Law 24/1988 of 28 July 1988 on the Market of Securities, as amended by Article 13 (7) of Law 22/1993 of 29 December 1993 on Tax Measures for the reform of the (a) the legal basis for the public service and for the protection of unemployment, provides that the rates it receives for the performance of its activities or the provision of its activities are part of the economic resources of the National Securities Market Commission; services.

Article 13 of Law 22/1993, of 29 December, also authorizes the Government to agree on the application and to develop the regulation of such fees.

This Royal Decree, in use of the powers enshrined in that provision, establishes the application of fees for the performance of activities and for the provision of services by the National Securities Market Commission; the taxable persons and the taxable bases applicable, and fixed, as provided for in Articles 19 and 20 of Law 8/1989, of 13 April, of Fees and Public Prices, the corresponding rates.

Also, pursuant to paragraphs 6 and 8 of the aforementioned Article 13 of Law 22/1993 of 29 December 1993, the time for the accrual of the levy is determined, as well as the specificities of liquidation, payment and period of entry, relative to the rates that are regulated.

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 April 15, 1994,

D I S P O N G O:

CHAPTER I

General provisions

Article 1. Scope of application.

This Royal Decree aims to establish the regime of the applicable fees for the performance of activities and the provision of services by the National Securities Market Commission, as defined in the (i)

Article 2. Budget regime.

The income derived from the fees has the nature of budget revenue of the National Securities Market Commission.

CHAPTER II

Fees applicable to the provision of certain services by the National Securities Market Commission

SECTION 1. FEES FOR THE REGISTRATION OF INFORMATION BROCHURES IN THEIR DIFFERENT MODALITIES

Article 3. Taxable fact.

It constitutes the taxable fact of the registration fee in the Official Records of the National Securities Market Commission of the information brochures that are required in accordance with the Laws 24/1988, of July 28, of the Market of Securities, and 46/1984, of December 26, Regulatory of the Collective Investment Institutions, and by its provisions of development.

Article 4. Taxable person.

The taxable person shall be the natural or legal person, or the institution in whose favour the registration is carried out in the corresponding official register.

Article 5. Tax base.

The taxable amount shall be the nominal value of the issues or public bids for the sale of securities to which the relevant information prospectus relates, or the equity of the investment fund at the date of the prospectus registration information of the same.

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 register of the relevant prospectus.

Article 6. Type of levy and fees.

The rates by which the tax base will be multiplied to determine the tax rate, or, where applicable, the fixed fee, according to the characteristics of the issue, public offering of sale, or investment fund, shall be:

Rate 1. Prospectuses for shares or securities with final maturity or redemption of more than 18 months, prospectuses for the sale of these same securities classes, investment fund prospectuses and prospectuses presented as such the consequence of changes in the values in circulation that result in an increase in the nominal value of the same: 0,225 per 1,000.

Fee 2. Issuance or public offering of securities with final term of amortisation or maturity equal to or less than eighteen months: 0,075 per 1,000.

Rate 3. Brochures presented as a consequence of changing values in circulation that result in a decrease in the nominal value of the securities; supplements or modifications of registered issuance prospectuses that do not affect the nominal value of the issue or issues, and updating of company brochures and investment funds: fixed quota 20,000 pesetas.

Rate 4.1. Prospectus for admission to trading on stock exchanges of shares and securities with final maturity of amortisation or maturity exceeding eighteen months: 0.06 per 1,000.

Rate 4.2. Prospectuses for admission to trading on stock exchanges and securities with final maturity of amortisation or maturity exceeding eighteen months, when issued by non-residents in Spain and in addition to trading on stock exchanges Spanish: 0.04 per 1,000.

Rate 5. Admission to trading of securities on Stock Exchanges with final maturity of amortisation or maturity of less than 18 months: 0,015 per 1,000.

Article 7. Accrual.

The fees will be payable at the time the National Securities Market Commission agrees to register the prospectus.

SECTION 2. FEES FOR THE REGISTRATION OF INSTITUTIONS OR INSTITUTIONS IN THE OFFICIAL RECORDS OF THE NATIONAL SECURITIES MARKET

Article 8. Taxable fact.

The taxable fact of the fee is the registration of the institutions or institutions in the corresponding official registers of companies and securities agencies, of collective investment institutions, of management companies of these institutions, of the holding companies of portfolios and of the management companies of titration funds, as well as of the acts related to those entities or institutions, excluding the discharge in the said Registers, provided that these acts must be entered in the corresponding Records in accordance with the provisions In Law 24/1988, of July 28, of the Market of Securities, in Law 46/1984, of December 26, Regulatory of the Institutions of Collective Investment, and in Law 19/1992, of July 7, on the Regime of Companies and Funds of Real Estate and on Mortgage Securitisation Funds.

Article 9. Taxable person.

The taxable person shall be the natural or legal person, or institution, to which the registration in the corresponding official register is practised.

Article 10. Tax base, rate of charge and quota.

The applicable tax base, levy rate and fee will be as follows:

Rate 6. By registration of entities or institutions. The taxable amount shall be the share capital or equity, as applicable, at the time of registration. The rate of charge will be: 0.5 per 1,000.

Rate 7. By registration of acts in the corresponding Official Records according to the provisions of the Law of the Market of Securities; in the Law of the Institutions of Collective Investment, and in Law 19/1992, of July 7, on Regime of Companies and Funds for Real Estate Investment and for Mortgage Securitisation Funds. A fixed quota of 20 000 pesetas will be applied.

Article 11. Accrual.

The fees will be payable at the time of the registration by the National Securities Market Commission.

SECTION 3. FEES FOR AUTHORISATIONS OF PUBLIC BID FOR SECURITIES

Article 12. Taxable fact.

The taxable fact constitutes the authorisation of the public bids for the acquisition of securities.

Article 13. Taxable person.

The natural or legal person, or institution in whose favour the authorisation is granted, shall be a taxable person.

Article 14. Tax base.

1. The tax base of the charge shall be the effective value of the maximum number of securities to which the offer is extended, and where there is no ceiling, the total effective value of the securities constituting the object of the offer.

2. In the event that the public offering for the acquisition of securities is formulated as a sale, the effective value shall be calculated by multiplying the consideration offered in money for each value by the maximum number of securities to which the offer extends.

3. In the case where the public takeover bid is made as a swap, the effective value shall be calculated by multiplying the average of the quotations of the securities to which the offer is directed in the previous three months, from the date of presentation of the same, and weighted with its corresponding volumes, by the maximum number of values to which it is addressed. In the event that no day has been traded on any day in the three-month period immediately preceding the filing date, the last listing of the filing date shall be taken as a reference.

4. In the event that the public offering for the acquisition of securities is formulated as a purchase and a swap, the rule in the preceding paragraph shall apply.

Article 15. Type of charge.

Rate 8.1. Where the applicable taxable amount is in accordance with Article 14 (2), the rate of charge shall be: 0,225 per 1,000.

Rate 8.2. Where the applicable taxable amount is in accordance with Article 14 (3) and (4), the rate of charge shall be 0,30 per 1,000.

Article 16. Accrual.

The rate will become due at the time the authorization is granted.

SECTION 4. FEES FOR INSPECTION AND SUPERVISION OF CERTAIN INSTITUTIONS AND INSTITUTIONS

Article 17. Taxable fact.

It constitutes the taxable fact of the rate the supervision and inspection that the National Commission of the Market of Values with permanent character carries out on the entities and institutions that are then related, through the examination of the information regularly sent to it, and the checks carried out on it: collective investment institutions, companies and securities agencies, management companies of collective investment institutions, companies portfolio management, securitisation fund management companies, secondary markets of the securities and their members, entities attached to the Securities Clearing and Settlement Service and entities which, as a result of their participation in an unofficial organised secondary market, maintain balances in other entities in charge of the keeping accounting records of values represented by annotations in accounts.

Article 18. Taxable person.

They shall be taxable persons: natural or legal persons or institutions registered in the Records of the National Securities Market Commission; natural and legal persons, members or who may operate in the securities secondary markets whose supervision is the responsibility of the National Securities Market Commission; the entities attached to the Securities Clearing and Settlement Service, and the entities that, as a result of their participation in a (b) the following: (i) the following: (i) the following: accounting records of securities represented by account entries, and securities issuing persons or entities applying for admission to trading of securities issued by non-official organised secondary markets.

Article 19. Tax base and rate of charge.

1. The applicable taxable bases and types of charges shall be as follows:

Rate 9. For the supervision of the activity of the collective investment institutions. The taxable amount shall be the total assets of the investment companies or the equity of the investment funds, as appropriate, at the date of the accrual of the fee. The rate of charge will be: 0.016 per 1,000.

Rate 10. Supervision of the activities of the management companies of collective investment institutions, portfolio management companies and management companies of securitisation funds. The taxable amount shall be the average of own resources payable under the rules in force, on the last day of each calendar month.

In the event that the existing rules do not require a minimum value for own resources, the tax base will be the total own resources of the company concerned. The rate of charge will be: 0.125 per 1,000.

Rate 11. For the supervision of the activity of companies and securities agencies. The taxable amount shall be the average of own resources payable under the rules in force, on the last day of each calendar month. The rate of charge will be: 1 per 1,000.

Rate 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 classified as public debt, the effective amount of the purchase and sale transactions shall be multiplied by the factor to the sole purposes of calculating the taxable amount. 0.25. The rate of charge will be: 0.025 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 classified as public debt, the effective amount of the purchase and sale transactions shall be multiplied by the factor to the sole purposes of calculating the taxable amount. 0.25. The rate of charge will be: 0.025 per 1,000.

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: 1,000 pesetas per thousand contracts negotiated in the calendar quarter.

2. Contracts derived from variable income: 500 pesetas per thousand contracts negotiated in the natural quarter.

3. Derivative contracts on the MIBOR: 200 pesetas per thousand contracts negotiated in the calendar quarter.

Rate 15. By supervision of the activity of the entities attached to the Securities Clearing and Settlement Service and those that, as a result of their participation in an unofficial organized secondary market, maintain balances in other entities responsible for the keeping of the accounting records of securities represented by notes.

The taxable amount shall be the average of the nominal value of the securities which, on its own account and of third parties, maintain as balance in the said Service or entity in charge of the keeping of the accounting records, the last day of each of the months of the calendar quarter. The rate will be: 0.002 per 1,000.

Rate 16.1. By supervision of the process of admission to trading of securities issues with a final maturity or amortisation exceeding eighteen months, in non-official organised secondary markets. The taxable amount shall be the nominal value of the issues for which the admission to trading has been supervised by the National Securities Market Commission. The rate of charge will be: 0.06 per 1,000.

Rate 16.2. By supervision of the process of admission to trading of securities issues with a final maturity or amortisation exceeding eighteen months, in non-official organised secondary markets, where they are issued by non-residents in Spain and are also traded on non-Spanish Stock Exchanges. The taxable amount shall be the nominal value of the issues for which the admission to trading has been supervised by the National Securities Market Commission. The rate of charge will be: 0.04 per 1,000.

Rate 17. By supervision of the process of admission to trading of securities issues with final maturity or amortisation equal to or less than eighteen months, in non-official organised secondary markets. The taxable amount shall be the nominal value of the issues for which the admission to trading has been supervised by the National Securities Market Commission. The rate of charge will be: 0.015 per 1,000.

2. The fees shall be payable for so many concepts, including the fees referred to in the preceding paragraph (tariffs 9 to 17), as they are in the taxable person.

Article 20. Accrual.

1. With the exception of fees for the supervision of the admission to trading on non-official secondary markets (fares 16 and 17), the fees referred to in the previous article shall be payable on the last day of the calendar quarter.

2. In the case of supervision of the process of admission to trading on non-official organised secondary markets (tariffs 16 and 17), the fee shall be payable at the time when the National Securities Market Commission communicates to the corresponding the market that the supervision has concluded by considering the necessary requirements for admission to negotiation.

CHAPTER III

Management rules

Article 21. Managing body.

The administration, liquidation, notification and voluntary collection of the fees referred to in this Royal Decree corresponds to the National Securities Market Commission.

The executive branch will be responsible for the collection bodies of the State Tax Administration Agency, which will be carried out through the formalization of the corresponding agreement.

Article 22. Liquidations carried out by the managing body.

1. The fees for registration of information brochures, by registration in the official records of the National Securities Market Commission, and by authorizations, will be the subject of liquidation by the National Securities Market Commission.

2. Also, the fees for the inspection and supervision of the activity of the members of the markets (rates 12, 13 and 14), of the entities attached to the Service of Compensation and Settlement of Securities or to other central notes in account (tariff 15), and of securities issues that are admitted to trading on non-official organized secondary markets (tariffs 16 and 17), will be the subject of liquidation by the National Securities Market Commission. To this end, the companies and the decision-making bodies of the relevant markets, the Securities Clearing and Settlement Service and the central bank, shall forward the information to the National Securities Market Commission. (a) the right of the taxable persons within 20 days of the date on which the fee is payable, which shall serve as the basis for the settlement of the charge. In the event that the above information is not referred to within the stated time limit, the National Securities Market Commission shall perform the necessary verification and investigation actions necessary for the practice of the timely settlement.

Article 23. Autoliquidations.

The fees for the inspection and supervision of the activity of the collective investment institutions, the management companies of these institutions, the management companies of portfolios, the management companies of the the securitisation and the securities companies and agencies (tariffs 9, 10 and 11) shall be subject to self-settlement by the taxable person. To this end, the person concerned shall complete the corresponding declaration-self-validation form, according to the models approved by the Minister for Economic Affairs and Finance. In the event that the taxable person does not practice the corresponding self-validation within the period referred to in Article 25 (2), the liquidation shall be carried out by the National Securities Market Commission and shall be sent to the competent for the collection of the award.

Article 24. Payment.

1. The payment of the voluntary period fees must be made in cash in the case of the National Securities Market Commission itself or through a deposit entity authorized by the Ministry of Economy and Finance.

2. The payment of the fees on an executive basis will be carried out through collaborating entities in accordance with the procedure outlined in the General Rules of Collection.

Article 25. Period of entry.

1. The income of the rates settled and reported by the National Securities Market Commission shall be made within the time limits laid down in Article 20.2 of the General Tax Collection Regulation.

2. The entry of the fees which are the subject of self-settlement by the taxable person shall be made within the period of the 20 calendar days following that of the fee.

Single transient arrangement. Rules applicable to cases in the case of processing.

To the files that are in the process of the entry into force of this Royal Decree will apply, of being inferior the tax quotas that come, the tariffs provided in the annex of the Law 24/1988, of 28 of July, on the Securities Market.

Single end disposition. Entry into force.

Without prejudice to the provisions of the single transitional provision, this Royal Decree shall enter into force on the day following that of its publication in the Official Journal of the Official Journal of the European Communities. set out in the Annex to the Law 24/1988 of 24 July on the Securities Market.

Given in Madrid to April 15, 1994.

JOHN CARLOS R.

The Minister of Economy and Finance,

PEDRO SOLBES MIRA