Royal Decree 647/1994, 15 April, On Applicable Rates For The Activities And Services Provided By The National Commission Of The Stock Market.

Original Language Title: Real Decreto 647/1994, de 15 de abril, sobre tasas aplicables por las actividades y servicios prestados por la Comisión Nacional del Mercado de Valores.

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Article 24, paragraph 2., b) of law 24/1988, of July 28, the stock market, according to the wording given in paragraph 7 of article 13 of the law 22/1993 of 29 December, tax measures, reform of the legal regime of the public service and unemployment protection, which form part of the resources of the National Commission of the stock market rates that perceived by realization of its activities or the provision of its services.


Cited article 13 of law 22/1993 of 29 December, also authorizes the Government to accord the application and develop the regulation of such fees.


The present Royal Decree, in use of powers enshrined in the precept, establishes the application of fees for activities and for the provision of services by the National Commission of the stock market; It requires taxable persons and the applicable tax bases, and fixed, pursuant to articles 19 and 20 of the law 8/1989 of 13 April, fees and public prices, the corresponding rates.


Likewise, in application of the provisions in paragraphs six and eight of the cited article 13 of law 22/1993 of 29 December, determines the time of the accrual of the rate, as well as the specificities of liquidation, payment and term of income, relative to the rates which are regulated.


In his virtue, a proposal from the Minister of economy and finance, in accordance with the opinion of the Council of State and after deliberation by the Council of Ministers at its meeting of April 15, 1994, D I S P O N G O: chapter I provisions general article 1. Scope of application.


The present Royal Decree aims to establish a regime of the applicable rates for the activities and the provision of services by the National Commission of the stock market, as defined in the following articles.


Article 2. Budgetary regime.


Income from fees has the nature of budgetary revenue of the National Commission of the stock market.


Chapter II fees applicable to the provision of certain services by the National Commission of the market of values section 1. FEES for registration of brochures in its various forms item 3. Made taxable.


Constitutes the taxable rate registration in the official records of the National Commission of the stock market of the information leaflets enforceable under law 24/1988, of July 28, the stock market, and 46/1984, of 26 December, institutions regulating collective investment and its development provisions.


Article 4. Taxable person.


Taxable in the rate will be the physical or legal person, or the institution in whose favour the registration in the relevant register is practiced.


Article 5. Tax base.


The tax base will be the nominal value of emissions or public offers of securities to which it relates the corresponding prospectus, or the assets of the investment fund at the date of registration of the prospectus in the same.


However, in the case of changing values in circulation by increase of their nominal value, taxable income will be the amount of the increase of the nominal value of emissions, as a result of the modification, the date of the registration of the corresponding brochure.


Article 6. Type of tax and fees.


The types that the tax base will be multiplied to determine tax, or fee, where applicable, the fixed fee, according to the characteristics of emission, public offering for sale, or investment fund, will be: rate 1. Brochures of issuance of shares or securities with final date of maturity or repayment exceeding eighteen months, leaflets of public offerings of selling these same kinds of values, investment funds brochures and brochures submitted as a result of amendments to securities in circulation that entail an increase of the nominal value thereof: 0,225 per 1,000.


Rate 2. Brochures issue or public offer of securities with final date of redemption or maturity or less than eighteen months: 0.075 per 1,000.


Rate 3. Brochures submitted as a result of changing values in circulation that entail a reduction of the nominal value thereof; supplements or modifications of reported emission brochures that do not affect the nominal value of emission or emission, and updating of brochures of societies and investment funds: flat fee 20,000 pesetas.


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


Rate 4.2. Brochures for admission to trading on stock exchanges of shares and securities with final date of redemption or maturity exceeding eighteen months, when they are issued by non-residents in Spain and also traded on stock exchanges not Spanish: 0.04 per 1,000.


Rate 5. Brochures for admission to trading on stock exchanges of securities with final date of redemption or maturity of less than eighteen months: 0.015 per 1,000.


Article 7. Accrual.


Rates are shall accrue at the time agreed by the National Commission of the stock market the registration brochure.


SECTION 2. FEES for registration of entities or institutions records article 8 stock market National Commission officers. Made taxable.


Constitutes the taxable transactions of the fee the registration of organizations or institutions in the corresponding official records of securities, collective investment institutions, of management companies of these institutions, degree funds management companies and portfolio management companies, as well as acts related to the aforementioned entities or institutions and societies excluded downward in the mentioned registers, provided these acts must be enrolled in the corresponding records in accordance with the provisions in law 24/1988, of 28 July, the stock market, in law 46/1984, of 26 December, institutions regulating collective investment, and Law 19/1992, of 7 July Regime of companies and real estate investment funds and mortgage securitisation funds.


Article 9. Taxable person.


Taxable in the rate will be the physical or legal person, or institution, in whose favour the registration in the relevant register is practiced.


Article 10. Taxable income, type of assessment and fee.


The standard of assessment and quota applicable base, will be the following: rate 6. By registration of bodies or institutions. The tax base will be equity or heritage, as appropriate, at the time of registration. The rate of assessment shall be the: 0.5 per 1,000.


Rate 7. By registration of acts in the corresponding official records in accordance with the law of the securities; in the law regulating institutions for collective investment, and Law 19/1992 of 7 July, about regime of companies and real estate investment funds and mortgage securitisation funds. Applies a fixed quota of 20,000 pesetas.


Article 11. Accrual.


Rates are shall accrue at the time remember the registration by the National Commission of the stock market.


3 SECTION. FEES for approvals of offers public acquisition of values article 12. Made taxable.


The authorization of the public offers of acquisition of securities is taxable.


Article 13. Taxable person.


Taxable person will be the natural or legal person or institution in whose favour the authorisation is granted.


Article 14. Tax base.


1. the tax base of the rate will be the actual value of the maximum number of values that extend the offer, and on the assumption that there is no maximum limit, the effective total of values which constitute the object of the same.


2. in the case that the public offer of acquisition of values formulated as sale, the effective value is calculated by multiplying the consideration offered cash for each value by the maximum number of values that extend the offer.


3. in the event that the takeover bid is formulated as you swap, the effective value is calculated by multiplying the average quotations of the securities that offer is directed in the previous three months, counted from the date of filing of the same, and weighted with their corresponding volumes, by the maximum number of values that apply the same. In the case that the value had not negotiated any day during the three months immediately preceding the date of filing, the last contribution of the same will be taken as reference.


4. in the event that the public tender offer of securities is formulated as sale and swap, the rule of the preceding paragraph shall apply.


Article 15. Type of assessment.


Rate 8.1. In the event that the applicable tax base is it pursuant to paragraph 2 of article 14, the rate of assessment shall be: 0,225 per 1,000.


Rate is 8.2. In the event that the applicable tax base be so pursuant to paragraphs 3 and 4 of article 14, the rate of assessment shall be: 0.30 per 1,000.


Article 16. Accrual.


The rate is accrued at the time of granting the authorization.


SECTION 4. FEES for inspection and SUPERVISION of certain entities and institutions article 17. Made taxable.



Constitutes the taxable rate monitoring and inspection which permanently do the National Commission of the stock market on entities and institutions listed below, by examining information that periodically forwards it, and checks carried out on the same: institutions for collective investment, societies and of securities, management of collective investment companies , management companies portfolios, management of securitisation funds, secondary securities markets companies and its members, entities attached to the service of clearing and settlement of securities and entities which, as a result of their participation in a secondary market organized unofficial, maintain balances in other entities responsible for the keeping of accounting records of values represented through book-entry accounts.


Article 18. Taxable person.


The rate payers will be: the natural or legal persons or institutions registered in the records of the National Commission of the market of stock; physical and legal persons, members or that they can operate in the secondary markets securities whose supervision corresponds to the National Commission of the market of securities; the entities attached to the service of clearing and settlement of securities, and entities which, as a result of their participation in a secondary market organized unofficial, maintain balances in entities responsible for the keeping of accounting records of values represented through book-entry, and the persons or entities issuing securities applying for the admission to trading of the securities they issued on secondary markets organized unofficial.


Article 19. Tax base and tax rate.


1. the taxable bases and types of charges applicable are as follows: fee 9. By monitoring the activity of collective investment undertakings. The tax base will be the total assets of investment companies or the assets of investment funds, as appropriate, the date of accrual of the rate. The rate of assessment shall be the: 0,016 per 1,000.


Rate 10. By monitoring the activity of the management companies of collective investment, management of portfolio companies and management companies of securitisation funds. The tax base will be the average of own resources payable according to the statutory regulations, the last day of each of the months of the natural quarter.


In the event that laws in force not required a minimum value to own resources, the tax base will be total own resources of the society in question. The rate of assessment shall be the: 0.125 per 1,000.


Rate 11. By monitoring the activity of the companies and securities agencies. The tax base will be the average of own resources payable according to the statutory regulations, the last day of each of the months of the natural quarter. The rate of assessment shall be the: 1 per 1,000.


Rate 12. By monitoring the activity of the members of the stock exchanges. The tax base will be the actual amount of operations of purchase and sale of securities that carried out in the stock exchanges on their own, or in the transmission or medien, during the natural quarter.


When the values referred to in the preceding paragraph have the qualification of public debt, for the sole purpose of computation of taxable income the cash amount of the purchase and sale operations it is multiplied by the factor 0.25. The rate of assessment shall be the: 0.025 per 1,000.


Rate 13. By monitoring the activity of the members of unofficial organized secondary markets. The tax base will be the actual amount of operations of purchase and sale of securities that carried out in the relevant market on their own, or in the transmission or medien, during the natural quarter.


When the values referred to in the preceding paragraph have the qualification of public debt, for the sole purpose of computation of taxable income the cash amount of the purchase and sale operations it is multiplied by the factor 0.25. The rate of assessment shall be the: 0.025 per 1,000.


Rate 14. By monitoring the activity of the members of the official futures and options markets. Apply the following types of fixed amount: 1. contracts arising from debt: 1,000 pesetas per each thousand contracts traded in the natural quarter.


2. contracts arising from equities: 500 pesetas for each thousand negotiated contracts in the natural quarter.


3 contracts derived on the MIBOR: 200 pesetas per each thousand contracts traded in the natural quarter.


Rate 15. By supervision of the activity of the entities attached to the service of clearing and settlement of securities and those that, as a result of your participation in an organized secondary market not officer, keep balances in other entities responsible for the keeping of the accounting records of the values represented by annotations into account.


The tax base will be the average of the nominal value of the values that remain as balance, on their own and third parties, in the aforementioned service or entity responsible for the keeping of accounting records, the last day of each of the months of the natural quarter. The rate of assessment shall be: 0.002 per 1,000.


Rate is 16.1. By monitoring the process of admission to trading of securities issues with final date of maturity or repayment exceeding eighteen months, in unofficial organized secondary markets. The tax base will be the nominal value of emissions whose admission to trading has been supervised by the National Commission of the stock market. The rate of assessment shall be the: 0.06 per 1,000.


Rate is 16.2. By monitoring the process of admission to trading of securities issues with final date of maturity or repayment exceeding eighteen months, in unofficial organized secondary markets, when they are issued by non-residents in Spain and also traded on stock exchanges not Spanish. The tax base will be the nominal value of emissions whose admission to trading has been supervised by the National Commission of the stock market. The rate of assessment shall be the: 0.04 per 1,000.


Rate 17. By monitoring the process of admission to trading of securities issues with final date of maturity or repayment equal to or less than eighteen months, in unofficial organized secondary markets. The tax base will be the nominal value of emissions whose admission to trading has been supervised by the National Commission of the stock market. The rate of assessment shall be the: 0.015 per 1,000.


2. rates vest by so many concepts, falling within the rates mentioned in the previous section (9 to 17 rates), as they are in the passive subject of the same.


Article 20. Accrual.


1. with the exception of fees for supervision of the admission to trading on unofficial secondary markets (16 and 17 rates), the rates referred to in the preceding article shall accrue the last day of the natural quarter.


2. in the case of supervision of the admission to trading on markets side organized unofficial (16 and 17 rates), the rate is accrued at the time in which the National Commission of the stock market to inform the relevant market that supervision has completed being fulfilled the necessary requirements for the admission to trading.


Chapter III rules of management article 21. Managing body.


Administration, settlement, reporting and fundraising volunteer during the rates referred to in the present Royal Decree corresponds to the national securities market Commission.


The Executive via fundraising will be bodies of collection of the State tax administration agency, which will take place through the formalization of the corresponding Convention.


Article 22. Returns filed by the managing body.


1 fees for registration of information leaflets, by registration in the official records of the National Commission of the stock market and authorisations, will be subject to clearance by the National Commission of the stock market.


2. in addition, fees for inspection and supervision of the activity of the members of the markets (rates 12, 13 and 14), the entities attached to the service of clearing and settlement of securities or other plants of book-entry (rate 15), and emissions of securities admitted to trading on secondary markets organized unofficial (16 and 17 rates) they will be subject to clearance by the National Commission of the stock market. To this end, societies and governing bodies of the relevant markets, service of clearing and settlement of securities and book-entry stations, be sent to the National Commission of the Mercado de Valores, the precise information of the corresponding taxable persons within twenty days of the of the accrual of the rate, which will serve as a base to carry out the liquidation of the same. Where does not refer the above information within the period indicated, the National Commission of the stock market will perform actions necessary for the practice of appropriate assessment verification and investigation.


Article 23. Self-assessments.



The fees for inspection and supervision of the activity of the institutions of collective investment, the management companies of these institutions, the portfolio management companies, of the management companies of securitization and funds of companies and agencies of values (rates 9, 10 and 11), shall be autoliquidación by the taxable person. For this purpose the applicant shall complete the corresponding form of declaracion-autoliquidacion, according to the models adopted by the Minister of economy and finance. In the event that the taxable person does not practice the corresponding autoliquidación in the period indicated in paragraph 2 of article 25, shall be the settlement by the National Commission of the stock market and will be forwarded to the competent bodies on enforcement via fundraising.


Article 24. Payment.


1. the payment of fees in voluntary period shall be in cash in the case of the own national Commission of the stock market or through deposit institution authorized by the Ministry of economy and finance.


2. the rates in enforce payment will be made through collaborating entities according to the procedure indicated in the General Regulation of fundraising.


Article 25. Deadline for entry.


1. the income of the rates settled and notified by the National Commission of the stock market will take place within the time limits laid down in article 20(2) of the General Regulation of fundraising.


2. the income of the fees which are the subject of autoliquidación by the taxable person, will be held within the period of twenty calendar days of the of the accrual of the rate.


Sole transitional provision. Rules applicable to processing records.


The files that are in the pipeline to the entry into force of this Royal Decree shall apply, be lower tax quotas which may be applicable, the rates provided for in the annex to the law 24/1988, of July 28, the stock market.


Sole final provision. Entry into force.


Without prejudice to the provisions of the single transitional provision, this Royal Decree shall enter into force the day following its publication in the

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