The Resolution of 20 July 2012, by the General Secretariat of the Treasury and Financial Policy, establishing the conditions for the performance of the Public Debt Market Creators of the Kingdom of Spain, regulates the conditions for the performance of the Public Debt Market Creators of the Kingdom of Spain. In addition, this rule enables this General Secretariat to establish the conditions under which the Market Creators will perform the functions entrusted to them, which may derive specialties in the issuance and subscription procedure. of the Debt of the Kingdom of Spain.

In particular, the aforementioned Resolution defines the rights of the State Debt Market Creators. The ECC/2014 Order of 2 January, which provides for the creation of State Debt during 2014 and January 2015 and the standard Collective Action clauses are included in its article 5 as a possible emission procedure, simple selling operations. The Secretary General of the Treasury and Financial Policy believes it is necessary to modify the current Resolution of the Public Debt Market Creators of the Kingdom of Spain to explicitly accommodate this type of operation.

By virtue of the above, I have arranged:

Amendment of the Resolution of 20 July 2012, of the General Secretariat of the Treasury and Financial Policy, laying down the conditions for the performance of the Public Debt Market Creators of the Kingdom of Spain.

First.

(a) Point 4 of Article 5 is replaced. Bond Market Creators ' Rights and Obligations:

" 4. Other Debt Management Operations: The Status of the Market Creator of Bonds and Obligations of the State will be valued in the choice of counterparties for other operations of placement and management of Debt that the Secretariat can carry out General Treasury and Financial Policy, such as simple selling operations, syndicated euro issues, financial swap operations or foreign currency issues. "

(b) Point 3 of Article 7 is replaced. Rights of the Letters Market Creators.

" 3. Other debt and treasury management operations: the condition of Market Creator of Letters will be valued in the choice of counterparties for other operations of placement and management of Debt and treasury that the General Treasury of the Treasury and Financial Policy such as simple selling operations or Treasury liquidity auctions. The General Secretariat of the Treasury and Financial Policy may grant by resolution the exclusive access of the Market Creators of Letters to the Treasury's liquidity auctions provided that they meet the requirements for their participation. in these auctions. "

Single end disposition.

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

Madrid, 14 January 2014. -Secretary General of the Treasury and Financial Policy, Iñigo Fernández de Mesa Vargas.