Security Markets
COVID-19: CNMV and the Spanish Registrars’ Association issue joint statement on financial statements and proposed allocation of profit/loss
In the context of the extraordinary situation stemming from the COVID-19 health crisis, the Spanish Registrars’ Association and the Spanish National Securities Market Commission (CNMV) issued a joint statement on March 26, 2020, in which they consider that, as regards financial statements and the proposed allocation of profit/loss, companies may, among other alternatives, choose to proceed as follows:Regime for the conversion of bearer securities into registered securities – entry into force of Decree-Law no. 123/2017, of 25 September
Following the Commentary that we have made available on 10 May 2017, informing about the entry into force of Law no. 15/2017, of 3 May – which prohibits the issuance of bearer securities and foresees the creation of a transitional regime for the conversion of the existing bearer securities into registered (nominativos) securities – we inform that today enters into force Decree-Law no. 123/2017, of 25 September (DL 123/2017), which foresees the regime for the conversion of bearer securities into registered securities, in execution of Law no. 15/2017, of 3 May.