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The primary securities market comprises:
  • new issues of fixed-income securities or equity securities; and
  • public offerings of securities already in circulation,
provided that they are both aimed at attracting savings of the public. To ensure transparency in such primary market, the CNMV is responsible for making available to the public the necessary and sufficient information, both on the securities issuer and the securities to be placed with investors.
For this purpose, securities market legislation requires the Registration of the following documentation with the Spanish National Securities Market Commission:
  • Supporting documentation of the public offering or issue agreements.
  • Audited financial statements of the security issuer.
  • Prospectus containing all the necessary information for investors to assess the issuer’s situation, as well as the rights attached to the securities offered or to be admitted to trading.
There are some exceptions to these requirements, according to the nature of the issuer or the securities, with regard to the amount of the offering, or the nature or number of investors to which the issue is addressed.