Royal Decree-Law 34/2020, of November 17, 2020, on urgent measures to support business solvency and the energy sector, and on tax matters (RDL 34/2020), published in the Official State Gazette (BOE) on 18 November 2020, further extends the term for the granting of ICO guarantee facilities relating to commercial paper notes traded on the Spanish Alternative Fixed Income Market (MARF) and introduces amendments to the Spanish Securities Market Law.

Extension of the term for the granting of ICO guarantee facilities relating to commercial paper notes traded on MARF

The term for the granting of public guarantee facilities to meet companies’ liquidity needs, including those guarantees relating to commercial paper notes traded on the Spanish Alternative Fixed Income Market (MARF), is extended until 30 June 2021, in line with the fourth amendment to the European Union’s State Aid Temporary Framework. The applicable terms and conditions, and the requirements to be met will be determined by a decision of the Council of Ministers.

Amendments to the Securities Market Law

On another note, with the objective of stimulating the depth and liquidity of SME growth markets, the threshold determining the obligation for any company listed on a multilateral trading system, such as BME Growth (formerly known as the Spanish Alternative Equity Market – MAB) to apply for its shares to be listed on a regulated market (i.e. at a Spanish stock exchange),has been increased from five hundred million to one billion euros where the new market capitalization threshold is exceeded uninterruptedly for a period longer than six months.

The CNMV (Spanish Securities Market Commission) may determine the terms for exemption from the aforementioned obligation for companies of strictly financial or investment nature.