Saturday, May 27, 2023

CNMV replies that Ferrovial can be listed in the US if it wants to try: “If you don’t want to, it’s impossible by definition”

The President of the CNMV, Rodrigo Buenaventura, this Wednesday before the Committee on Economic Affairs and Digital Transformation of the CNMV Congress.

The president of the National Securities Market Commission (CNMV), Rodrigo Buenaventura, insisted this Wednesday that the study of the legal framework carried out due to the change of headquarters announced by Ferrovial concluded that Spanish companies could be listed in the United States. EE UU.), “unless you want to try.”

As he explained in the Economic Affairs Committee of the Congress of Deputies, where he appeared to explain his investigation in the management changes in Indra “there is no obstacle” to go to the US public because there is no connection between the Spanish entities. and the American deposit and transfer authorities, Iberclear and CTCC, respectively. “Yes, the US only has a connection with one country in the world: Canada, not even with the Netherlands,” he added.

Despite everything, he points out that this does not mean that “it is an easy or immediate way to list in the US”. nor is there any “difficulty” of which we are unaware in this process, since approval must be granted by our Authorities. “The information we have does not indicate that this price is impossible once the road is completed, unless you want to try If you don’t want to try, it is impossible by definition, “that is the very set.”

In addition, he added that this option had never previously been raised by the Spanish company CNMV or the manager of the Spanish Stock Market, BME. “In other words, the repeated and long-term demand has not been ignored”, he defended, before the amendment of the laws on the stock market, the CNMV, the Government, the “previous Governments” and the Parliament were always changeable. “The care, regulatory and legislative scheme developed in Spain shows that it is not immobile and sensitive to this kind of demand”, he defends.

Last Monday, Ferrovial said that there are no structures in Spain to require outside the ADR modality (which is not a correct listing) and the creation of legislative changes and technical and operational solutions, the implementation of which requires time and “will”. As he said, today the companies that are listed in Spain cannot be listed as common in the United States of America, contrary to what happens in the Netherlands.

Nation World News Desk
Nation World News Desk
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