The Spanish Securities Commission (CNMV) announced it has completed the harmonisation of Spain’s settlement and securities registration processes with European standards under “Reforma 3”, removing what it describes as unnecessary bureaucracy and market entry barriers without reducing investor protection. The CNMV also framed the changes as a key step in preparing the Spanish market for a move to a T+1 settlement cycle in October 2027. Reforma 3 concludes with the removal of the obligation to notify transactions to Iberclear’s Post-Trade Information System (PTI), a Spain-specific reporting system originally designed to give the supervisor access to transaction holders and support investigations into potential market abuse. The CNMV said the PTI had become an operational complexity and a perceived barrier to providing post-trade services in Spain, and that it was rendered redundant by EU reforms including transaction reporting and the settlement discipline regime. It also noted that Law 6/2023 and Royal Decree 814/2023 provided a maximum two-year adaptation period for central securities depositories, market infrastructures and participating entities to adjust to the change, reflecting dependencies created by the PTI’s use in internal procedures.
Spanish Securities Commission (CNMV) 2025-03-26
Spanish Securities Commission completes Reforma 3 by ending Iberclear PTI trade notifications to align post-trade processes with EU standards
The Spanish Securities Commission (CNMV) has aligned Spain’s settlement and securities registration with European standards under "Reforma 3," reducing bureaucracy and market entry barriers while ensuring investor protection. The CNMV eliminated the need to notify transactions to Iberclear’s Post-Trade Information System, citing operational complexity and redundancy due to EU reforms. Law 6/2023 and Royal Decree 814/2023 provide a two-year adaptation period for affected entities.