Spanish Securities Commission and BME present BME Easy Access listing route allowing admission before free float with an 18-month placement window

The Spanish Securities Commission (CNMV) and BME have presented BME Easy Access, a new IPO and listing modality designed to let companies be admitted to trading on regulated markets without meeting a minimum free float before admission, with the share placement taking place afterwards. Under the proposed process, the sequence would start with prospectus verification followed by admission without distribution. Eligible issuers would need a valuation above EUR 500 million, although CNMV could authorise access for smaller companies. The issuer would then have up to 18 months to carry out one or more placements, via block trades or OPV/OPS, choosing the timing with limited advance notice. Until the required free float is achieved, trading would be limited to professional investors through the block modality, moving to general trading on the Spanish Stock Exchange Interconnection System (SIBE) once sufficient dispersion is reached. If sufficient distribution is not achieved within 18 months, CNMV would assess the situation and could extend the period or treat the free float requirement as met based on distribution achieved under applicable law, while a failure to complete the placement after any extension would lead to CNMV delisting the shares ex officio. Implementation would require CNMV approval of amendments to the stock exchange admission-to-trading circulars and to the Sociedad de Bolsas circular governing the operating rules of SIBE.