The Spanish National Securities Market Commission (CNMV) has launched a consultation on draft rules setting the trading frequency and volume requirements used to determine whether equity instruments may be delisted from regulated markets under its supervision. The CNMV may initiate delisting on its own motion or at the issuer’s request when trading falls below these requirements. The draft does not propose an ongoing distribution requirement because the applicable framework does not require issuers to maintain the distribution level required at initial admission. The CNMV is seeking views on measures issuers could propose to halt a delisting procedure and whether the rules should provide more detail on its assessment during a subsequent observation period.
2026-09-18Spanish Securities Commission (CNMV)
Spanish National Securities Market Commission launches consultation on equity instrument delisting thresholds
The Spanish National Securities Market Commission is consulting on trading frequency and volume thresholds for the potential delisting of equity instruments. The draft omits an ongoing distribution requirement and seeks views on how issuers could halt a delisting procedure and how subsequent observation periods should be assessed.