Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 232

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 232
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 Act, so that BBVA may rely, if necessary, on Rule 162 under the Securities Act. Rule 162 under the Securities
Act permits an offeror to

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commence an exchange offer (often referred to as “early commencement”) before the registration statement relating to the offeror’s securities is declared effective if the offer
is subject to Rule 13e-4 or Rules 14d-1 through 14d-11 under the Exchange Act or if, among other things, the offeror provides withdrawal rights to the same extent as would be required if the exchange offer were subject to the requirements of
Rules 14d-1 through 14d-11 under the Exchange Act, and so long as no tendered securities are purchased until the registration statement is declared effective and the offer has expired. Absent such relief, in order for BBVA to commence the exchange
offer before the Registration Statement is declared effective in reliance on Rule 162, BBVA would have to provide withdrawal rights throughout the entire acceptance period, i.e., through the expiration date of the exchange offer, pursuant to Rule
14d-7 under the Exchange Act. Furthermore, BBVA would be required to provide withdrawal rights after the expiration date of the exchange offer to the same extent as would be required by Section 14(d)(5) of the Exchange Act.

The SEC granted BBVA relief pursuant to BBVA’s request on September 2, 2025. In granting such relief, the staff of the SEC has
confirmed that it would not recommend enforcement action if BBVA were to commence the exchange offer before the Registration Statement is declared effective, despite the fact that withdrawal rights would be provided in connection with the exchange
offer only through the day prior to the last day of the acceptance period as required by the Spanish Takeover Regulation, rather than through the expiration date of the exchange offer (as would be required by Rule 14d-7), and that
“back-end” withdrawal rights (as would be required by Section 14(d)(5)) would not be provided after the expiration date of the exchange offer.

Regulation M Exemptive Relief

BBVA has requested that the SEC provide exemptive relief from the provisions of Rules 101 and 102 of Regulation M under the Exchange Act to
permit BBVA and certain of its affiliates to continue, in the ordinary course of business and in accordance with applicable Spanish anti-market abuse and other laws, to engage in certain transactions involving BBVA shares and BBVA ADSs