Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 238

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 238
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 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 from the day
this offer to exchange/prospectus is first disseminated to security holders until the end of the acceptance period for the exchange offer (the “Regulation M Restricted Period”). Subject to certain exceptions, Rules 101 and 102 of
Regulation M would prohibit BBVA and its affiliates from bidding for or purchasing, or attempting to induce any person to bid for or purchase, BBVA shares or BBVA ADSs during the Regulation M Restricted Period.

The SEC granted BBVA relief pursuant to BBVA’s request on September 4, 2025. Such relief permits, subject to certain enumerated
conditions set forth in