Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 273

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 9
Chunk 273
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/2014 to make public capital markets in the European Union more attractive for companies and to facilitate access to capital for small and medium-sized enterprises (“Listing Act”). Among other things, the Listing Act updates certain disclosure requirements and expands the available exemptions from the requirement to produce a prospectus. While many of the changes under the Listing Act began to apply on December 4, 2024, some provisions will not apply until March 5, 2026 or June 5, 2026.
Directive 2014/65/EU of the European Parliament and of the Council of May 15, 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II) and Regulation (EU) 600/2014 of the European Parliament and Council of May 15, 2014 on markets in financial instruments and amending Regulation (EU) 648/2012 (MiFIR), were published on June 12, 2014 and became applicable on January 3, 2018, affecting the Spanish securities market legislation, markets and infrastructures and implying higher compliance costs for financial institutions. MiFID II has been implemented into Spanish Law by Royal Decree-Law 21/2017, of December 29, by Royal Decree-Law 14/2018, of September 28, and by Royal Decree 1464/2018, of December 21.
Royal Legislative Decree 4/2015, of October 23, approved the reinstated text of the Securities Markets Act, which has been affected and amended, among others, by the aforementioned MiFID II implementation rules.
On March 18, 2023, Law 6/2023 on the Securities Markets and Investment Services was enacted and it became generally applicable from April 7, 2023, repealing, among others, former Royal Legislative Decree 4/2015. This new Spanish Securities Markets Act creates the new framework law for the securities markets, systematizing and reorganizing former laws and regulations and implementing several European directives, particularly in the area of crypto-assets and distributed ledger technologies. This new Securities Markets Act is further developed by four royal decrees published on November 9, 2023 in the Official Spanish Gazette: (i) Royal Decree 813/2023, of November 8, on the regime for investment firms and other entities providing investment services; (ii) Royal