On 3 July 2025, Spain’s National Commission on Markets and Competition (CNMC) welcomed a new decree extending the regime of public takeover bids (OPAs) to multilateral trading systems—financial markets mainly used by SMEs.
The CNMC said the change could boost SME participation in financial markets, reduce their reliance on bank financing, enhance transparency, and foster growth. However, the CNMC recommended clearer justifications for certain provisions, such as expert registration requirements and exceptions for investment funds, to ensure fair competition and regulatory clarity.
The update aligns with the 2023 Securities Market Law and aims to strengthen investor protection and market integration across Europe.
Source: https://www.cnmc.es/prensa/extender-opas-multilaterales-negociacion-20250703
