Public consultation on a Circular on requirements for exclusion from trading
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The CNMV has put out for consultation a draft Circular setting the trading frequency and volume thresholds below which it may exclude shares and other equity instruments from trading, under Article 64(2)(a) of Law 6/2023. It does not propose requiring continued maintenance of the free float required at admission.
Key points
- Asks what measures an issuer could propose to halt an exclusion procedure.
- Asks whether the Circular should detail how the CNMV will assess the following observation period.
Who is affected
Listed companies with low liquidity and their shareholders.
Deadlines
Comments until 19 October 2026 (now closed).
Plain-language version
The CNMV, Spain's market watchdog, wants to set a minimum level of trading a share needs in order to stay listed. If a company falls below it, it could be removed from the market. This mainly affects thinly traded companies and their shareholders. The comment period closed on 19 October 2026.
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