Upcoming new PAHO regime in Multilateral Trading Systems (MTS). Comparison with regulated markets
Before the enactment of the LMVSI, there was a notable asymmetry in the regulation of takeover bids between regulated markets and multilateral trading facilities (MTFs).
This disparity meant that takeover bids in MTFs were governed by their own, less strict regulations.
The LMVSI extended the scope of application of the takeover regime of regulated markets to ‘those companies whose shares are, in whole or in part, admitted to trading [...] on an MTF’. The articles included several references to future regulatory development, and as a transitional solution until the entry into force of the new royal decree, it was established that ‘until the regulatory rules for the development of this law are issued, the current rules on securities markets and investment services will remain in force, as long as they do not oppose the provisions of this law’.
On 8 January 2025, the Draft Royal Decree amending Royal Decree 1066/2007, of 27 July, on the regime of takeover bids (Takeover Bid RD) was published for public hearing, with the purpose of regulating takeover bids of companies whose shares are admitted to trading on an MTF.
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