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Bolsas y Mercados Españoles

BME

Bolsas y Mercados Españoles (BME) is the operator of all stock Markets and financial systems in Spain.

Lobbying Activity

Response to Delegated Act on RCB, determination of liquid markets for equity instruments, and PTRR services

5 Sept 2025

SIX/BME welcomes the opportunity to provide feedback on the draft Delegated Act (DA) amending CDR 2017/567. This Delegated Regulation establishes the methodology and thresholds for determining when equity instruments are deemed to have a liquid market. Our detailed position is included in the attached document.
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Response to Burden reduction and simplification for competitiveness of small mid-cap enterprises - Omnibus Directive

8 Aug 2025

SIX Group in general and its Spanish subsidiary BME in particular (thereafter SIX/BME) welcomes the European Commission proposal to reduce regulatory burdens for small mid-cap enterprises (SMCs) and ensure they benefit from the same legal framework as small and medium sized enterprises (SMEs). We believe the omnibus initiative marks a significant step in improving the regulatory environment for European businesses and thus enhancing the competitiveness of the Union. Please refer to the attached document for further details on our position.
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Response to Burden reduction and simplification for competitiveness of small mid-cap enterprises - Omnibus Regulation

8 Aug 2025

SIX Group in general and its Spanish subsidiary BME in particular (thereafter SIX/BME), welcomes the European Commission proposal to reduce regulatory burdens for small mid-cap enterprises (SMCs) and ensure they benefit from the same legal framework as small and medium sized enterprises (SMEs). We believe the omnibus initiative marks a significant step in improving the regulatory environment for European businesses and thus enhancing the competitiveness of the Union. Please refer to the attached document for our detailed position.
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Response to Proposal for an amendment to the InvestEU Regulation.

17 Jul 2025

SIX Group in general and its Spanish subsidiary BME in particular (thereafter SIX/BME) welcomes the European Commission proposal to modify the InvestEU Regulation in order to enhance the programs financial capacity and simplify its administrative framework.
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Response to Recommendation on savings and investment accounts

3 Jul 2025

SIX Group in general and its Spanish subsidiary BME in particular (thereafter SIX/BME), welcomes the European Commissions initiative to establish a Blueprint for Savings and Investment Accounts (SIA), as part of the broader strategy on the Savings and Investments Union (SIU) and aligned with the objectives of creating a more competitive and resilient EU.
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Meeting with Maria Luís Albuquerque (Commissioner) and

27 May 2025 · • SIU, • MiFID II, • Market infrastructure consolidation • IPOs

Meeting with Tatyana Panova (Head of Unit Financial Stability, Financial Services and Capital Markets Union) and Euronext and

16 May 2025 · Exchange with trading venues on the integration of EU capital market

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament)

20 Nov 2024 · Savings and Investments Union

Meeting with Antonio López-Istúriz White (Member of the European Parliament, Shadow rapporteur)

19 Nov 2024 · BMR

Meeting with John Berrigan (Director-General Financial Stability, Financial Services and Capital Markets Union) and Euronext and Wiener Börse AG

8 Mar 2023 · Transparent markets

Response to Retail Investment Package

31 May 2022

BME response to the Commission’s call for evidence on the retail investment package 31st May 2022, Madrid The lastest years, pairing the COVID crisis as well as its recovery, together with the increasing importance of capital markets have made ever more relevant the role retail investors play in the financial landscape as catlysers for a more dynamic and sustainable financial ecosystem. The EU has a compromise to make capital markets more transparent, efficient and accessible to all investors, including retail. Therefore, several steps need to be taken to ease their way into capital markets, as well as to retain them as active stakeholders in the financial landscape. In this regard, BME strongly supports the proposal raised by the 2021 Technical Experts Group on SMEs, promoted by the European Commission, to introduce a new category of semi-proffessional investors, which we deem would increase the accessibility to financial instruments currently out of scope for non-financial investors, even though they might meet the necessary criteria to adequately decide the route of their investments. Furthermore, we do second the revision of the professional investor category so as to expend its scope to include those individuals that have enough knowledge and capability to invest in assets different than their typically allowed portfolio. In addition, we do consider a strong financial literacy is fundamental. Investors need to be well educated on the type of assets they can access; this will only lead to more informed investments decisions, which will result in a sustainable long term investment, benefiting both companies and retail participants, as well as contributing to the overarching goal for the CMU to strengthen capital markets in a sustainable manner. Nevetheless, we cannot turn a blind eye to the current debate around Payment for Order Flow (PFOF) and its impact on best execution for all clients. Retail clients and investors prove to be the most harmed by these schemes, and therefore we support the proposed ban for the PFOF arrangements, which is seconded by studies released by the Dutch and Spanish supervisors, and which prove for the PFOF to have a detrimental impact on execution for smaller maket participants. Finally, we would like to bring attention to the ESAP, in so far as it forsees additional and hard to meet requirements for small and medium companies, which will need to bear excessive costs without further inflow of capital – especially stemming from the non professional and retail investors. In this sense, we support a futher assessment from the European Commission to analyse the impact of this proposal in a comparative perspective to the potential benefit, and to make the necessary adjustments to not harm SMEs, but to truly encourage investment and capitalisation.
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Response to Central securities depositories – review of EU rules

26 May 2022

Bolsas y Mercados Españoles (BME) welcomes the opportunity to provide feedback to the European Commission’s Proposal on CSDR Refit and thus further contribute to creation of the true single market for capital to all members of the European Union. Please kindly refer to the attached file for our views and feedback.
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Meeting with Jonás Fernández (Member of the European Parliament, Rapporteur)

28 Mar 2022 · EU Banking Package 2021

Response to Supervisory fees and fines or penalty payments for DRSPs under ESMA supervision and the criteria for derogation

27 Aug 2021

Dear Sir/Madam, BME welcomes the opportunity to comment on the European Commission draft Delegated Regulation supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council by specifying fees, rules of procedure for measures and criteria for derogation relating to the supervision by the European Securities Markets Authority of data reporting service providers. BME understands that the content of the Draft Delegated Regulation needs a careful and deep consideration to serve most usefully to the industry needs and to determine the most adequate framework for the continuity of DRSP services while keeping a healthy diversity of providers that guarantees truly competition in this market. It is with great pleasure that we are submitting further detailed feedback to the draft Delegated Regulation in the attached response. BME remains fully committed to working closely with the European Commission in ascertaining the best actions for the capital markets ecosystem. Sincerely yours. José Manuel Santamaría General Manager BME Regulatory Services
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