The primary market in securities comprises:
- New issues of fixed-income or equity securities, and
- Public offerings of securities already in circulation,
provided that they are aimed at attracting or mobilizing the savings or assets of persons resident in Spain.
To ensure transparency in the primary market, the CNMV is entrusted with providing financial professionals and potential investors with sufficient necessary information regarding the securities issuer and the securities to be placed with investors.
For this purpose, the legislation on the securities market requires Registration of the following documentation with the Comisión Nacional del Mercado de Valores :
- Documentation accrediting the resolution to make an issue or public offering of securities.
- Audited financial statements of the security issuer.
- Issue prospectus to be made available to the public containing all the necessary information for investors to make an informed decision on the investment being offered.