The end of a stringent regime regulating issuance in Spain following the third Prospectus Directive (PD3) coming into force this week is expected to have a positive impact in the domestic retail market.

Since the beginning of the week, the Spanish regulator ( Comisión Nacional del Mercado de Valores - CNMV) will no longer require an expert report for the issuance of bonds and structured products aimed at retail investors to ensure the accuracy of the associated marketing documentation. The new European rule will shelve for this requirement, which was introduced by the Spanish watchdog in 2005, ending a stringent regime for issuances, but without reducing the level of protection for

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