RATES APPLICABLE TO THE ALTERNATIVE EQUITY MARKET
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1 CIRCULAR 5/2017 RATES APPLICABLE TO THE ALTERNATIVE EQUITY MARKET The Board of Directors of Bolsas y Mercados Españoles, Sistemas de Negociación, S.A. has approved the following fees applicable to the Alternative Equity Market: 1. REGISTRATION 1.1 Securities issued by SICAV, Collective investment Institutions (CII), hedge funds and funds of funds For the admission of securities issued by open-ended collective investment schemes, the face amount of the capital subscribed and paid up at the time of the listing and of the increase which occurs in relation to the last day of each calendar year, without taking into account the changes in the intermediate period, those shall pay 0.5 per mille with a maximum of 15,000. For Investment Funds they will pay 0.5 per mille on the total equity of the fund at the time of admission. An equal fee will be payable on the market value of units issued due to increases in the number of fund units. This fee also includes inclusion in the book entry register of IBERCLEAR. This fee will not be applicable to open-ended collective investment schemes (SICAVs) which, having had their shares admitted for trading on a Spanish stock market, decide to modify this trading regime, excluding their shares for trading on the stock market and requesting that they be listed on the Alternative Equity Market, so they will only pay the fee for subsequent capital increases. 1.2 Securities issued by private equity/venture capital firms For the Market listing of securities issued by venture capital firms, 0.5 per mille will be payable on the total equity of the fund or of the company. An equal fee will be payable on the market value of units or shares issued due to increases in the number of fund units or capital increases of the company. 1
2 1.3 Securities issued by Growth companies A flat fee of 1,500 for processing the listing application. This amount will not be applicable in the cases set forth under point section two of Circular 17/2016 on capital increases. This fee will be subtracted from the admission fee provided it takes place within no longer than three months from the presentation of the application. For the Market listing of securities issued by Growth companies, a fixed fee of 6,000 will be paid plus a variable fee of 0.05 per mille on the capitalisation of their securities to be listed from their first price on the Market, or, in its absence, that which arises from the reference price. The same variable fee will be paid on the capitalisation of securities issued due to capital increases from their first price on the Market. It may be necessary to make a provision of funds for the items referred to above. 1.4 Securities issued by Listed real-estate investment trusts (SOCIMIS) For processing the application, a fixed amount of 3,000 for an initial admission, and 1,500 for subsequent admissions. For the market admission of securities issued by Real Estate Investment Trusts (REITS), a fixed fee of 6,000 will be paid plus a variable fee of 0.11 per mille on the capitalisation of their securities to be admitted from their first price on the Market, or, in its absence, that which arises from the reference price. The same variable fee will be paid on the capitalisation of securities issued due to capital increases from their first price on the Market, or, in its absence, that which arises from the reference price. It may be necessary to make a provision of funds for the items referred to above. 1.5 Investment Funds For admission to the investment funds Market, a fixed fee of 3,000 per fund will be payable. This fee will be a maximum of 30,000 for those investment funds for which admission is requested simultaneously by the same management company. If several classes of the same fund are admitted, the fee is applied to each class. For compartmented funds, the fee applies to each compartment. Of the amount of net subscriptions registered for each fund in relation to the last day of each calendar year, without taking into account the variations in the interim period, those shall pay 0.5 per mille with a maximum of 15,000. This fee also includes inclusion in the book entry register of IBERCLEAR. 2
3 This fee will not be applicable to open-ended collective investment schemes (SICAVs) which, having had their shares admitted for trading on the Alternative Equity Market, decide to become an investment fund, thereby excluding their shares for trading in the SICAVs segments and requesting their inclusion in the funds segment. Therefore they shall only pay the fee according to subsequent increases in their equity. 2. MAINTENANCE SERVICES 2.1 Securities issued by SICAV, Collective investment Institutions (CII), hedge funds and funds of funds - Maintenance service of the CII on the market electronic trading system. settlement values and announcements in the Listing Bulletin and the automatic dissemination of said information to the media and information providers. - Website construction and maintenance service for the SICAV. - Maintenance Service in the book entry register of IBERCLEAR. For these concepts, each CII will pay an annual fixed fee of 650. In the case of SICAVS managed by the same management company, the amount to be billed to each of the managed SICAVS, will be the average amount of the different amounts which arise from applying the following scale by number of SICAVS: Up to 50 SICAVs From 50 to 100 SICAV From 100 to 200 SICAV From 200 to 300 SICAV From 300 to 400 SICAV Over 400 SICAV Securities issued by private equity/venture capital firms - Maintenance service of the ECR on the market electronic trading system. 3
4 volumes and announcements in the Listing Bulletin and the automatic dissemination of said information to the media and information providers. For these concepts, each venture capital firm will pay an annual amount of 0.05 per mille on the market value of its shareholdings or shares at the close of the last session of the previous year. 2.3 Securities issued by Growth companies - Maintenance service of the issuer on the market electronic trading system. volumes and announcements in the Listing Bulletin and the automatic dissemination of said information to the media and information providers. For these concepts, the issuing institution will pay an annual fixed fee of 6,000. If a listed security did not have at least a published financial analysis, arrangements will be made to provide this service. In these cases, on delivery of the corresponding report, an annual fee of 8,000 will be applied. 2.4 Securities issued by Listed real-estate investment trusts (SOCIMIS) - Maintenance service of the issuer on the market electronic trading system. volumes and announcements in the Listing Bulletin and the automatic dissemination of said information to the media and information providers. For these concepts, the issuer company will pay the annual amount which arises from applying 0.05 per mille on its capitalisation at the close of the last session of the previous year, with a minimum of 6,000 and a maximum of 25, Investment Funds 4
5 - Maintenance service of the CII on the market electronic trading system. settlement values and announcements in the Listing Bulletin and the automatic dissemination of said information to the media and information providers. - Maintenance Service in the book entry register of IBERCLEAR. For these concepts each investment fund shall pay from the equity registered in relation to the last day of each calendar year, without taking into account the variations in the interim period, per mille with a minimum of 650 and a maximum of 3, DEREGISTRATION 3.1 Securities issued by SICAV, Collective investment Institutions (CII), hedge funds and funds of funds For removal of securities issued by Collective Investment institutions from the market, these Institutions will pay a fixed fee of 1, Securities issued by private equity/venture capital firms For removal of securities issued by venture capital firms from the market, these will pay 0.5 per mille on the market value, with a minimum of 1,500 and a maximum of 6, Securities issued by Growth companies For removal of securities issued by Growth companies from the market, these will pay 0.5 per mille on the market value, with a minimum of 1,500 and a maximum of 6, Securities issued by Listed real-estate investment trusts (SOCIMIS) For removal of securities issued by real estate investment trusts (SOCIMIS) from the market, these will pay 0.5 per mille on the market value, with a minimum of 1,500 and a maximum of 6, Investment Funds 5
6 For removal from the market, investment funds shall pay a fixed fee of 1, ADMISSION OF PARTICIPANTS Each settlement participant (open-ended collective investment schemes and the Management Companies of such schemes set forth under article 10.3 of the General Market Regulation) will pay an admission fee of 30,000 to the Alternative Equity Market. This fee will be considered to be a necessary condition for the settlement participant to be able to start operations in the Alternative Equity Market and it will be paid only once, irrevocably, and is non-returnable if the entity later deregisters as a settlement participant, regardless of the cause of this deregistration. 5. REGISTERED ADVISOR Registered Advisors will pay an annual fee of 12,000 for maintenance in the register. 6
7 6. FEE FOR TRADES 6.1 For cash traded on the same day in respect of the same end client, value, price, transaction type and direction, the amount applicable is according to the following scale: TRADING Tranches in euros Applicable fee Up to From to 3, BP From 3, to 35, BP From 35, to 70, BP From 70, to 140, BP From 140, If the total of this fee for the same final client, security, type of transaction and direction (buy or sell) exceeds 110, the lower of the following amounts shall be charged: 0.33 Basis Points (0.33/10,000) on the cash traded with a minimum of 110 euros. The fee calculated. 6.3 When the end client has not been communicated, the fee per trade shall be applied to each execution individually. 6.4 If the optional settlement of orders by financial broker procedure is used, if the end client is not linked through the transfer from the financial broker's special account to the definitive account, point 6.2 will not be applied. 6.5 A special fixed fee of 20 shall apply for trades performed involving securities that have been suspended when involving the same client, security and direction. 7. FEE FOR THE CHARACTERISTICS OF THE ORDER The order characteristics fee is applied to all securities in addition to the fees described in point 6. 7
8 7.1 Order executed in auction: Orders traded in the auction period, will have a fee of 1 EUR. The fee will be applicable in each auction in which the order of a same end client is traded, without taking into account the number of executions of the order for each trading date. 7.2 Restrictions of the order and hidden volume orders: Restrictions on execution (minimum volume, execute or cancel and all or nothing) will include an associated cost of 2 bp over the total cash volume traded in that order by each end client and trade date, with a minimum of 0.5 euros and a maximum of 1 euro per order. Hidden volume orders will include an associated cost of 1 bp over the total cash volume traded by end client with a maximum per order of euros. 7.3 Order type: This fee will be applied on the cash volume traded by each order, end client and trade date as indicated as follows: Order type fee Half point Hidden 1bp 1bp Combined block (visible part) 1bp 8. CERTIFICATES Individual certificates referring to the same session, 10 for the first certified data and 5 for each one thereafter. In the event of a high volume of information being requested, the above fees shall apply to the first 100 certificates. From 101 onwards the fee for each certified data is Certification of average changes in value, 20 for the first certified datum, and 10 for each datum thereafter. When a large volume of information is requested, the aforementioned fees will be applied to the first 100 data points. From 101 onwards the fee for each certified data is
9 9. VALUE-ADDED TAX The fees set out herein do not include VAT. 10. APPLICATION DATE This Circular will be applicable from 2 January 2017, inclusively, at which point Circular 19/2016, of 29 November, on applicable Fees on the Alternative Equity Market, and Circular 4/2017, of 20 June, on fees applicable to investments funds in the Alternative Equity market, will cease to be valid. Madrid, 30 November 2017 THE SECRETARY Ignacio Olivares Blanco *Important: In the event of discrepancy between the Spanish and the English versions, the Spanish version shall prevail. 9
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