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Take-Over Bids, Pubic Sale of Securities and Financial Operations
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The Barcelona Stock Exchange has the technical means to control and carry out any financial operation entrusted to it. Specifically, the work carried out to control and deal with the financial operations that are mentioned below is as follows:

 TAKE-OVER BIDS AND PUBLIC SALE OF SECURITIES

  • Publication by Barcelona Stock Exchange of the Circular corresponding to that regulated in the procedure to be followed by all concerns involved. It establishes the time period and the method by which the order of purchase and sale of securities should be notified.
  • Reception of all orders addressed to the financial operation in question and computer processing of these. This involves the use of pro rata calculation if this has been established in the operation conditions. Subsequently, the operations are published. This generates the corresponding register references that are sent to the corresponding compensation and payment settlement service.
  • Issue, in the case of the Public Sale of Securities, of personalised receipts with the economic data of the operation and the assigned registry reference.
  • Notification to the CNMV (National Securities Market Commission) of the quantity of securities involved in the operation.
  • Publication of the results in the Quotation Bulletin.

 

INCREASES IN SHARE CAPITAL, SWAPS, FIXED INCOME SUBSCRIPTIONS, FIXED INCOME CONVERSIONS

Although each financial operation, including those of the same type, have totally different characteristics, the activities of the Barcelona Stock Exchange can be generalised along the following lines:

  • Preparation of an estimate to be approved by the Broker Concern in which the type of control and treatment to be performed by the Barcelona Stock Exchange is described for a determined operation and the price rate to be applied for this.
  • Design of the regulations to be followed by the concerns involved in giving notification of the data of the operation undergo, establishing the time periods for notification, tape formats that should be used, balances and certificates that must be presented. These regulations will be distributed to the concerns adhered to by the Broker Concern.
  • Receipt of computer back-ups established in the regulations. Balance sheet in the terms established for the operation, resolving incidents that may have occurred and returning the computer back-up to the concern that do not exactly fit that established in the regulation.
  • Computer data processing, notifying the Broker Concern and the corresponding compensation and payment settlement service of the result of the operation.
  • Control of the numbering of the deposited securities in the event that the value on which the financial operation is being done is represented in physical securities.
  • Issue of personalised receipts, bearing the logo of the Broker Concern and the description of the financial operation and the assigned registry reference.
  • Drawing up of the spread sheets to be submitted to the National Securities Market Commission.

 

PAYMENT CONTROL OF DIVIDENDS, INTEREST AND SECURITIES AMORTISATION REPRESENTED BY PHYSICAL SECURITIES

Receipt of the computer back-up submitted by the depositing concerns derived from the balancing and resolution of incidences in the numbering of physical securities accredited in these. A check will be made that the amount of securities presented to justify the payment of the corresponding economic right is protected by the numbering of the securities deposited that have been accredited in the submitted computer back-up.

 

 

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