The National Securities Market Commission (CNMV) facesone of its busiest years after the relative hiatus of 2020. Rodrigo Buenaventura, its president, has indicated that in the first semester of this year they foresee a record number of IPOs with up to six operations.
“We anticipate a significant increase in IPOs this year. We have been working for several months with companies that are considering going out onto the market. And in terms of number, around half a dozen, if the plans are completed successfully; It would be a record for the institution in the first semester, “he indicated in the presentation of the new action plan of the CNMV, while stressing that a large part of the operations are linked to sustainability issues, in clear reference to the jump to the stock market renewable energy business. However, Buenaventura does not believe that this rhythm of operations will be sustained over time, although they would like to. “If it lasted more than two semesters (the trend), it would be great news, but these are not the scenarios we handle”, has commented.
These IPOs could also put a strain on the institution’s work level. The president himself denounced relatively recently in the Congress of Deputies the personnel crisis that the organization is experiencing, and demanded a solution from the political forces. However, Buenaventura guarantees that this will not influence the quality of its work and that the operations will be processed in a timely manner despite the barrage of jumps on the floor.
In all this process of going to the market it is also expected that the calls Special Purpose Acquisition Companies (SPAC). They are companies without any activity that are created to raise funds in the markets in order to invest in a company and merge with it, as well as to undertake IPOs. The CNMV has recognized that “they are having a lot of activity”, especially in the United States, and has remarked that they look favorably on these vehicles “as an alternative to the traditional IPO.” In this sense, the institution has highlighted that they have been analyzing possibilities of this nature for months, although beforehand it would be necessary to undertake some legal retouch to give them a more adequate fit in the Spanish legal system.
Beyond it, The Government has enabled the institution to prepare a circular on the advertising of crypto assets. A recent decision of the Executive on which the CNMV is already working. “We started working this week. We already had a meeting on Monday, and we are going to produce a draft circular that will still need a few weeks ”, Buenaventura has indicated.
The president of the organization, likewise, has outlined the master lines of the action plan of the CNMV for this year. A plan that is structured around four areas, “but which can be summarized in one sentence: keeping supervision as a priority, the CNMV will make it easier for the markets to contribute to sustainable and digital economic recovery.”
Going in more detail, Buenaventura explained that the four lines of action will be: rigorous supervision of investor protection and greater use of data; the promotion of capital markets as a source of financing for the economic recovery; facilitate the transition to a sustainable and inclusive economy through securities markets; and the application of technological advances to markets.