Financial markets
Market regulation for those who issue, analyse or invest
This is a narrow area with rules of its own: anyone handling information that is not yet public is answerable for the use they make of it, and anyone producing or distributing research on securities is subject to requirements of independence and of transparency about who funds it.
Advice here is preventive almost by definition. By the time the problem surfaces, a transaction has already been executed, and the room for manoeuvre has narrowed to defence.
What we review
Market abuse
Identifying inside information, when and how it is disclosed, justified delays, insider lists, and transactions by managers and closely associated persons.
Information barriers
Separation between areas with access to sensitive information and areas that trade, access controls, wall-crossing records, and the team’s personal account dealing policy.
Equity research
Independence of the research from whoever commissions or funds it, disclosure of conflicts of interest in the report itself, and confidentiality agreements with issuers.
MiFID II requirements
How the activity fits within the investment services regime, client information obligations, and the rules on recommendations concerning financial instruments.
Market access and prospectus
Disclosure obligations for listed issuers and the simplifications introduced by the EU package known as the Listing Act.
Asset structuring
Separating family assets from business risk, investment vehicles, and the regime for management participation in share capital.
When a consultation is worthwhile
Specific situations in which a short conversation before deciding avoids, in most cases, later proceedings.
- You are going to produce or distribute research on listed securities.
- An issuer funds your research and the independence needs to be made clear.
- You are about to sign a confidentiality agreement with an issuer before receiving information.
- A corporate transaction is under way and has not yet been made public.
- A manager wants to deal in the company’s own shares.
- You are considering listing or a capital increase with a prospectus.
Fees and conduct of the matter
A fixed quote per piece of work, or a monthly retainer where the volume justifies it. The amount and its scope are settled in writing before each piece of work begins.
Conduct of the matter rests with Josep or María Doménech Aviñó, registration nos. 12.981 and 20.288 of the Valencia Bar Association (ICAV). You deal directly with the lawyer handling the file.
Everything you tell us is covered by the duty of legal professional privilege under article 542.3 of the Spanish Judiciary Act (Ley Orgánica del Poder Judicial), including at the first consultation and even if you do not go on to instruct us.
Let us talk about your specific case
Tell us your situation and we will explain how we would approach it and what documentation is required. We reply within 24 working hours.