No person or entity may, without having obtained the required authorization and being registered in the corresponding administrative records, professionally develop investment services or the auxiliary services provided for in sections a), b), d) f), and g) in relationship with financial instruments. Likewise, the marketing of investment services and the acquisition of clients may only be carried out professionally, by themselves or through regulated agents, by entities authorized to provide such services.

1. Financial institutions
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2.5 INVESTMENT SERVICES COMPANIES
2.5.1 Features
Investment Services Companies (ESI) are companies whose main
activity consists of providing investment services to third parties,
on a professional basis, on financial instruments subject to
securities market regulations.
The ESIs will perform, in accordance with their specific legal
regime, the investment services and auxiliary services listed
below:
Investment services and auxiliary services
a)Basic Regulation The reception and transmission of client orders
in relation to one or more financial instruments.
b) The execution of said orders on behalf of clients.
c) Negotiation on one's own account.
d) Portfolio management.
e) The placement of financial instruments, whether or not based on
a firm commitment.

2. f) The assurance of financial instruments or placement of financial
instruments on the basis of a firm commitment.
g) Investment advice.
h) The management of multilateral negotiation systems.
i) Management of organized contracting systems
Social object a) The custody and administration on behalf of
clients of financial instruments, including custody and related
services such as treasury and collateral management, and
excluding the maintenance of securities accounts at the highest
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b) The granting of credits or loans to investors, so that they can
carry out an operation on one or more financial instruments,
provided that the company that grants the credit or loan intervenes
in said operation.
c) Advice to companies on capital structure, industrial strategy and
related issues, as well as advice and other services in relation to
company mergers and acquisitions.
d) Services related to insurance.
e) The preparation of investment reports and financial analyzes or
other forms of general recommendation regarding operations on
financial instruments.
f) Currency exchange services, when they are related to the
provision of investment services and activities.
g) Investment services and activities, as well as auxiliary services
that refer to the non-financial underlying of some derivative
financial instruments, when they are linked to the provision of
investment services or auxiliary services.

3. No person or entity may, without having obtained the required
authorization and being registered in the corresponding
administrative records, professionally develop investment services
or the auxiliary services provided for in sections a), b), d) f), and g)
in relationship with financial instruments.I have Profit Maxima
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Likewise, the marketing of investment services and the acquisition
of clients may only be carried out professionally, by themselves or
through regulated agents, by entities authorized to provide such
services.
The legal regime of ESIs is included in the Securities Market Law
and Royal Decree 217/2008. These regulations incorporate the
community regulations of the MiFID II environment into the
Spanish legal framework 16 .
There are four kinds of ESIs:
Securities companies:
These are those ESIs that can operate both on behalf of others
and on their own account, and perform all investment services and
auxiliary services. They must have a share capital of no less than
€730,000.
As of December 31, 2022, 34 securities companies were
registered in the Administrative Registry of the CNMV 17 .
Securities agencies:
These are those ESIs that can only professionally operate on
behalf of others, with or without representation, and perform all
investment services except for those described in sections c) and

4. f) above; as well as all auxiliary services, except for that provided
for in letter b).
Their social capital will depend on the activities they carry out.
Thus, as a general rule, its share capital may not be less than
€125,000. However, securities agencies not authorized to deposit
funds or securities of their clients may have a share capital of
€50,000.
As of December 31, 2022, 61 securities agencies were registered
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Portfolio management companies:
These are those ESIs that can exclusively provide the investment
services provided for in letters d) and g) and the auxiliary services
provided for in letters c) and e). They must have (i) an initial capital
of €50,000; or (ii) professional civil liability insurance, a guarantee
or other equivalent guarantee that allows you to face liability for
negligence in the exercise of your professional activity throughout
the territory of the European Union, with a minimum coverage of
1,000,000 euros per damage claim, and a total of €1,500,000
annually for all claims; or (iii) a combination of initial capital and
professional liability insurance that results in a level of coverage
equivalent to those in (i) and (ii) above.
As of December 31, 2022, there were no portfolio management
companies registered in the Administrative Registry of the CNMV.
Financial advisory companies:
These are those natural or legal persons that can exclusively
provide the investment services provided for in section g) and the
auxiliary services provided for in letters c) and e).
In the case of legal entities, they must have (i) an initial capital of
€50,000 or (ii) civil liability insurance that covers the entire territory
of the European Union, guarantee or other comparable guarantee,
with a minimum coverage of €1,000,000.

5. per damage claim, and a total of €1,500,000 per year for all
claims, or (iii) a combination of initial capital and professional civil
liability insurance that gives rise to a level of coverage equivalent
to that of subparagraphs (i ) and (ii) above.
As of December 31, 2022, 139 financial advisory companies were
registered in the Administrative Registry of the CNMV.I have
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Furthermore, credit institutions may routinely carry out all
investment services, as well as auxiliary services, as long as their
legal regime, their statutes and their specific authorization enable
them to do so. Likewise, the management companies of collective
investment institutions (SGIIC) may provide certain investment and
auxiliary services as long as they are authorized to do so.
The conditions of access to the activity can be
summarized as follows:
Internal organization: The Securities Market Law and Royal
Decree 217/2008 are very exhaustive regarding the internal
organization requirements that ESIs must meet.
Authorization and registration: The CNMV is responsible for
authorizing securities companies and agencies, as well as portfolio
management companies. For its part, the authorization of financial
advisory companies will correspond exclusively to the CNMV.
In general terms, the following requirements will be required for an
entity to obtain authorization as an ESI:
That its exclusive corporate purpose is to carry out the activities
that are typical of the ESIs.
That it takes the form of a public limited company, established for
an indefinite period, and that the shares that make up its share
capital are nominative.
The existence of a minimum share capital fully paid up in cash.

6. That it has a board of directors made up of no less than three
members.
The presidents, vice presidents, directors or administrators,
general directors and similar to the latter, must have recognized
good repute, knowledge and experience for the proper exercise of
their functions and be in a position to exercise good governance of
the investment services company. In the case of dominant
entities of investment services companies, the requirement of
good repute must also apply to the presidents, vice presidents,
directors or administrators, general directors and similar to the
latter and the majority of the members of the board of directors
must have knowledge and experience for the proper exercise of
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Likewise, the requirements of good repute, knowledge and
experience must be met by those responsible for internal control
functions and other key positions for the daily development of the
activity of an investment services company and its parent entity.
That it has the existence of an internal code of conduct.
That they join the Investment Guarantee Fund when required.
That you have presented a business plan that reasonably proves
that the ESI project is viable in the future.
That it has presented adequate documentation on the conditions
and services, functions or activities that are going to be
subcontracted or outsourced, so that it can be verified that this fact
does not distort or render the requested authorization void.
2.5.2 Regime of significant participations and change of control in
investment services companies
The regime of significant participations for these companies
imposes the duty of notification for prior evaluation by the CNMV,
of those acquisitions that exceed 10% of the capital or voting

7. rights, as well as when a significant participation of such is
increased.
so that the percentage of capital or voting rights equals or
exceeds the thresholds of 20%, 30%, or 50%, or control of the
company is acquired. Likewise, any natural or legal person who
has decided to stop having, directly or indirectly, a significant
participation in an ESI, will first notify the CNMVI have
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On the other hand, any natural or legal person who, alone or
acting in concert with others, has acquired, directly or indirectly, a
participation in a Spanish ESI, in such a way that its percentage of
voting rights or capital owned is equal to or greater than 5%, it will
immediately communicate it in writing to the CNMV and the
corresponding ESI, indicating the amount of participation achieved.
2.5.3 Cross-border action of ESIs
Spanish ESIs may provide investment services in the territory of
other Member States of the European Union, as well as the
auxiliary services for which they are authorized, either through the
establishment of a branch, or through the free provision of
services. , subject to compliance with the legally established
procedure.
ESIs authorized in another Member State of the European Union
may carry out investment and auxiliary services in Spain, either by
opening a branch or under the regime of free provision of services,
subject to the legally established communication procedure.
Non-EU ESIs that intend to open a branch in Spain or operate in
the free provision of services will be subject to the authorization
procedure.

8. 16 It is important to highlight that in 2014, Directive 2014/65/EU of
the European Parliament and of the Council, of May 15, 2014,
relating to markets in financial instruments and amending Directive
2002/92, was approved.I have Capital Congress Congress
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/EC and Directive 2011/61/EU ( MiFID II Directive), which repeals
Directive 2004/39/EC of the European Parliament and of the
Council of 21 April 2004 on markets in financial instruments (
MiFID I) and a new Development Regulation ( MiFIR ), which
replaces the previous regulation 648/2012. However, the MiFID II
Directive has not been transposed into the Spanish legal system to
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