The National Securities Market Commission (CNMV) agrees with Ferrovial. According to a document from the stock market regulator that was made public yesterday, although it is dated almost a year ago, It would be easier for the Spanish infrastructure company to go public in the United States as a Dutch company“as there are precedents of companies that have gone through the direct listing process”, than in Spain, where they recognize that it may be less “brief and simple” as it has never been done.
The controversy arose after at the end of last February Ferrovial announced a change of headquarters to the Netherlands, with the aim of ending up debuting on Wall Street. This move, which the Government understood was for tax reasons, was always denied by the company. Finally, the company chaired by Rafael del Pino has met its milestones and is expected to debut on the New York Stock Exchange during the first quarter.
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Now, at the request of Transparency, the CNMV has made public the document that agrees with Ferrovial, at least partially, that it was easier to list as a Dutch company than a Spanish one. Sources close to the Government point out that “There are no dissonances between the conclusions of the CNMV report and what was expressed by the Ministry of Economy publicly when this issue came to light” and that, in the end, Ferrovial never consulted the regulator to find out the procedure for ringing the bell in New York.
The CNMV defends itself
In the conclusions of the document, the regulator points out that would have had no problem exploring listing in North America from Spain, “as long as investor protection is preserved”, and that “No impediment has been identified so far. legislative, regulatory, supervisory or operational so that Spanish securities can be registered directly at the request of their issuer in the DTC, a necessary requirement to be listed on US markets.”