Legal Framework

IBERCLEAR is a public limited company created pursuant to article 44 bis of Law 24/1988 of 28 July, introduced by Law 44/2002 of 22 November on financial system reform measures.

IBERCLEAR is subject to Regulation (EU) no. 909/2014 (only in Spanish), on improving securities settlement in the European Union and on central securities depositories, and regulated by articles 83 et seq of the Law 6/2023 of 17 March, on Securities Markets and Investment Services.

Royal Decree 814/2023, of 8 November (only in Spanish), on financial instruments, admission to trading, registration of securities and market infraestructures.

Law 41/1999 of 12 November (only in Spanish), on payment systems and securities settlement.

In addition, Iberclear is also subject to Directive (EU) 2017/828 of the European Parliament and of the Council of 17^th of May 2017 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement; and to Law 5/2021, of 12^th of April, which modifies the consolidated text of the Capital Enterprises Act, approved by Royal Legislative Decree 1/2010, of 2^nd of July, and other financial regulations, with regard to promoting the long-term involvement of shareholders in listed companies, which transposes said Directive.

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