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 article 97 et seq of the consolidated text of the Market Securities Act, approved by Royal Legislative Decree 4/2015, of 23 October.  

Royal Decree 878/2015, of 2 October (only in Spanish), on the clearing, settlement and registration of tradable securities represented in the form of book entries, on the legal system for central securities depositories and central clearing counterparties, and on the transparency requirements for issuers of securities listed for trading on a regulated market.

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


Consolidated Text of Iberclear Regulation as of 6 September, 2017  


Here are the last cilculars released by IBERCLEAR:


As a Central Securities Depository, IBERCLEAR is also subject to the regulation on CSDs 

UE Regulation

Regulation 909/2014, known as CSD-R (only in Spanish)

Technical standards of the regulation

Informative Memos

White Paper

Settlement Discipline

 Regulatory Technical Standards

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