Best Equity Capital Markets Lawyers in Arona

1. About Equity Capital Markets Law in Arona, Spain

Equity Capital Markets (ECM) law in Arona, Spain governs how companies issue and trade equity securities in the Canaries and across Spain. The framework combines national securities regulation with European Union rules. The core rules address public offerings, prospectuses, listing requirements, and ongoing disclosure obligations for issuers and market participants.

In practice, Arona residents and local businesses interact with national regulators, notably the Comisión Nacional del Mercado de Valores (CNMV), and must comply with EU directives such as MiFID II and the Prospectus Regulation. For smaller Canarian firms, ECM considerations often involve careful planning around private placements, rights issues, or listings on markets such as BME Growth to access capital.

Recent market trends in Arona and the Canary Islands include a growing interest from regional businesses in structured capital raises and enhanced disclosure practices to attract institutional investors. Understanding both local context and EU-level standards helps ensure compliance and market access.

Source: European Securities and Markets Authority (ESMA) guidance and CNMV materials on market regulation and investor protection. ESMA • CNMV

2. Why You May Need a Lawyer

Arona-based businesses and investors frequently require specialist ECM counsel for concrete, real-world scenarios. Below are 4-6 practical situations where legal help is essential.

• Planning an equity issue for a Tenerife service company expanding into La Palma and La Gomera, seeking a public offering on a market such as BME Growth. A lawyer helps prepare the prospectus, coordinate CNMV filings, and align with listing requirements.
• Executing a private placement of shares to institutional investors in the Canary Islands. Legal counsel ensures eligibility for exemptions from a public offer, drafts the term sheet, and negotiates investor protections and warranties.
• Launching a rights issue to existing shareholders in Arona after a strategic acquisition. Counsel manages the rights issue process, ensures accurate disclosure, and handles regulatory notifications to CNMV.
• Launching or evaluating a crowdfunding-style equity round via platforms accessible to residents of the Canary Islands. A solicitor reviews prospectus requirements, investor eligibility, and platform-specific compliance issues.
• Dealing with a potential hostile or friendly takeover of a Canary Island company. An ECM attorney advises on disclosure duties, % thresholds for mandatory offers, and regulatory response plans.
• Cross-border participation or listing by a Canarian firm with foreign investors. Legal counsel coordinates EU and Spanish rules on cross-border offerings and investor protections under MiFID II.

3. Local Laws Overview

The ECM regime in Arona is shaped by national and EU law. Key rules include the following 2-3 items, with dates and notable changes where applicable.

• Ley 24/1988, de 28 de julio, del Mercado de Valores (the Securities Market Law). This is the foundational statute governing public offers, listing, and market conduct in Spain. Its framework remains the backbone for ECM activities in Arona, supplemented by later amendments and regulatory guidelines. Effective since 1988; frequently updated by subsequent reforms.
• Real Decreto Legislativo 4/2015, de 23 de octubre, por el que se aprueba el texto refundido de la Ley del Mercado de Valores. This consolidates the LMV and related provisions into a unified text for easier application by courts, regulators, and market participants. Effective 23 October 2015.
• Reglamento (UE) 2017/1129, del Parlamento Europeo y del Consejo, de 14 de junio de 2017, relativo al folleto y a la información que debe facilitarse al público en relación con valores y la admisión a negociación en mercados de instrumentos financieros. This is the EU Prospectus Regulation, applicable in Spain for public offerings and listings, with transposition via Spanish rules and direct applicability in many cases. Entered into force in 2017; broadly applicable across EU from mid-2017 onward.
• Directiva 2014/65/UE (MiFID II), relativa a mercados de instrumentos financieros, y su transposición en España. MiFID II strengthens investor protection, conducta de mercado y transparencia en ECM. Transposed into Spanish law in the late 2010s; applicable to ECM activities across Spain.

Source: ESMA guidance on MiFID II and the EU Prospectus Regulation; EU Regulation 2017/1129. MiFID II - EU • Regulation (EU) 2017/1129

4. Frequently Asked Questions

The questions below cover basic to advanced ECM topics relevant to residents and businesses in Arona. Each question is designed to be straightforward and actionable.

What is the main goal of Equity Capital Markets law in Spain?

ECM law regulates how companies issue and trade equity, protects investors, and maintains market integrity. It sets prospectus, listing, and disclosure requirements for offerings in Spain.

How do I know if my offer needs a prospectus in Spain?

If you are offering securities to the public or admitting them to trading, a prospectus is typically required. Private placements may be exempt, but clear legal advice is essential to determine exemptions.

What is a rights issue and how does it work in Arona?

A rights issue gives existing shareholders the chance to buy additional shares. The company must publish a formal offer document and comply with CNMV notification and disclosure rules.

Do I need a Spanish lawyer to run an ECM if I am a foreign investor?

Yes. A local solicitor helps navigate Spanish and EU requirements, including CNMV filings and cross-border considerations under MiFID II.

What is the typical timetable for a small private placement in Spain?

Private placements can take 6 to 14 weeks to complete, depending on investor due diligence, document requests, and regulator reviews.

What documents should I prepare for an initial consultation on an equity issue?

Prepare a business plan, financial projections, cap table, current share register, any existing shareholder agreements, and any proposed terms for investors.

Is there a difference between an IPO and a listing on BME Growth?

Yes. An IPO typically involves a full prospectus and more extensive disclosures, while BME Growth focuses on smaller, fast-growing companies with tailored disclosure rules.

Can a Canary Islands company issue shares to international investors?

Yes, but it requires careful compliance with Spanish and EU rules, including cross-border marketing restrictions and investor protection standards.

How long does it take to complete a public offering in Spain?

Complex public offerings often span 12 to 24 weeks, depending on the size, market, and regulator review times.

Do I need to register with CNMV to issue shares?

Most public offerings require CNMV approval and ongoing regulatory notifications. Private placements may not require the same level of registration.

What is the difference between a public offer and a private placement?

A public offer targets the general public and requires a prospectus. A private placement targets qualified investors and can avoid some prospectus requirements.

Should I hire a local Arona lawyer for ECM matters?

Yes. Local counsel understands Canarian business norms, local corporate structures, and can coordinate with national regulators effectively.

5. Additional Resources

These official resources provide authoritative information on Equity Capital Markets in Spain and the EU. They are useful for understanding the regulatory landscape, current requirements, and practical guidance.

• - Comisión Nacional del Mercado de Valores; Spain's securities markets regulator; information on market rules, public offerings, and investor protections. CNMV official site
• - European Securities and Markets Authority; EU-wide guidance on market regulation, MiFID II, and cross-border issues. ESMA official site
• - Prospectus Regulation; EU rule governing the content and publication of prospectuses for public offerings and admissions to trading. EUR-Lex text