The Ibex brushes against 20,000 points and conquers a new historical maximum

At this moment, the main new EU stock market regulations are at an advanced stage: the Listing Act is already formally adopted and its regulation began to apply in 2024–2026, while its directives are still in the national transposition phase, with several infringement proceedings open. The revision of MiFIR/MiFID II has been integrated into the same package and, therefore, is also in the application/transposition phase rather than political negotiation. In parallel, rules on clearing (EMIR) have been approved and an agreement on financial benchmarks has been reached, while the revision of the securitization framework remains at the Commission's proposal stage. Finally, frameworks such as MiCA on crypto-assets are already in force and being gradually deployed.

Listing Act

The centerpiece of the stock market reform is the Listing Act. The Council adopted it in October 2024, closing the co-decision phase with the Parliament, according to the Council's note on the Listing Act. This marks the “final step in the decision-making process.”

The package consists of a regulation directly applicable and several directives that amend, among others, MiFID II and regulate multiple voting structures:

• The regulation began to apply at the end of 2024 and, regarding prospectuses, ESMA has specified that the latest amendments to the Prospectus Regulation enter into force on June 5, 2026, according to the CNMV in its communication on the implementation of the Listing Act in prospectuses (CNMV note).
• The directives must be transposed within 18 months (the one amending the Markets in Financial Instruments Directive) and two years (the one on multiple voting shares), according to the Council itself (Council reference and directive on multiple voting).

As of July 2026, the Commission has opened infringement proceedings against 18 Member States (including Spain) for not having fully transposed the “Directive on the Listing Act,” according to the Commission's explanatory document on pending transposition directives (Commission report). The newspaper Demócrata details, from a Spanish perspective, that Brussels has sent letters of formal notice for not completing the transposition of the so-called “European Listing Act” and that the deadline expired on June 5, 2026 (Demócrata article).

MiFIR/MiFID II and its connection with the Listing Act

Available information indicates that the revision of MiFIR/MiFID II is not currently a new package under negotiation, but forms part of the rules already adopted in the Listing Act. The CNMV recalls that this package “introduces amendments to the MiFIR regulation” and that one of the directives “tweaks various elements of the MiFID II directive,” while another enables multiple voting right structures in multilateral trading systems (Demócrata report on CNMV).

At the Spanish level, the Government has approved a draft transposition bill to incorporate into domestic law the European “Listing Act” package and the “MiFID/MiFIR” package, along with AIFMD/UCITS and EMIR 3.0. This text is in the public consultation phase, as reported by the Government itself and covered by Demócrata (Demócrata analysis; see also the more concise reference from the Council of Ministers in this piece).

Other recent initiatives on securities markets

Clearing and derivatives (EMIR 3.0)

In November 2024, the Council adopted new rules revising the Regulation and Directive on the European market infrastructure (EMIR), to make the EU clearing ecosystem more attractive and resilient (Council note on EMIR). These rules are already adopted and in the phase of entry into force/application following their publication in the Official Journal of the EU.

Financial benchmarks

Regarding financial reference indices, the Council and Parliament reached a provisional agreement in December 2024 to simplify authorization and registration requirements for benchmarks and concentrate supervision in ESMA (statement on financial benchmarks). This text still needed to be formally confirmed and adopted, with application planned from January 1, 2026, so it can now be considered in force.

Securitization

The Commission presented proposals in June 2025 to revise the securitization framework, aiming to simplify and reactivate this market while maintaining prudential safeguards, according to the Commission Representation in Spain (Commission note) and the specific Q&A on securitization and its contribution to the Capital Markets Union (statement and securitization Q&A). These proposals remain in the legislative process between Parliament and Council.

Crypto-assets (MiCA) and related regulation

Although not a classic stock market regulation, the MiCA Regulation directly affects crypto financial instrument markets. The CNMV recalls that Regulation (EU) 2023/1114 enters into application on December 30, 2024 (with some titles already applicable since June 30, 2024), according to its communications to investors and the sector (investor communication and sector note). In parallel, the CNMV adopts ESMA guidelines to harmonize MiCA with MiFID (MiCA guidelines).

Broader context: Capital Markets Union and regulatory simplification

The stock market reforms are part of the Capital Markets Union agenda, which includes simplification of financial information requirements and investment programs, such as the “Omnibus I and II” packages and the InvestEU reform (Omnibus Q&A, InvestEU agreement, Capital Markets Union Q&A). These pieces reinforce the general trend: regulations already adopted, to varying degrees in force or in application/transposition phase, rather than large new stock market reforms in an initial phase.

Other cited links

Among other useful references cited in the sources are: BME and the “Easy Access” modality, AFME's position, ESMA monitoring of BME, consultation on banking market risk, CNMV 2024 activity plan, as well as other notes on European economic and political context published by Demócrata (Capital Markets Union, competitiveness calendar, European industrial agenda).

The president of the National Securities Market Commission (CNMV) is the highest authority of the Spanish stock market supervisor and concentrates functions of representation, internal management, and key decision-making powers over the supervision of securities markets. Their powers are framed within the basic securities market legislation (current Securities Market Law and Investment Services Law) and the CNMV's organic statute approved by royal decree. Below are detailed, in a structured manner, their main areas of action.

1. Institutional representation functions

First, the president is the legal maximum representative of the CNMV, both within the State and towards third parties.

• Representation before public authorities: acts as the CNMV's interlocutor before the Government, the Ministry of Economy or equivalent, and the General Courts, especially when requested to appear before the Congress or Senate to report on market conditions, relevant financial scandals, or regulatory projects.
• Relations with supervisors and international bodies: represents the CNMV before other supervisors (e.g., the Bank of Spain) and in European and international securities authorities and forums (such as the European market supervisor), participating in committees and working groups.
• Signing agreements and accords: may sign, on behalf of the CNMV, collaboration agreements with other national or foreign bodies and with public or private entities, within the framework established by the regulations.

2. Internal management and coordination of the organization

Internally, the president exercises the executive leadership of the CNMV and coordinates its daily activity.

• Management of services: directs and supervises the actions of the various general directorates and units of the CNMV, setting priorities for supervision, inspection, and sanctioning.
• Chairmanship of the Board: chairs the CNMV Board (collegiate governing body), sets the agenda for its sessions, promotes the adoption of agreements, and ensures their execution.
• Ordinary management: assumes the high administrative management of the organization: approval of internal guidelines, high-level human resources organization, and coordination of legal and supervisory services.
• Labor and patrimonial representation: holds the CNMV's representation in patrimonial management and, generally, in the execution of contracts and relevant administrative acts, within the powers attributed to the organization.

3. Regulatory, supervisory, and sanctioning powers

Another central facet of the CNMV president relates to exercising public powers in securities markets.

• Regulatory promotion: although regulatory power corresponds to the Government and ministries, the president promotes and coordinates the drafting of CNMV circulars and technical guides within the legal framework, which develop technical aspects of market and financial product regulations.
• Supervisory decisions: participates in and, in many cases, decides on the authorization or revocation of supervised entities (investment services firms, managers, etc.), the admission to trading of certain financial instruments, and the conditions of certain relevant market operations.
• Intervention powers: may promote intervention and investor protection measures, such as adopting temporary restrictions on operations (e.g., short selling) or specific information requirements for supervised entities.
• Sanctioning power: proposes and, according to regulations, adopts or submits for resolution sanctioning proceedings for market infractions, ensuring respect for procedure and guarantees of the investigated parties.

4. Other relevant attributions and legal framework

There are also other powers linked to the president's personal statute and institutional fit.

• Appointment and dismissal: the president is appointed by the Government, at the proposal of the Minister of Economy or equivalent, usually after a prior appearance before the Congress of Deputies. Their term has a fixed duration and dismissal is regulated by law (due to term expiration, resignation, incapacity, serious breach, etc.).
• Relations with the Government: informs the Government and the competent Ministry about market conditions, possible systemic risks, and the need for legal or regulatory reforms, through periodic or ad hoc reports.
• Relations with the Courts: appears before parliamentary committees when required, to explain supervisory actions, major sanctions, or market crises, and submits annual reports on CNMV activity.
• Internal appointments: intervenes, within regulatory limits, in the appointment of senior officials and executives of the CNMV, ensuring coherence of the internal structure with supervisory objectives.

These powers are generally set out in securities market legislation and in the royal decree approving the CNMV statute, which define both the organization's functions and the specific powers of its president, always under the principle of independence of the supervisor from the supervised sector and the Government itself in the exercise of its technical functions.

Inclusion of a company in the Ibex 35 is not based on a specific “Ibex law,” but on the Technical Rules for the Composition and Calculation of the Ibex Indices, managed by Sociedad de Bolsas (BME), and under the general supervision of the CNMV over regulated markets. According to available information, the Ibex Technical Advisory Committee selects securities that meet criteria of size (capitalization), liquidity, and free float, calculated over a six-month control period. Additionally, only companies already admitted to trading on BME markets and complying with general public offer and admission to trading regulations are included. The sources do not provide a full transcription of these Technical Rules, but several key elements are available.

General regulatory framework

From a legal standpoint, any company aspiring to be in the Ibex 35 must first be a listed company on a regulated Spanish market and comply with securities market regulations (prospectuses, financial information, corporate governance, etc.), as derived from CNMV notes on prospectuses and admissions to trading, such as the updated document of Questions and Answers on Prospectuses, and on the new “BME Easy Access” IPO modality, covered in this note and this other.

The CNMV periodically analyzes the representativeness and transparency of the Ibex 35, as indicated in its May 2024 semiannual bulletin, where the calculation methodology, inclusion and exclusion of securities, and transparency practices of the index administrators are studied. Additionally, other CNMV bulletins and notes, such as the analysis of fragmentation and liquidity of Spanish shares ([link]) or documents on MiCA ([link]) and other European guidelines ([link]), outline the general regulatory framework in which BME operates.

Technical inclusion criteria for the Ibex 35

Economic information from the newspaper Demócrata, based on official BME communications, allows identification of several key technical criteria:

• Minimum relative capitalization: according to the news about the latest index review, the Technical Advisory Committee can only include in the Ibex 35 “those securities whose average capitalization exceeds 0.30% of the average capitalization of the index during the control period,” i.e., the six months prior to the meeting (article on the Ibex Committee).
• Liquidity and traded volume: the same Committee evaluates “the trading volume in euros in the order book market during the six months prior” and analyzes “the number of transactions or possible changes in shareholding, to ensure the quality of that traded volume.” This implies a requirement of sufficient and stable trading during the control period.
• Free float and coefficients: the “Technical Rules set different coefficients applied to the average capitalization of each security to penalize shares with lower free float” (Demócrata). Other articles on BME indices explain how coefficients are adjusted in mid and small-cap or ESG indices based on the percentage of free float and turnover on that float, for example in changes to the Ibex Growth and ESG (Growth and ESG indices) or the Ibex ESG (Ibex ESG) and the Ibex Medium and Small Caps (Medium/Small Cap).
• Periodic review and stability: the Technical Advisory Committee carries out ordinary and follow-up reviews, in which it may maintain or change the index composition based on these criteria, as reflected in decisions to maintain the current Ibex 35 structure ([link]) or adjust coefficients without changing the securities.

Overall, these elements indicate that, rather than differentiated “legal requirements,” there are private technical rules, subject to the general CNMV regulatory framework, which set thresholds of size, liquidity, and free float for a company, already listed and supervised, to be eligible for inclusion in the Ibex 35.

Other contextual references

The behavior and reviews of the Ibex 35 are explained in numerous Demócrata pieces, which help understand how this methodology is applied in practice: new historical highs and sector composition (2025 rise, new record, 16,000 points consolidation, historical high), recent index evolution in 2026 (loss of 19,500, [link], [link], [link], Ibex and oil, [link], July 8 opening and close, July 9 opening, closing at 19,300 points), as well as pieces on the Ibex's pull in 2025 (BME forecasts highs, SIX and Ibex pull, 16,900 points, 17,100 points, last session of the year, midday last session, stable mid-session, second best year, 49% rise, [link], Ibex banking).

Although unrelated to the index methodology, other news from the same source illustrate the general political, regulatory, or economic context in Spain and abroad, such as the Kitchen case, movements in the CNMV (MTFs, good governance, private equity, insider information, finfluencers), European competition and merger policy ([link]) or the political use of social networks (meeting on social networks, [link]), which form part of the regulatory environment in which stock index decisions are made.

With the available information, no further detail on the specific requirements of the Technical Rules is available beyond the elements of capitalization, liquidity, free float, and periodic review explained.