The Spanish market is disciplined by law 24, 28th July 1988 and the subsequent law 37 of the same year. In addition to this basic legislation there’s a whole series of more detailed regulations that condition financial life in Spain. All the country’s lists are regulated by Bme (www.bolsasymercados.es/), which groups the stock exchanges of Barcelona (www.borsabcn.es/), Bilbao (www.bolsabilbao.es), Madrid (www.bolsamadrid.es) and Valencia (www.bolsavalencia.es). The Bme group also controls the Sociedad de Bolsa that looks after interconnection and Sibe, the Spanish market’s trading platform and also owns the country’s main index, the Ibex35. The minimum requisites for listing on the Primero Mercado, where the two main indexes are the Ibex and the Nuevo Mercado, are a minimum capital stock of €1.2m, posting of net profits in the last two financial years and, post IPO, at least 100 shareholders with an interest of less than 25%. To list on the Nuevo Mercado, which is for high-innovation enterprises with high growth prospects, companies must also submit a sort of prospectus (endorsed by the Bme) providing a detailed description of the company’s activity, an auditors’ report and a business plan. Annual information updates are then required on business results and new developments. On the Segundo Mercado the procedure is far simpler: the entry capital is €150,254, with a minimum float of 20%. The various lists are monitored by the Comisìon nacional del mercado de valores (www.cnmv.es), to which companies must periodically supply mandatory information, including quarterly, half-year and full-year financial statements, dividend pay-outs, extraordinary capital operations, change in net indebtedness and appointments of company officers, changes in group consolidation area and any other “hechos rilevantes”, ie. information that might affect share prices.