What a CNMV filing is
The four kinds of official notices listed Spanish companies and their insiders must send to the market regulator, and how to read them.
Who the CNMV is
The Comisión Nacional del Mercado de Valores (CNMV) supervises Spain's securities markets. Listed companies, large shareholders and directors must file certain information with it, and the CNMV publishes those filings free of charge on its website.
1. Inside information (Información privilegiada)
Precise, non-public facts that could move the share price: results ahead of schedule, mergers, profit warnings. Companies must publish them as soon as possible (EU Market Abuse Regulation, article 17, and article 226 of Spain's Securities Markets Law 6/2023).
2. Other relevant information (OIR)
Routine but useful notices: dividend calendars, shareholder meeting calls, buyback execution, presentations (article 227 of Law 6/2023). Most dividend dates on this site come from these notices.
3. Significant shareholdings
Anyone whose voting rights cross 3%, 5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 45%, 50%, 60%, 70%, 75%, 80% or 90% of a listed company must notify the CNMV (Royal Decree 1362/2007). The threshold starts at 1% for holders resident in tax havens. The notice states the holding before and after, and whether it is held directly or through companies.
4. Director and manager transactions
Directors, senior managers and people closely linked to them must report each purchase or sale of the company's shares within three business days once their trades reach 20,000 EUR in a calendar year (EU Market Abuse Regulation, article 19). These feed the Director trades page.
How to read one
Check the filing date and registration number, who is filing (the company, a holder or a director), the instrument (shares, options, rights), the operation (acquisition, disposal, grant) and the price and volume. A filing is evidence. A press article about a filing is only a lead until you find the filing itself.