La reforma de los sistemas multilaterales de negociación por la Ley 5/2015. Consecuencias del escándalo Gowex.

Zusammenfassung

This study examines the reform of the regulation of Multilateral Trading Facilities (MTF) by Act 5/2015 which was partly caused by the scandal Gowex. To do this, it begins by describing the general characteristics of alternative markets and their regulation in European law and Spanish law, with particular reference to the special regulation of the main SMN operating in Spain, which are Mercado Alternativo Bursátil (MAB) and Mercado Alternativo de Renta Fija (MARF) in Bolsas y Mercados Españoles (BME). Then, the study analyzes the Gowex scandal of July 2014 -that can be summarized as a false accounting of a fantasy business model- and the lessons to be learned. Then, the study the study deals with the reform of the SMN regulation by Act 5/2015 and its reflection in the TRLMV to achieve the objectives of facilitating the transition from trading on MTFs to the Main Markets and to ensure the proper behavior of subjects that are operating in them. The study concludes with a conclusions deduced from the analysis performed.