Spanish listed firms to soon identify all shareholders without exception
According to Spanish newspaper Cinco Días, local listed companies might soon be able to identify all their shareholders without exception. Spain's government has transmitted a draft law to Spanish MPs which seeks to promote the long-term involvement of shareholders in the concerned firms.
Thus the draft bill mentions that Spanish listed companies will be able to not only know their 'formal' shareholders (for instance financial intermediaries such as asset managers) but also their shares' ultimate beneficiaries, including those holding stocks through intermediaries. Consequently, financial intermediaries would have to communicate the list of all ultimate beneficiairies for whom they invest in Spanish equities. Nonetheless, the draft law does not mention any sanction yet for breaching this possible future obligation.