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V1638-19 1 July 2019 · SG de Tributos Criterion in force
OTRO · derechos de suscripción preferente

Pre-emptive subscription rights are considered distinct from shares and are subject to attachment

The inquirer asks whether the attachment of their shares in a listed company also includes their pre-emptive subscription rights. The DGT rules that these rights are distinct assets from the shares themselves and must be subject to attachment in accordance with the rules governing negotiable securities.

The DGT's ruling

Pre-emptive subscription rights are considered securities distinct from the shares from which they derive. As they are securities that grant the right to acquire shares, they are classified as negotiable securities. Therefore, their seizure must be carried out in accordance with the provisions of Article 80 of the General Collection Regulations.

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