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- 95% of enquiries come from retail investors, with a slight increase in enquiries from issuers, market members and financial institutions.
- The 6 closed takeover bids and several in process registered in 2024 generated an increase in enquiries about this type of transaction.
- Once again, this year we received many requests for historical prices from individuals and institutions.
BME's Investor Protection Office has published its 2024 Annual Report, which highlights an increase in investor advice and guidance activity. During the year, the Office handled 2,110 queries, 6% more than the previous year. The telephone channel continues to be the most used, followed by e-mail.
The growth in the Office's activity reflects the increased participation of retail investors in the market, driven by a greater interest in equities in a positive year in terms of returns, which saw a 25% increase in shareholder remuneration for Spanish listed companies.
The increase in takeover bids in 2024 also explains the rise in the number of enquiries from investors, who want to know the consequences of these operations and the rights of shareholders. BBVA's takeover bid for Banco Sabadell and Brookfield's takeover bid for Grifols have generated doubts among investors as they are still under study or have not yet been authorised.
Once again, this year, the voluntary deregistration of shares in the Book-Entry Register, possible options for avoiding the costs of holding delisted or suspended securities and warrants were also the subject of questions from investors, with a highlight this year being the voluntary deregistration for holders of shares in Seda de Barcelona (in liquidation).
Again, in 2024, there were many requests for historical prices of listed securities from entities and individuals who need such data for various uses and purposes, mainly taxation.
The report also focuses on the detection of fraud and phishing attempts, with cases of fake financial advisors contacting investors on behalf of BME. The Office recalls in its report that BME does not offer investment services or make commercial calls and therefore recommends that investors always verify the authenticity of the communications they receive.
In addition, the Office of the Investor Ombudsman has issued several recommendations to protect investors and improve market transparency:
- Caution against fraud: do not answer calls or e-mails from supposed financial advisors without verifying where they are coming from.
- Greater clarity in takeover bids: companies involved in takeover bids are urged to provide clear and accessible information to shareholders.
- Ease of renouncing excluded securities: streamlining procedures so that investors can avoid custody fees on illiquid securities and transparency in the execution of stock market orders, intermediaries are recommended to improve information on order execution, avoiding misunderstandings.
‘The Office is a safe and efficient channel for anyone interested to access information and clarify their doubts about the execution of transactions in the stock market, especially in the current context of growing investor interest,’ says Gloria Martínez-Picazo, BME's Investor Protection Officer.
The full Annual Report is available here (only in spanish)
