a.
Send the application for membership of AIAF Fixed Income Market
enclosing:
i.
Proof of registration in the CNMV (Comisión Nacional
del Mercado de Valores, National Stock Market Commission) or
the Bank of Spain. In the case of non-resident institutions,
this proof will be replaced by its equivalent in the register
of the entity’s country of origin.
ii.
Copy of the powers of attorney or deeds containing the power
to submit the application on behalf of the applying entity.
b. In the event that the applying entity does
not have a European passport granted by the competent Spanish
authority, the procedure will be as follows: (Only non-residents)
i.
The interested party will request the Spanish supervising institution
to handle the granting of the European passport, and will provide
for this purpose the necessary documentation. This application
will be submitted directly to the Bank of Spain, in the case
of a credit institution, or to the CNMV, in the case of an investment
services company.
ii.
All investment services companies and credit institutions that
are authorised in a State that is not a member of the European
Union must obtain an appropriate authorisation. The Minister
of Economy can refuse or condition the access to Spanish markets
on grounds of prudence, because Spanish entities are not given
an equivalent treatment in the country of origin of the interested
party, or because compliance with the rules of regulation and
discipline of the Spanish securities markets are not guaranteed.
a.
Send the Contracts of Membership enclosing:
i.
If applicable, document of acceptance from the entity designated
to keep the Accounting Record.
ii.
If applicable, document of cash payment through a direct account.
iii.
Letter from the third-party holder of a direct account that
is to process the credits and debits, addressed to the Bank
of Spain and including the stamp of the receipt register. (Only
non-residents and institutions that use a clearing entity)
iv.
The entity’s renunciation of the use of its third-party
account. (Only non-residents)
Sign the contract with SENAF. 
Request the data lines for connection with SENAF.
Become a Member of AIAF Fixed Income Market.
Obtain the authorisation to settle
in Iberclear.
The Entity can now begin to operate.
