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Companies authorised as ERIR in Spain: list and requirements

Quick answer: To issue tokenised securities in Spain with full legal validity you need an Entity Responsible for Registration and Recording (ERIR) authorised by the CNMV. The first was Ursus-3 Capital, A.V. (November 2024); it was followed by Securitize Europe (December 2024) and Bestinver Securities. Only entities authorised to custody financial instruments can qualify.

What an ERIR is and why you need one

The Entity Responsible for Registration and Recording is a figure created by Law 6/2023 on Securities Markets and Investment Services (BOE-A-2023-7053). Its role is to register and keep the record of transferable securities represented through distributed ledger technology systems. When a security is represented in a system of this kind, there is no classic central registry entity behind it; the ERIR takes that role and provides the traceability and legal certainty the investor expects.

It helps to set the regulatory context. A security token is a financial instrument, so it is governed by MiFID II (Directive 2014/65/EU) and by Law 6/2023 itself, and falls outside the MiCA Regulation, which expressly excludes financial instruments from its scope (Regulation (EU) 2023/1114, art. 2.4). The ERIR is therefore a piece of the securities market, not of the crypto-asset regime. If you want to see how it fits against the traditional registry, our comparison ERIR versus Iberclear will be useful.

List of entities authorised as ERIR

The list evolves as the CNMV authorises new entities. As of the date of this article, the entities enabled to provide the ERIR service include:

  • Ursus-3 Capital, A.V., S.A.: the first entity validated by the CNMV as an ERIR, in November 2024. It marked the practical start of the figure in Spain (CNMV, official register of entities).
  • Securitize Europe Brokerage and Markets, S.V., S.A.: approved by the CNMV as a securities company with the capacity to act as an ERIR, in December 2024 (CNMV, official register of entities).
  • Bestinver Securities, Sociedad de Valores, S.A.: obtained authorisation as an ERIR and announced an alliance with Token City to rely on its technological infrastructure for issuance and registration (CNMV, official register of entities).

This list is indicative and may have changed. The single reliable source is the CNMV's official register: the list of securities companies and agencies enabled as ERIR, which shows the entities in force, the services each may provide and their maximum fees. Before taking any decision, consult that register and verify the entity's current status (CNMV, official registers, cnmv.es).

Requirements to be an ERIR

Not every company can act as an ERIR. In the primary market, the entity must be authorised to provide the custody and administration of financial instruments in Spain. Three profiles meet that requirement:

Credit institutions

Banks and other credit institutions registered in Spain are authorised, by their own licence, to custody financial instruments. They can therefore take on the ERIR role if they add it to their activity.

Securities companies

These are investment firms with the broadest range of authorised services, including custody. Securitize Europe and Bestinver Securities operate under this form.

Securities agencies

These are also investment firms, supervised by the CNMV, authorised to custody financial instruments although with a narrower scope than securities companies. Ursus-3 Capital is a securities agency.

The common denominator is the authorisation to custody financial instruments: this is the substantive requirement, because the ERIR does not only record entries, it also stands behind the integrity of the register. Added to this are the general obligations of investment firms: capital requirements, governance, risk management and continuous CNMV supervision, within the framework of Law 6/2023.

How to choose an ERIR

If you are going to issue, the choice of ERIR shapes much of the project. These criteria help you compare:

  • Authorised services: check in the CNMV register which specific services the entity is authorised for and whether they cover your type of issuance.
  • Maximum fees: the fees published in the register set a ceiling; ask for a breakdown applied to your case.
  • Technological infrastructure: some ERIRs rely on already integrated third-party platforms. If your project needs bespoke development, assess technical compatibility.
  • Experience with your type of asset: registering bonds is not the same as registering shares or rights over real estate; prior experience reduces friction.
  • Custody and lifecycle: confirm how it handles custody, transfers and corporate events throughout the life of the security.

Frequently asked questions

How many ERIRs are authorised in Spain?

The number grows gradually. After the pioneer Ursus-3 Capital came Securitize Europe and Bestinver Securities, among other possible ones. As the figure changes, the right approach is to consult the CNMV's official register to know the entities in force at any given time.

Can a technology company without a financial licence be an ERIR?

Not on its own. The ERIR must be authorised to custody financial instruments, which requires being a credit institution, a securities company or a securities agency. A technology company can provide the platform, but the ERIR role is taken on by the regulated entity, as the alliance between Bestinver Securities and Token City illustrates.

Does the ERIR replace Iberclear?

Not exactly. The ERIR is the registration route for securities represented through distributed ledger technology, while Iberclear operates the registration and clearing of securities recorded in the traditional way. They coexist and cover different models; we develop this in ERIR versus Iberclear.

Do I need an ERIR if I issue outside Spain?

The ERIR figure is Spanish, created by Law 6/2023. If you issue under another EU jurisdiction, the local rules for registering tokenised securities will apply. For an issuance in Spain with full validity, you do need an ERIR authorised by the CNMV.

What this means for you

If you plan to tokenise securities in Spain, the starting point is clear: the entity you appoint must appear in the CNMV's official register as authorised to provide the ERIR service. Access the register, compare the services and fees of the entities in force, and choose based on the fit with your type of asset and your technical infrastructure. If you want to understand the legal basis before talking to an entity, review our guide to Law 6/2023 and tokenisation.

This content is for general information and educational purposes only. It is not legal, tax or investment advice and does not replace consultation with a qualified professional. Regulation on tokenisation and crypto-assets evolves; always check the version in force of the rules cited in the BOE (boe.es) and EUR-Lex (eur-lex.europa.eu).

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