Distribution of the securities subscribed and crediting in Book-Entry System accounts

 He balances arising from Treasury securities subscription shall be credited in their holders' accounts on the day of issue. From this date on, these balances may be mobilised by Account Holders for secondary market transactions or securities transfers.

 The balances of individuals subscribing through a Management Institution shall likewise be credited in the latter's account on the day of issue.

 In the case of individuals subscribing through a placement agent other than the Management Institution specified as domicile or who operate through a Bank of Spain branch giving a domiciliation other than that of a Bank of Spain Direct Account, the credit entry in the domiciling Management Institution shall be recorded on a later date, once the Book-Entry System has informed each entity affected of the amounts and the identifying data of the subscribers domiciled each institution.