NATURALEZA, CLASIFICACIóN Y EVOLUCIóN FUTURA DE LAS PARTICIPACIONES PREFERENTES

this article analyzes the juridical nature of the issuing of preferred shares, regulated for the first time in spain under law 19/2003, and that is a different figure than those stocks or preferred social shares and privileged of the adapted text of the capital societies' law. this figure is analyzed under five reasons: first, because the economic press offers ambiguous information; second, because they have a detailed regulation that deserves a closer observation; third, because its legislation holds several common aspects with the callable stocks; fourth, because they are the most successful issuing of hybrid capital in the financial market; and fifth, because it was the chosen instrument by the brokers to receive financing during the 2009-2011 crisis. the main conclusion is the need to separately analyze the nature of the preferred shares issued directly and those issued indirectly.