Regulatory Alerts2025-10-17
Order ECM/1155/2025 of 14 October Regulating the Lending of Certain Securities and Financial Instruments of Collective Investment Undertakings
The Spanish Ministry of Economy, Commerce and Enterprise issued Order ECM/1155/2025 to regulate securities lending by financial Collective Investment Undertakings (CIUs) to enhance portfolio efficiency and investor returns. The regulation mandates strict collateral requirements, limits lending to solvent counterparties, and imposes rigorous internal control and transparency obligations on management companies and depositaries. This framework aligns with EU directives to ensure investor protection while allowing CIUs to maximize profitability through regulated lending activities.
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