Regulatory Alerts2019-04-08
Circular 1/2019 of the National Securities Market Commission modifying Circular 1/2009 on collective investment scheme investment vocations
The Spanish National Securities Market Commission (CNMV) issues Circular 1/2019 to modify the classification of collective investment schemes (CIS) to align with EU Regulation 2017/1131 on money market funds and to refine existing categories. The regulation introduces new investment vocations, including short-term and long-term Euro fixed income, and splits passive management into index-tracking and non-guaranteed return objective categories. It mandates that existing CIS holders adapt their documentation and classifications within one year to comply with these updated definitions and transitional requirements.
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