Regulatory Alerts2015-11-17
Circular 4/2015 of the National Securities Market Commission amending Circulars 7/2008 and 11/2008 on accounting standards and reserved information statements for Investment Service Companies and Venture Capital Entities
The Spanish National Securities Market Commission (CNMV) issued Circular 4/2015 to amend Circulars 7/2008 and 11/2008, aligning accounting and reporting requirements for Investment Service Companies and Venture Capital entities with European Union directives and Spanish Law 22/2014. The regulation introduces new reserved information statements, increases reporting frequency to semi-annual for certain entities, and mandates the disclosure of customer complaints and own funds calculations. These changes ensure that managed entities, including AIFMs and venture capital funds, provide comprehensive data on portfolios, risks, and operational metrics to the regulator.
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