Regulatory Alerts2012-08-04
Circular 1/2012 of the National Securities Market Commission modifying Circulars 6/2010, 4/2008, and 3/2006 regarding collective investment institutions
The Spanish National Securities Market Commission (CNMV) issued Circular 1/2012 to amend regulatory frameworks for collective investment institutions (CIIs) concerning derivative operations, reporting, and prospectuses. The circular updates counterparty solvency requirements to reduce reliance on credit ratings, incorporates ESMA guidelines for structured UCITS exposure measurement, and relaxes credit rating mandates for internal guarantee funds to prevent legal arbitrage. Additionally, it mandates electronic submission of annual reports via the CIFRADOC service and clarifies that credit rating changes in fixed-income assets do not constitute essential prospectus modifications.
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