Circular 2/2017 of the CNMV modifying Circular 2/2011 on information from foreign collective investment institutions

OFFICIAL STATE GAZETTE No. 270 Tuesday, November 7, 2017 Sec. I. Page 106488

I. GENERAL PROVISIONS SPANISH NATIONAL SECURITIES MARKET COMMISSION (CNMV)

12800 Circular 2/2017, of October 25, of the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores), by which Circular 2/2011, of June 9, on information from foreign collective investment institutions registered in the Registers of the Spanish National Securities Market Commission is modified.

Circular 2/2011, of June 9, of the Spanish National Securities Market Commission, on information from foreign collective investment institutions registered in the Registers of the Spanish National Securities Market Commission, regulates the information that foreign CIIs marketed in Spain must send to the CNMV and to partners and participants. Furthermore, it establishes the statistical statement, which must also be sent to the CNMV on a quarterly basis.

The growth in the cross-border marketing of collective investment products makes it necessary to modify the CNMV's Circular 2/2011 to have a general overview of the marketing of foreign CIIs in Spain, to understand the evolution and characteristics of this market segment.

For this reason, statistical statement A01 is modified to incorporate new quantitative and qualitative variables.

On the other hand, non-harmonized foreign CIIs are explicitly included as subjects obligated to send statistical information. Thus, any foreign CII marketed in Spain is obligated to send statistical statement A01.

Therefore, in accordance with the authorization contained in Article 22 of the Regulation for the development of Law 35/2003, of November 4, on Collective Investment Institutions, approved by Royal Decree 1082/2012, of July 13, the Council of the Spanish National Securities Market Commission, after a report from the Advisory Committee, in its meeting on October 25, 2017, has ordered:

Single Provision. Circular 2/2011, of June 9, of the Spanish National Securities Market Commission, on information from foreign collective investment institutions registered in the Registers of the Spanish National Securities Market Commission.

Circular 2/2011, of June 9, of the Spanish National Securities Market Commission, on information from foreign collective investment institutions registered in the Registers of the Spanish National Securities Market Commission, is modified as follows:

One. Provision Five is drafted as follows:

"Provision Five. Statistical statements of foreign CIIs.

1. With regard to non-harmonized foreign CIIs, once the non-harmonized foreign CII is registered in the corresponding register, the CII must identify the entity responsible for representing the CII before the CNMV regarding this Provision Five. This entity must communicate, via telematic means, according to the model and technical requirements established for these purposes by the CNMV at any given time, the registrations and deregistrations of the marketing entities in Spain of the CII, within a maximum period of 7 days following the date on which the registration or deregistration occurred.

2. Each of the marketing entities of the foreign CII, whether harmonized or non-harmonized, shall be obligated to send quarterly to the CNMV the model collected in the Annex of this Circular. In the event that during the quarter no CII has been marketed for which the marketer is registered in the CNMV registers, statistical statement A01 must be sent with the corresponding keys set to zero.

cve: BOE-A-2017-12800 Verifiable at http://www.boe.es

OFFICIAL STATE GAZETTE No. 270 Tuesday, November 7, 2017 Sec. I. Page 106489

3. In the event that the marketer has delegated the sending to a designated person, it shall be that person who sends the information in the model collected in the Annex of this Circular, after prior communication to the CNMV according to the model and technical requirements established for these purposes by the CNMV at any given time.

4. Statistical statement A01 must be presented quarterly via telematic means through the CNMV Electronic Headquarters. The maximum deadline for presentation shall be two months counting from the last natural day of the quarter to which the information refers."

Two. The last paragraph of the preamble, which states: "With regard to non-harmonized CIIs, the obligation to send information via telematic means is eliminated." is suppressed.

Single Final Provision. Entry into force.

1. This Circular shall enter into force on January 1, 2018.

2. The first information that must be submitted adjusted to the new models shall be that referred to the first quarter of 2018.

Madrid, October 25, 2017.–The President of the Spanish National Securities Market Commission, Sebastián Albella Amigo.

cve: BOE-A-2017-12800 Verifiable at http://www.boe.es http://www.boe.es OFFICIAL STATE GAZETTE D. L.: M-1/1958 - ISSN: 0212-033X