Regulatory Alerts2018-12-26
Circular 5/2018 of the National Securities Market Commission modifying Circulars 4/2008, 7/2008, 11/2008 and 1/2010 on public and periodic information of Collective Investment Institutions, accounting standards, annual accounts and reserved information states of Venture Capital Entities, managers of Collective Investment Institutions and Venture Capital Entities and branches of European managers established in Spain
The Spanish National Securities Market Commission (CNMV) issued Circular 5/2018 to amend four existing circulars governing Collective Investment Institutions and Venture Capital Entities to enhance supervisory practices and reporting standards. The regulation mandates the electronic submission of annual reports, introduces detailed breakdowns for remuneration policies and financial advisory commissions, and requires specific reserved information disclosures for foreign EU managers operating in Spain via branches. These changes align Spanish reporting requirements with EU directives and promote the use of standardized electronic documentation for transparency and efficiency.
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