I. GENERAL PROVISIONS

NATIONAL SECURITIES MARKET COMMISSION

16348 Circular 2/2021, of September 28, of the National Securities Market Commission, on statistical information requirements for European Union money market funds.

The European Central Bank requires the central banks of countries whose currencies were integrated into the euro to periodically submit certain statistical information necessary for the fulfillment of their functions. The requested information refers to monetary financial institutions, among which are certain collective investment institutions, whose supervision in Spain is attributed to the National Securities Market Commission (CNMV), as provided in Article 70 of Law 35/2003, of November 4, on Collective Investment Institutions.

Article 242 of Royal Legislative Decree 4/2015, of October 23, approving the consolidated text of the Securities Market Law, regulates the cooperation of the CNMV with other national supervisory authorities and the exchange of all kinds of information capable of contributing to the proper development of activities whose ultimate supervision is the responsibility of each of them.

Circular 2/1998, of July 27, of the National Securities Market Commission, on statistical information requirements for collective investment institutions of the European Monetary Union, established for the first time the statistical information requirements for collective investment institutions of the Economic and Monetary Union (EMU). The aforementioned Circular has been modified on several occasions to adapt it to subsequent regulatory developments. In particular, Circular 1/2002(1) modified the reserved statistical information statements of the EMU (EMU models) initially established; Circular 1/2007(2) adapted the definition of the scope of application and established the obligation to submit the EMU models via CIFRADOC; Circular 1/2009(3) redefined the scope of application; and Circular 4/2014(4) updated the EMU models.

(1) Circular 1/2002, of September 16, of the National Securities Market Commission, which partially modifies Circular 2/1998, of July 27, on statistical information requirements for Collective Investment Institutions of the European Monetary Union.
(2) Circular 1/2007, of July 11, of the National Securities Market Commission, on statistical information requirements for Collective Investment Institutions of the European Union, which partially modifies Circular 2/1998, of July 27, on statistical information requirements for Collective Investment Institutions of the European Monetary Union. (3) Circular 1/2009, of February 4, of the National Securities Market Commission, on the categories of collective investment institutions based on their investment vocation. (4) Circular 4/2014, of October 27, of the National Securities Market Commission, which modifies Circular 1/2007, of July 11, on statistical information requirements for Collective Investment Institutions of the European Union, which partially modifies Circular 2/1998, of July 27, on statistical information requirements for Collective Investment Institutions of the European Monetary Union.

With the entry into force of Regulation (EU) 2021/379 of the European Central Bank, of January 22, 2021, relating to the balance sheet items of credit institutions and the monetary financial institutions sector, which recasts Regulation (EU) No 1071/2013 of the European Central Bank (repealed with effect from June 26, 2021) to incorporate, among other things, the modifications introduced by Regulation (EU) 2017/1131 of the European Parliament and of the Council, on money market funds, it is necessary to adjust the content of the EMU models to the information needs established in the aforementioned Regulation (EU) 2021/379.

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Likewise, Circular 1/2019(5), of March 28, of the CNMV, modified the Annex of Circular 1/2009 to establish the investment vocation of collective investment institutions and, among them, those of money market funds (MMFs), in accordance with Regulation (EU) 2017/1131.

(5) Circular 1/2019, of March 28, of the National Securities Market Commission, which modifies Circular 1/2009, of February 4, on the categories of collective investment institutions based on their investment vocation, partially modified by Circular 3/2011, of June 9.

Finally, it should be noted that the correct submission of information within the established deadlines is of transcendental importance for the proper development of the competencies of the European Central Bank. Therefore, among the powers attributed to this body is the power to impose fines or periodic coercive payments on entities that fail to comply with the information obligations established by it.

For all the above, it is necessary to repeal the currently in force Circular 2/1998 with this new Circular. For this purpose, the Council of the National Securities Market Commission, in exercise of the powers conferred upon it, and 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, prior to the report of the Advisory Committee, in its meeting on September 28, 2021, has ordered:

First Rule. Scope of application.

This Circular shall apply to all compartments, or funds and investment companies in the case that they lack compartments registered in the CNMV Register, whose investment policy or vocation is monetary according to what is established in the Annex of Circular 1/2009, of February 4, of the CNMV, on the categories of collective investment institutions based on their investment vocation.

Likewise, it shall also apply to those whose investment policy or vocation is to invest in monetary compartments, funds, or investment companies, and to those compartments, funds, and investment companies that, at any given time, are included in the list of monetary financial institutions (MFIs) published by the European Central Bank.

Second Rule. Reserved statements regarding the statistical requirements of the Economic and Monetary Union–EMU Models.

1. Collective investment institutions included in the scope of application of this Circular shall submit to the National Securities Market Commission the reserved information detailed below, referring to the last day of the indicated period, within the established deadlines and in accordance with the models appearing in the annex of this Circular.

State: UEM1. Name: Summary Balance Sheet. Frequency: Monthly. Maximum submission deadline: 10th day of the following month.

State: UEM2. Name: Sectoral classification of issuers. Frequency: Quarterly. Maximum submission deadline: 20th day of the following month.

State: UEM3. Name: Asset classification by country. Frequency: Quarterly. Maximum submission deadline: 20th day of the following month.

State: UEM4. Name: Asset classification by currency. Frequency: Quarterly. Maximum submission deadline: 20th day of the following month.

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2. The submission of the EMU models must be made through telematic transmission via the CIFRADOC/CNMV system or another similar system that may be established in the future.

Third Rule. Non-compliance with the obligation to report.

The failure to submit the information required by this Circular, or its submission outside the established deadline or with significant errors, shall constitute a minor, serious, or very serious infringement, as appropriate, in accordance with what is established in Article 79 of Law 35/2003, of November 4, on Collective Investment Institutions.

Repealing Provision.

Upon the entry into force of this Circular, the following are repealed:

Circular 2/1998, of July 27, of the National Securities Market Commission, on statistical information requirements for collective investment institutions of the European Monetary Union.

Circular 1/2007, of July 11, of the National Securities Market Commission, on statistical information requirements for Collective Investment Institutions of the European Union, which partially modifies Circular 2/1998, of July 27, on statistical information requirements for Collective Investment Institutions of the European Monetary Union.

Circular 4/2014, of October 27, of the National Securities Market Commission, which modifies Circular 1/2007, of July 11, on statistical information requirements for Collective Investment Institutions of the European Union, which partially modifies Circular 2/1998, of July 27, on statistical information requirements for Collective Investment Institutions of the European Monetary Union.

Final Provision.

This Circular shall enter into force the day following its publication in the "Official State Gazette," and shall apply to financial years starting from January 1, 2022.

The first submission to the CNMV of monthly information adjusted to these models shall correspond to the month of January 2022, and the first submission of quarterly information shall correspond to the first quarter of 2022.

Madrid, September 28, 2021.–The President of the National Securities Market Commission, Rodrigo Buenaventura Canino.

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ANNEX

EMU Models

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https://www.boe.es OFFICIAL STATE GAZETTE D. L.: M-1/1958 - ISSN: 0212-033X