Regulatory Alerts2017-12-18
Circular 3/2017 of the National Securities Market Commission on Corporate Governance and Remuneration Policy Disclosure Obligations for Investment Firms
The Spanish National Securities Market Commission (CNMV) issued Circular 3/2017 to establish detailed requirements for investment firms to publish corporate governance and remuneration policy information on their websites. The regulation mandates the creation of a dedicated, accessible web section containing specific organizational, structural, and financial data, while also modifying Circular 7/2008 to align accounting standards for intangible assets with new commercial code provisions. These obligations apply to most investment firms but exclude those that do not provide custody services and hold no client funds or securities, with full implementation required within three months of publication.
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