Regulatory Alerts2012-12-15
Order ECC/2682/2012 of 5 December amending Order EHA/2688/2006 on collaboration agreements for State Debt Investment Funds
The Spanish Ministry of Economy and Competitiveness issued Order ECC/2682/2012 to amend the regulatory framework for 'Fondtesoro' (State Debt Investment Funds) by expanding eligible assets and adjusting credit rating requirements. The order permits these funds to invest up to 30% of their net asset value in specific state-backed instruments, such as those from the FROB, FADE, ICO, and asset securitization funds, while lowering the minimum credit rating threshold for other fixed-income securities to match the sovereign rating of Spain. Additionally, the amendment aligns fund documentation with EU MiFID terminology, updates investment exposure definitions, and establishes a six-month transition period for existing collaboration agreements to comply with the new provisions.