Regulatory Alerts2025-03-17
Circular 1/2025 of the National Securities Market Commission Modifying Circulars 6/2008, 11/2008, and 4/2016
The Spanish National Securities Market Commission (CNMV) issued Circular 1/2025 to amend three existing regulations to enhance supervisory practices and align with European standards. The circular updates rules on performance fees for collective investment institutions to comply with ESMA guidelines, mandates electronic reporting for long-term European fund entities, and requires annual electronic compliance reports from depositaries. Additionally, it refines risk diversification coefficients, leverage limits, and operational constraints for real estate investment vehicles while updating various normative references.
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