Regulatory Alerts2016-04-30
Circular 3/2016 of the National Securities Market Commission modifying Circular 7/2011 on fee brochures and standard contract content
The Spanish National Securities Market Commission (CNMV) amends Circular 7/2011 to regulate transfer fees charged by investment service entities, addressing excessive and disproportionate costs that hinder investor mobility and market competition. The modification mandates that transfer fees be calculated as a percentage of the transferred value, capped by a maximum euro amount, while prohibiting minimum fees to ensure proportionality between cost and service quality. Investment entities must submit updated fee brochures to the CNMV by September 1, 2016, with the new calculation methods becoming mandatory for all contracts by October 1, 2016.
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