Regulatory Alerts2021-04-16
Circular 1/2021 of the National Securities Market Commission on Accounting Standards, Annual Accounts and Financial Statements of Investment Service Companies and their Consolidatable Groups, Collective Investment Scheme Management Companies and Closed-Ended Entity Management Companies
The Spanish National Securities Market Commission (CNMV) issued Circular 1/2021 to replace Circular 7/2008, aligning the accounting regime for Investment Service Companies (ESIs), Collective Investment Scheme Management Companies (SGIICs), and Closed-Ended Entity Management Companies (SGEICs) with the general Spanish General Accounting Plan. The regulation mandates the use of specific financial statement models for annual accounts and modifies the reserved reporting requirements, including the suppression of several models and the introduction of new client-type reporting. It establishes a transitional period where entities must continue reporting under the old circular until November 2021, with the new rules applying to financial years starting on or after January 1, 2021.