Regulatory Alerts2011-12-06
Circular 4/2011 of the National Securities Market Commission modifying Circular 4/2008 on the content of quarterly, semi-annual and annual reports of collective investment institutions
The Spanish National Securities Market Commission (CNMV) issued Circular 4/2011 to amend reporting requirements for collective investment institutions (CIIs) in alignment with UCITS IV directives and the introduction of Key Investor Information. The regulation mandates the inclusion of a newly defined Expense Ratio, separate disclosure of performance-based management fees, and a historical performance graph in periodic reports. Additionally, it requires CIIs to disclose analysis service costs, details on special purpose compartments, and specific Value at Risk (VaR) metrics including leverage levels.
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