Regulatory Alerts2013-05-24
Circular 2/2013 of 9 May from the CNMV on the Key Investor Information Document and the Prospectus of Collective Investment Institutions (Errata) (Amended by Circular 3/2022 of 21 July)
The Spanish National Securities Market Commission (CNMV) issued Circular 2/2013 to mandate the Key Investor Information Document (KIID) and standardise the prospectus for all Collective Investment Institutions, aligning Spanish law with EU Directive 2009/65/EC and Regulation (EU) No 583/2010. The circular extends the KIID requirement to non-harmonised CIIs, such as real estate and free investment funds, while establishing specific exceptions, risk indicators, and performance scenarios tailored to their characteristics. It further updates regulatory models, clarifies presentation formats, and amends several prior circulars to ensure consistency, transparency, and investor protection across the Spanish collective investment sector.
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