Regulatory Alerts2023-03-21
Law 22/2014 of 12 November regulating venture capital entities, other closed-end collective investment entities and their management companies, and amending Law 35/2003 on Collective Investment Institutions
The Spanish State enacted Law 22/2014 to regulate venture capital entities, closed-end collective investment entities, and their management companies, while amending the Collective Investment Institutions Law. The legislation establishes comprehensive rules for the constitution, investment policies, governance, and supervision of these entities to foster direct financing for small and medium-sized enterprises. It also defines the regulatory framework for management companies, including authorization requirements, operational standards, and a sanctioning regime for non-compliance.
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