Regulatory Alerts2011-12-15
Circular 5/2011 of the CNMV modifying Circular 12/2008 on solvency and Circular 7/2008 on accounting standards for investment service companies
The Spanish National Securities Market Commission (CNMV) issued Circular 5/2011 to transpose European Directives 2009/111/EC and 2010/76/EU into national law, modifying the regulatory framework for investment service companies. The circular updates solvency requirements by refining the definition of own funds, including hybrid instruments and large exposures, while also incorporating new accounting rules for business combinations and consolidation. Additionally, it establishes proportional remuneration policies and clarifies supervisory reporting obligations to ensure compliance with evolving EU financial regulations.
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