Regulatory Alerts2023-12-28
Royal Decree 1180/2023 modifying investor compensation systems and collective investment scheme regulations
The Spanish Ministry of Economy, Commerce and Enterprise issued Royal Decree 1180/2023 to transpose EU prudential supervision directives and enhance the competitiveness of collective investment institutions. The decree establishes a national regime allowing small financial advisory firms to use civil liability insurance instead of increased capital requirements and updates the Investment Guarantee Fund contribution formula to better align fees with systemic risk. Additionally, it removes obsolete liquidity and voting limits for investment funds and relaxes commercialization rules for non-professional investors in free investment schemes.
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