Regulatory Alerts2011-06-27
Circular 3/2011 of the National Securities Market Commission modifying Circular 1/2009 on collective investment scheme categories based on investment focus
The Spanish National Securities Market Commission (CNMV) issued Circular 3/2011 to partially modify Circular 1/2009, clarifying that investment percentages for collective investment schemes (CIS) must be calculated based on total exposure, including both cash and derivative instruments. The amendment aligns the definition of short-term money market funds with European Securities and Markets Authority (ESMA) standards to enhance investor protection and updates CIS types to reflect regulatory changes regarding listed funds and passive management. It establishes precise criteria for determining investment vocations, such as fixed income and equity categories, while mandating a two-year transition period for updating fund prospectuses to comply with the new disclosure requirements.