Regulatory Alerts2011-10-05
Law 31/2011 of 4 October amending Law 35/2003 on Collective Investment Institutions
The Spanish State enacted Law 31/2011 to transpose EU directives 2009/65/CE and 2010/78/UE into national legislation by amending the Law on Collective Investment Institutions. The reform establishes a cross-border passport for fund management, simplifies marketing procedures, and introduces a standardized key investor information document to enhance investor protection. Additionally, the law aims to boost industry competitiveness by allowing global accounts for domestic fund marketing and permitting the use of assets as collateral to improve financing options.
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