Regulatory Alerts2014-11-07
Circular 3/2014 of the National Securities Market Commission modifying Circular 1/2010 on reserved information and Circular 7/2008 on accounting standards
The Spanish National Securities Market Commission (CNMV) issues Circular 3/2014 to enhance investor protection and supervisory efficiency by updating reserved information reporting requirements for investment service entities. The regulation mandates quarterly reporting of order execution and placement data for entities with high volumes of retail clients or significant activity in complex instruments, while introducing more detailed disclosures on financial instrument complexity and client complaints. Additionally, the CNMV extends specific reporting obligations to portfolio management companies and securities agencies, removes redundant forms, and introduces new monitoring tools for collective investment scheme managers.
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