Regulatory Alerts2016-07-11
Circular 4/2016 of the CNMV on the functions of depositaries of collective investment institutions and entities regulated by Law 22/2014
The Spanish National Securities Market Commission (CNMV) issued Circular 4/2016 to establish detailed technical requirements for the functions of depositaries managing collective investment institutions and entities regulated under Law 22/2014. The regulation defines the scope of custodial, administrative, and cash control duties, distinguishing between custodial and non-custodial assets while mandating specific procedures for asset registration and reconciliation. It also consolidates previous supervisory reporting models and modifies existing circulars to align with EU delegated regulations regarding depositary responsibilities and investor protection.
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