Amendment of rules (foreign collective investment institutions)

Amendment of rules on reporting by foreign collective investment institutions registered with the CNMV

CNMV Circular 2/2011 of 9 July 2011 (BOE of 26 July 2011) on reporting by foreign collective
investment institutions registered with the CNMV repeals and replaces CNMV Circular
2/2006 of 27 June 2006.30 The Circular writes into the Spanish legal system the latest
precepts of Union legislation31 which came into force on 1 July 2011.
Under the new notification procedure, collective investment institutions (CIIs) have to submit
the relevant documentation to the competent authority of the home Member State.
That documentation shall include the notification letter, which contains the identity of the
entity empowered to represent the CII before the CNMV and the information on the provisions
for marketing the CII in the host Member State. In this respect, the Circular spells out
the specific information which the foreign CII must include in the notification letter, for
which purpose it sets out a standard format of the marketing report.32
Certain information on the foreign CII must be kept up to date electronically.
The requirements regarding the CII documentation to be sent to the CNMV are changed, the
information required to be disclosed to investors is adjusted somewhat, the requirement to register
compartments in the CNMV register is eliminated, and the content of the communication to
be made to the CNMV pursuant to Article 52 of the Personal Income Tax Regulations is broadened
to include information on compartments and/or classes to be reported for tax purposes.
Lastly, non-harmonised CIIs are no longer required to send information electronically.
The Circular came into force on 1 July 2011.