Law 16/2013 of 29 October, published in the Official Gazette on 30
October, amends Law 35/2003 of 4 November on collective investment
schemes to allow omnibus accounts to be used in the distribution of
Spanish and foreign collective investment schemes in Spain. This
modification will enter into force on 1 January 2014.
The amendment also aims to create a system in Spain similar to that
established in neighbouring countries to strengthen the competitiveness
of Spanish collective investment schemes.
Specifically, the amendment replaces the current system where the
register of unitholders is kept by the management company with a system
that allows an omnibus account to be used when the distribution is
carried out by a financial intermediary based in Spain. The financial
intermediary will be able to keep the book entries of those unitholders
that have acquired their units through it.
A draft royal decree is also under review that will modify the tax
obligations of foreign distributors with the Spanish tax authorities in
cases in which the distribution of Spanish collective investment schemes
in foreign jurisdictions is carried out through omnibus accounts.
