On 25 October 2017, the National Securities Exchange Commission (“CNMV”) has issued a new circular on the information to be provided by foreign collective investment schemes (“CIS”) registered with the CNMV (the “Circular”).
This Circular amends the previous Circular 2/2011, of 9 June, by reinforcing the obligations of information and reporting owed to the CNMV in order to improve the transparency of the distribution activity carried out in Spain.
We summarise below the main updates and changes introduced by the Circular:
INFORMATION TO BE PROVIDED BY UCITS
Regarding CIS that are established under the provisions of Directive 2009/65 EC (“UCITS”), the scope of the quarterly reporting due by the distributors has been widened and from 2018 the form due to be filed will contain additional data and a further level of detail to be provided in relation to the distribution activity carried out in Spain (e.g. net asset value, fees accrued). This data will be provided per share class. The reporting must be submitted on a quarterly basis through the CIFRADOC system within the two months following the last calendar day of the quarter to which the information refers.
INFORMATION TO BE PROVIDED BY AIFs
With respect to those CIS established in accordance with Directive 2011/61/EU on alternative investment fund managers (“AIF”), the CNMV will also request the provision of data on the number of shareholders or investors, the amount distributed in Spain, and the number of distributors. This report must be submitted by the AIF manager himself/herself or by an entity designated for such purpose. To that end, all the AIFs registered in Spain must appoint such entity before the CNMV.
The Circular will enter into force on 1 January 2018. The first report must be submitted for the first quarter of 2018.