The Ministry of Economic Affairs has proposed to remove the obligation to identify significant shareholders in investment fund managers, as mentioned in the bill to amend the regulations of this category of companies.
In particular, the bill that is in the public hearing stage aims to replace the Royal Decree 1082/2012 of July 13, which approves the regulations for the development of Law 35/2003 of November 4, Collective Investment Companies.
The economy explains that the new royal decree seeks to replace the current law after the changes introduced in Law 18/2022 of September 28. , as well as transposing several European Directives.
Therefore, the new Royal Decree removes Article 31 of Royal Decree 1082/2012 of July 13, which requires quarterly communication to the National Securities Market Commission (CNMV) of the identity of shareholders or participants who reach, exceed or fall below a series. Limits on what are considered significant participations in investment companies or, SGIIC of their management companies and investment funds.
The ministry maintains that removing this obligation is “in line” with neighboring countries’ practice and European sector regulations, which “do not impose similar obligations to provide or publicize” this information.
Section 31 requires identification of participants who have reached, exceeded or less than 20%, 40%, 60%, 80% or 100% of the company or fund.
The bill, among other things, modifies Article 53, removing the requirement of a 1% liquidity coefficient for IICs, as the regulations “already provide adequate mechanisms for liquidity management” and, it is “a requirement not included “in EU law.
In this regard, the department led by Nadia Calvino, First Vice President, highlights that the CNMV has recently approved the Technical Guide 1/2022 on the management and control of liquidity of IICs, which forms part of Article 53. , Mechanisms and Procedures for Control and Management of Liquidity of IICs.
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