Spain: an attractive option for UK investment and management firms
The Comision Nacional del Mercado de Valores, has published a welcome programme for UK investment and management firms interested in Spain
On 06 February 2017, as part of its work to welcome financial institutions to relocate their business to Spain, the CNMV published a handbook (the Handbook) intended to create a dedicated “Welcome programme” for investment and management firms currently based in the UK.
The CNMV is taking a flexible approach to implementing various measures with the aim of making the authorisation process in Spain as easier as possible. In this context, a single contact point will be created for applicants, who will be able to submit all documentation in English.
The CNMV is developing a straight-forward authorisation process for those entities currently being supervised by the FCA. In this regard, the CNMV will create standardised application forms to be submitted electronically, and pre-existing documents will be accepted (when possible). Firms will be informed whether they have obtained authorisation within two weeks of application, so will be able to start organising their move to Spain once formal authorisation is given, within two months from the application.
It should also be noted that the CNMV is permitting delegation of certain functions or activities to third parties, to facilitate partial relocation at the earliest opportunity. In this regard, firms should note that they will remain responsible for all the functions outsourced and that a control framework should be implemented to ensure compliance.
The Handbook includes relevant Spanish legislation together with various annexes containing standardised forms to be completed as well as certain guidelines to be followed for the aforementioned authorisation process.
In conclusion, it is important to note that the CNMV does not foresee establishing additional requirements beyond those derived from European legislation, in respect of relevant areas, other than those mentioned above. These areas should be subject to the principle of proportionality, and will include, among others: (i) the recovery and resolution regime, (ii) remuneration, (iii) transparency and client access rules for systematic internalisers, and (iv) access to market maker condition under the Short Selling Regulation.
Other actions taken by the CNMV in the context of welcoming financial entities to Spain may be seen here.
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