CNMV amends reporting requirements for foreign UCITS and non-UCITS marketed in Spain

The Spanish securities regulator, the Comisión Nacional del Mercado de Valores (CNMV) has amended its existing Circular 2/2011 requiring that more information regarding foreign funds (both harmonised and non-harmonised) registered with the CNMV be reported on a quarterly basis.

In light of the growth of cross border marketing of collective investment schemes, on 02 November 2017, the CNMV announced that its Board had agreed the amendment of its Circular 2/2011, of 09 June 2011, (Circular 2/2011) on information about foreign collective investment schemes registered for marketing in Spain in order to include new requirements which will permit the CNMV to gain a deeper knowledge on the evolution and characteristics of this area of practice.

Regulatory changes

The CNMV’s Board has approved Circular 2/2017, of 25 October 2017 (Circular 2/2017) which amends Circular 2/2011 and introduces the following changes in relation to the submission of the statistical statement (Form A01) to the CNMV:

• Obliged entities: all marketing entities in Spain of foreign collective investment schemes, whether harmonised or not, must send the CNMV a Form A01 on a quarterly basis, even where no marketing has been carried out (in which case the Form should include “zero” fields).
• Content: additional details will also be contained in the new Form A01, in respect to the information requested under Circular 2/2011. Circular 2/2017 includes an annex with the new content of Form A01 which should be completed with new quantitative and qualitative information at an ISIN level, such as number of investors, net asset value, assets volume or information about fees.
• Form: Form A01 must be submitted to the CNMV electronically (through the CIFRADOC system). The remittance of Form A01 may be delegated to a third party, which will be in charge of sending it to the CNMV in proper time and manner.
• Timing: Form A01 must be submitted to the CNMV two months following the last day of each quarter to which the information contained in it refers.

In addition, in respect of non-UCITS collective investment schemes registered for marketing in Spain, Circular 2/2017 incorporates two further amendments:

• the following sentence in Circular 2/2011 has been removed: “with regard to non-harmonised CIS, the requirement to send information by electronic means is cancelled”, and
• non-UCITS collective investment schemes must identify an entity which will act as its representative vis à vis the CNMV. This entity will be in charge of sending information to the CNMV through a specific electronic system in relation to the marketing entities in Spain.

Entry into force

Circular 2/2017, which is still to be published in Spain’s Official State Gazette (the Boletín Oficial del Estado or BOE), will enter into force on 01 January 2018. The first Form A01 which will need to be sent to the CNMV will be that relating to Q1 2018.