Create Open-Ended Investment Funds in Spain
Create Open-Ended Investment Funds in Spain
Updated on Monday 21st November 2016 Rate this article
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Open-ended AIFs in Spain
Alternative investment funds (AIFs) in Spain incorporated as open-ended vehicles are regulated by the Law 35/2003, which includes updates on the fund management companies managing the assets of an AIF vehicle. Another rule of law for such entities is the Royal Decree 83/2015.
As mentioned above, AIFs in Spain must be managed by a management company. The managers of an open-ended fund in Spain must receive authorization for their activity, as prescribed by the Alternative Investment Fund Managers (AIFMs) regulation, imposed by the EU. Still, it is necessary to know that the managers who have already received an approval in other member state of the EU do not need to apply for a new authorization in Spain.
However, those who must receive an approval here can obtain it from the Spanish National Security Market Commission (CNMV). Our attorneys in Spain may provide further details on this matter.
The activity of open-ended vehicles in Spain can be financial or non-financial and they can be set up either as investment funds or as investment companies.
An important aspect is that an open-ended fund must provide information on its activity at the CNMV at any time such details are required. Moreover, it is also necessary to provide a monthly report referring to the operations of the fund and on its investment portfolio.
Open-ended UCITS in Spain
Investors can also set up a company in Spain as open-ended UCITS. One of the main aspects of this vehicle is that the investors are allowed to receive their return on investment at any time they may require it.
Businessmen are invited to contact our law firm in Spain for more details on the open-ended investment funds available on this market.