10 Oct

CNMV approves the circular amending circulars 1/2010 and 7/2008 on confidential information statements

The Spanish National Securities Market Commission (CNMV) has approved the Circular 4/2018, of 28 Septembre, amending Circular 1/2010, of 28 July, on the confidential information that must be provided by investment firms, and Circular 7/2008, of 26 November, on accounting standards and the annual accounts and confidential information statements to be submitted by Investment Firms, Collective Investment Scheme Management Companies and Venture Capital Management Companies.

Main objectives

The main objectives of the new Circular, which was previously submitted to public consultation, are the following:

1. To update the templates for confidential information statements established in Circular 1/2010 that must be submitted by both credit institutions and IFs, in order to gatherinformation on new concepts provided for in MiFID II regulations, such as, for example, the new methods used to provide advice on investment matters (independent and nonindependent) and cross-selling.

The amount of information on the financial instruments held by clients in intermediaries has also increased, and shall now be provided on a per-instrument basis.

Finally, other minor updates have also been introduced, in the light of the experience acquired since the last amendment.

2. To update the IF confidential information statement templates in order to obtain information on the following matters:

– any other activities that they may carry out

– the category of liquid assets in which cash and collateral received from clients are invested

– the calculation of capital requirements for general fixed expenses.

Click here for further information.

By: Estela Martín

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