With the implementation of the Alternative Investment Fund Managers Directive in Spain, not only the Collective Investment Schemes but also the Private Equity Entities and Closed-ended Collective Investment Schemes meeting certain parameters shall appoint a depositary.

In this scenario, the National Securities Market Commission is preparing a new regulation in order to complement the legal regime of the depositary and develop certain technical aspects of such regime.

This article analyses the main aspects covered under the regulation’s proposal and the most significant innovations compared with the current regulatory regime. As of the date of preparation of this article, the final text of said Regulation has not been published

Dpwnload full PDF on new regulation HERE

By Carmen Reyna, Paula de Biase, David José Mayor

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