The CNMV lightens communication processes and prior authorization of management companies and ESI

Having been open to public comments, the BOE issued Circular 1/2013, of 30 January, the CNMV, on communication of information on ESI and its parent companies and SGIIC (the “Circular”). This new wording shall enter into force on March 11. Check here the text published in the BOE.

“The obligation to notify the CNMV those amendments which involve changes in the conditions of approval of the ESI and SGIIC was already established by the Securities Market Law and Royal Decree 217/2008 (for ESI) and the Law 35/2003 and Royal Decree 1082/2012 (for SGIIC). With this new Circular explains and expands the system of such communications, the content of the reporting requirements and deadlines and how to perform them, ” to experts from Baker & McKenzie.

Until now, there was no CNMV Circular regulating communication with SGIIC so this new text systematized in a single communication standard of the ESI and the management companies and gives them both the same range. “I welcome this text, is a less regulatory ciruclar above rules and alleviates many procedures which is good for banks,” said Ramiro Martinez-Pardo, director of consulting for the Internationalization of financial and corporate processes Gomarq.

Some aspects are amending removing the need for advance notice of changes in directors when entities are part of the same, or if re-elected or prior authorization for the delegation of tasks to third party entities. In this case, from now on, will be communicated only to the supervisor. It also eliminates the need to communicate or to receive permission for change of articles of association.

If you hold other obligations such as reporting on the opening or closing of branches or acquired significant stakes in other companies.

In the coming weeks is expected to BOE also published the Circular on the KIID.

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