BRP Country Manual Asset Management – Spain
BRP has published its latest Country Manuals Asset Management for Spain
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Overview and Behaviour Template
Material changes
The Country Manual has been reviewed to ensure that the content of all the documents remains accurate and up to date.
The changes/modifications are as follows:
- It is highlighted that the provision of macroeconomic analysis and financial research documents/reports is considered an ancillary service to investment services and may only be provided by financial institutions duly authorised in Spain. However, based on an ongoing advisory agreement requested by the prospect/client, it is generally accepted that the Company may provide macroeconomic analysis and financial research documents/reports either during occasional on-site visits in Spain (at target) or by remote means of communication into Spain (remote). Accordingly, the CM AM Behaviour Template (CM AM BT) now answers the relevant onshore and cross-border scenarios with “Grey zone/YES”.
- The provision of general information/marketing material about the Company (without specific information on strategies, products or services) is not per se a licensable activity but it could prevent the possibility of relying on “reverse solicitation” and is thereofore not recommended onshore in Spain (at target) and on a cross-border basis into Spain (remote). Accordingly, the CM AM BT still answers the relevant onshore and cross-border scenarios with “Grey zone/NO”. However, locally licensed entities may provide general information/marketing material about the Company (without specific information on strategies, products or services) to prospects/clients. The CM AM BT therefore now answers the relevant (indirect) onshore scenario with “Grey zone/YES”.
- The provision of business cards is now permitted in all scenarios (without restriction, as it is not considered an activity requiring a licence in the context of socialising).
Non-material changes
- The CM AM Regulatory Overview (CM AM RO) now includes information on National Private Placement Regimes (“NPPRs”) pursuant to art. 42 AIFMD which may permit the marketing of AIFs by non-EEA AIFMs to Professional Clients on a private placement basis.
- The CM AM RO also emphasises that foreign (non-licensed) investment firms are required to establish a branch in Spain if they provide and promote/market investment services and/or financial products in/into Spain. However, foreign (non-licensed) investment firms may provide and promote/market investment services and/or financial products to “per-se” Professional Clients and Eligible Counterparties in/into Spain without establishing a local branch, if they first obtain authorisation from the CNMV.
For more information, please contact us: info@brpsa.com
Geneva, March 11th, 2024