Regulation development and MiFID impact on collective investment in Spain

Emerald - 2008
BegoñaTorre Olmo1, SergioSanfilippo Azofra1, CarlosLópez Gutiérrez1
1Faculty of Economics, University of Cantabria, Santander, Spain

Tóm tắt

PurposeThe objective of this paper is to review Spanish regulatory evolution in the collective investment area, which is very recent in its principal aspects.Design/methodology/approachThe paper assesses the way investment funds are impacted by the Markets in Financial Instruments Directive (MiFID) and the Spanish legislation.FindingsThe legal aspect of the Collective investment institutions (CII) in Spain has experienced a major renovation over the past four years. There were three basic principles: increased flexibility of the CIIs' regime, reinforced protection for investors, and improved administrative intervention regime. Although MiFID focuses its attention on financial markets and investment firms, it also implies an important change for collective investment institutions. New conditions arising after the introduction of this norm are imposing major challenges for financial entities, supervisory authorities and financial markets.Research limitations/implicationsThe unified regulatory system, even after the implementation of MiFID, remains fragmented, and the way in which it will apply to investment funds is not easy to disentangle.Practical implicationsAs a result of this process, it is hoped that levels of competitiveness will increase and transaction costs fall, which will ultimately result in improved conditions for investors and more efficient companies.Originality/valueThe paper establishes the implications of the MiFID and the UCITS Directives for the investment fund industry in Spain.

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Tài liệu tham khảo

Council Directive 93/22/EEC (1993), On investment services in the securities field, 10 May.

Directive 85/611/EEC (1985), On the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. UCITS: Council, 20 December.

Directive 2001/107/EC (2002), Amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) with a view to regulating management companies and simplified prospectuses. The European Parliament and of The Council, 21 January.

Directive 2001/108/EC (2002), Amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), with regard to investments of UCITS, The European Parliament and of The Council, 21 January.

Directive 2004/39/EC (2004), On markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC, MiFID Level 1 Directive, The European Parliament and of The Council, 21 April.

Directive 2006/73/EC (2006), Implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive, MiFID Level 2 Directive: Commission, 10 August.

Ley 46/1984 (1984), reguladora de las instituciones de inversión colectiva, de 26 de diciembre.

Ley 24/1988 (1988), del Mercado de Valores, de 28 de julio.

Ley 35/2003 (2003), de instituciones de inversión colectiva, de 4 de noviembre.

Real Decreto 1309/2005 (2005), por el que se aprueba el Reglamento de la Ley 35/2003, de 4 de noviembre, de instituciones de inversión colectiva, y se adapta el régimen tributario de las instituciones de inversión colectiva, de 4 de noviembre.

Regulation (EC) No 1287/2006 (2006), Implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record‐keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive, MiFID Level 2 Regulation: Commission, 10 August.

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