The National Securities Market Commission (CNMV) starts this Monday the public hearing process for a draft circular that modifies four other circulars to simplify certain aspects related to:
- Obligations of entities regarding the periodic public information of Collective Investment Institutions (CII).
- Aspects of the internal control rules of CII managers.
- And the updating of the CII brochures in cases arising from regulatory changes.
Furthermore, it repeals nine circulars that regulated various aspects of CIIs and Investment Services Companies (ISC), which the current legislative framework had rendered obsolete, redundant, or lacking purpose.
The draft circular is part of the CNMV's plan to simplify supervisory actions. This plan includes the review of several circulars in force to eliminate unjustified procedures due to risk or investor protection issues and to promote proportionality.
This general objective of simplification follows the European movement aimed at improving regulatory effectiveness. To this end, the CNMV included among its strategic priorities in the document “CNMV 2030, a supervisor for a new time” presented in June 2025, among others, the simplification of the regulatory and supervisory framework.
Comments can be submitted in writing until 18 September 2026 to the following CNMV address: supervisioniicecr@cnmv.es.