MADRID, 13 Feb. (EUROPA PRESS) –
The National Securities Market Commission (CNMV) has submitted to public consultation a proposal for a technical guide on strengthening the transparency of IICs with a specific objective of profitability and of fixed income IICs with a buy and hold strategy.
The agency has explained that this rule will update the criteria included in Technical Guide 1/2017 on strengthening the transparency of investment funds with a specific objective of long-term profitability applicable only to those with a term of more than three years.
“Five years after its publication, it is considered necessary to reinforce some aspects to equate them to the best market practices and extend their application to UCITS with buy and hold strategies. All this with the aim of reinforcing investor protection and their informed consent when acquiring these funds”, he highlighted.
The objectives are the establishment of criteria on the information provided to the investor of the estimated profitability that can reasonably be expected in fixed income IICs with a buy and hold strategy, and adjusting some criteria included in the previous guide to include the “registration experience and supervisor acquired since its publication”.
Likewise, the CNMV wants to reinforce the warning about the cost of liquidity and extend to fixed-income UCITS with a buy-and-hold strategy the established warnings about the risk for the term and about the cost of fund liquidity.
Comments can be sent until March 31 to the email dare@cnmv.es, through the electronic headquarters or to the postal address, and all those received will be published once the public consultation period has concluded.
If someone does not wish their comments, either in whole or in part, to be made public, they must expressly state this in their own response and adequately identify, if any, which part they do not wish to be made public.
