Fund Distribution Alert 2021-27

On 2 November 2021, the EU Directive 2019/1160 entered into force in Spain with the Royal Decree-law 24/2021 of 2nd November, transposing the Directive and amending the following Spanish acts: the law 35/2003 on Collective Investment Schemes and the law 22/2014 regulating venture capital firms, other closed-ended collective investment schemes and closed-ended collective investment scheme management companies.

The EU Directive 2019/1160 entered into force without additional gold-plating in Spain. This means that a physical presence for the fulfilment of facilities services, including acting as a contact point for communicating with the CNMV, will no longer be required for UCITS in Spain. The language for the fulfilment of such facilities services is to be in Spanish or any other language accepted by the CNMV.

The Royal Decree-law 24/2021 is currently only available in Spanish and can be accessed in full here.

Please feel free to contact us should you require any additional information.

Partner
+352 22 51 51 7892
said.fihri@kpmg.lu

Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu