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Who regulates investment funds?

In Spain investment funds are subject to strict regulation and supervision by the Spanish National Securities Market Commission (CNMV).

The main functions of the CNMV are to protect and ensure the stability of the financial system and protect investors. This responsibility towards investors is embodied in the obligation of investment companies to issue regular reports on the funds they manage. All funds must be authorised by and registered with the CNMV before they are sold.

In general, the Spanish National Securities Market Commission (CNMV) pursues two very important objectives:

  • Ensure stability and confidence in the financial system: Achieving these two objectives is important because if an investment fund distributor were to enter into crisis, causing distrust towards these products in the financial environment, to the point of triggering the simultaneous withdrawal of savings by the unit holders, the economic system would become very unstable.
  • Protect investors: The CNMV protects investors who may find it more difficult to defend their interests as small and medium-sized savers with regard to the valuation of their assets. This protection also covers the information that investors must receive about their investments on a regular basis.

Main functions of the CNMV related to investment funds:

  • Authorise the entry and administrative registration of a fund before it is launched, and supervise any amendments or alterations following its approval.
  • Review and verify the reserved financial statements that CIIs (Collective Investment Institutions) periodically file. Check for any illegalities and, where appropriate, issue sanctions.


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