There are numerous types of investment funds available in Spain
, addressed to various types of investors
. The Spanish legislative framework
has incorporated the regulations provided by the European Union, because the country has been a member state of the Community since 1986. Our team of Spanish lawyers
can offer assistance on the requirements that should be met by foreign investors when registering an investment fund
Alternative investment funds in Spain
Spain provides two main types of alternative investment funds (AIFs), which can be incorporated as open-ended or closed-ended. The difference between the two is given by the rights referring to the issuance of shares. For example, open-ended AIFs can issue an unlimited amount of shares, while for the closed-ended funds, the investors are limited to a certain value. At the same time, they are also regulated by different legislations.
Open-ended AIFs in Spain
are controlled by the Law 35/2003
referring to the collective investment schemes
. Another regulation applicable for this category of funds
is the Royal Decree 83/2015
. Closed-ended AIFs
are regulated by the Law 22/2014
, which gives the legal framework for the activity of private equity investment funds
Such entities must be managed by alternative investment fund managers (AIFMs), who have to follow the regulations imposed by the Spanish National Securities Market Commission (CNMV), which have to approve their activities.
is the main regulatory institution for this type of funds
and our team of attorneys in Spain
can offer more details about the registration requirements.
Hedge funds in Spain
Another way to start a financial business in Spain
is through a hedge fund
, which is mainly addressed to professional investors
, such as banks, credit institutions or insurance companies
This type of fund allows its investors to invest with no restrictions in various financial assets. They also need prior approval from the CNMV.