Spanish Securities Commission aligns investment fund performance fee rules with ESMA guidance and expands reporting for venture capital, European long-term investment funds and depositaries

The Spanish Securities Commission (CNMV) has issued Circular 1/2025 amending its rules on investment fund performance fees and on the regulatory information submitted by venture capital entities and depositaries, including extending certain confidential reporting to European long-term investment funds registered with the CNMV. The changes update Circular 6/2008 on net asset value determination and operational aspects of collective investment schemes to reflect revised requirements in Article 5 of the Collective Investment Institutions Regulation and ESMA’s guidelines on performance fees. Circular 11/2008 on accounting, annual accounts and reserved information for venture capital entities is amended to require European long-term investment funds (FILPE) to submit CNMV templates for public and reserved information, to route follow-up reports on audit qualifications due to valuation-related scope limitations through the CIFRADOC/CNMV service, and to revise reserved reporting templates with additional breakdowns reflecting supervisory experience and recent regulatory changes. Circular 4/2016 on depositaries’ functions is also amended to require depositaries to submit their annual report on compliance with the oversight and supervision function via CIFRADOC/CNMV. The circular enters into force 20 days after publication in the Official State Gazette, except for the reserved statements covered by the amendments to Circular 11/2008, for which the first required filings will be those as of 31 December 2025.