The Spanish Securities Commission (CNMV) updated its Q&A guidance on the rules for collective investment institutions and venture capital entities and on the application of MiFID II, and published a new Q&A block on the Markets in Crypto-assets Regulation (MiCA), setting out supervisory criteria intended to strengthen investor protection. For collective investment and closed-ended vehicles, the updates include new criteria on setting limits to periodic redemptions for free-investment collective investment institutions (IICIL) that invest in private assets, including “evergreen” structures. The CNMV also adjusted previously published criteria, following MiCA’s entry into force, to allow certain retail investors to invest in free investment funds with exposure to cryptoassets. For venture capital entities (ECR), new Q&As add transparency expectations on financing operations and related leverage, and on fee calculations when based on committed capital. Under MiFID II, the CNMV clarifies when “influencer” advertising or similar collaboration amounts to client solicitation, including where remuneration depends on the number or volume of clients acquired or where the collaborator interacts with followers to create ongoing client relationships, and adds guidance on the characteristics bilateral OTC derivatives must have to be offered to clients seeking hedging. The new MiCA Q&A sets out criteria applied in authorisation and notification cases and guidance for providing crypto-asset services, and flags that the transitional period ends on 1 July 2026, with firms expected to submit authorisation applications sufficiently in advance.
Spanish Securities Commission (CNMV) 2025-12-15
Spanish Securities Commission updates Q&A guidance on MiCA authorisations, collective investment and venture capital funds and MiFID II influencer marketing
The Spanish Securities Commission (CNMV) updated its Q&A guidance on collective investment institutions, venture capital entities, and MiFID II, and introduced a new Q&A block on the Markets in Crypto-assets Regulation (MiCA) to enhance investor protection. Updates include criteria for periodic redemptions in free-investment collective investment institutions, transparency expectations for venture capital entities, and clarifications on influencer advertising under MiFID II. The MiCA Q&A outlines criteria for authorisation and notification, with a transitional period ending on 1 July 2026.