The Spanish Securities Commission has issued a technical guide setting out supervisory criteria and good practices for the organizational structures, internal control functions and conflicts of interest arrangements of managers of private equity and other closed ended investment vehicles. Following its earlier consultation, the guide allows firms to apply proportionality by tailoring their structures and procedures to factors including their size, nature, scale and investment strategies. The guide applies to relevant closed ended and collective investment management companies and to self-managed companies that exceed regulatory assets under management thresholds, market to retail investors or operate across borders. It gives particular attention to sector-specific conflicts of interest, with the aim of ensuring vehicles are managed solely in their interests and investors are treated equitably. Other managers are also encouraged to follow the guidance, especially on conflicts, while the framework is intended to streamline authorization processes and incorporates findings from the European Securities and Markets Authority's 2025 common supervisory action on compliance and internal audit functions.
Spanish Securities Commission issues internal control guide for managers of closed ended investment vehicles
The Spanish Securities Commission has issued an internal control guide for managers of private equity and other closed ended investment vehicles. It sets proportionality-based expectations for organizational structures and control functions, with particular emphasis on managing conflicts of interest and ensuring equitable treatment of investors.