The Spanish Securities Commission (CNMV) has approved a new Circular, published in Spain’s Official State Gazette, establishing the supervisory reporting (reserved statements) that entities providing cryptoasset services must submit under the EU Regulation on Markets in Crypto-assets (MiCA). The framework applies to new cryptoasset service providers and also to investment firms, credit institutions and management companies that provide cryptoasset services, and it largely aligns reporting by national financial advisory firms with the rest of investment firms. The Circular defines the model return for cryptoasset service providers with key activity data that CNMV may request and simplifies conduct-of-business reporting by reducing the frequency of reports from quarterly to semi-annual. Cryptoasset service providers must also submit audited annual accounts and a customer asset protection report when required, a new anti-money laundering and counter-terrorist financing return is introduced (except for national financial advisory firms), and the information system for calculating contributions to the General Investment Guarantee Fund (FOGAIN) is amended. Investor warning rules are reinforced by adding structured deposits to the products requiring warnings where there is a significant difference between estimated current value and the price or amount at which a retail client transacts, and by clarifying that the obligation also applies to fixed income transactions regardless of whether the distributor is a direct counterparty. The Circular amends four existing CNMV circulars and repeals one, and it enters into force 20 days after publication in the Official State Gazette, with different deadlines applying to specific amendments.

Original source View in tracker