Spanish Securities Commission launches consultation on circular to simplify fund disclosure and internal control rules, repeal nine obsolete circulars

The Spanish Securities Commission has opened a public consultation on a draft circular that would amend four existing circulars to simplify selected requirements for collective investment institutions and their managers. The proposed changes focus on periodic public disclosure obligations for collective investment institutions, aspects of internal control rules for their management companies, and updates to fund prospectuses where regulatory changes make revisions necessary. The draft would also repeal nine circulars covering various aspects of collective investment institutions and investment services firms that the current legislative framework has made obsolete, redundant or no longer purpose-serving. The measure forms part of the Spanish Securities Commission's plan to simplify supervisory processes by removing procedures not justified by risk or investor protection considerations and by promoting proportionality, in line with its broader regulatory and supervisory simplification agenda.