The Spanish Securities Commission (CNMV) has launched a prior public consultation on a draft Technical Guide on internal control for management companies of closed-ended investment vehicles, including private equity entities and other closed-end structures. The draft aims to set supervisory criteria and good practices for organisational arrangements, the exercise of internal control functions, and the management of conflicts of interest, and is intended to help clarify CNMV expectations in authorisation processes. Feedback is sought on whether the Technical Guide should be published and on its proposed content, including scope and proportionality, organisational structure, policies and procedures, and requirements around conflicts of interest and internal control functions. Written comments can be submitted until 15 December 2025 and will be published after the consultation period ends unless respondents expressly request non-publication and clearly identify the parts to be withheld.
Spanish Securities Commission (CNMV) 2025-11-07
Spanish Securities Commission opens consultation on a technical guide for internal controls at closed-ended vehicle managers
The Spanish Securities Commission (CNMV) has initiated a public consultation on a draft Technical Guide for internal control of management companies of closed-ended investment vehicles, including private equity. The guide outlines supervisory criteria and good practices for organisational arrangements, internal control functions, and conflict of interest management, aiming to clarify CNMV expectations in authorisation processes.