meta_id 3321978

On July 13, 2026, Spain's National Securities Market Commission (CNMV) initiated a public consultation on a draft circular designed to simplify regulatory requirements for collective investment institution (CII) managers and investment services companies (ESI). The draft circular modifies four existing circulars to streamline obligations concerning periodic public disclosure of information by collective investment institutions, internal control standards for CII managers, and procedures for updating CII prospectuses following regulatory changes. The CNMV simultaneously proposes repealing nine circulars that regulate various aspects of collective investment institutions and investment services companies, which current legislation has rendered obsolete, redundant, or no longer fit for purpose. This initiative forms part of the CNMV's broader supervisory simplification plan, which aims to review active circulars to eliminate unjustified procedural requirements unrelated to risk management or investor protection, while promoting proportionality in regulation. The simplification objective aligns with European-level efforts to enhance regulatory effectiveness. The CNMV identified regulatory and supervisory framework simplification as a strategic priority in its June 2025 document "CNMV 2030, a Supervisor for a New Era." The public comment period closes on September 18, 2026. Interested parties may submit written comments to supervisioniicecr@cnmv.es. The CNMV will publish all received comments following the consultation period, unless respondents expressly request confidentiality and clearly identify which portions should remain non-public. Generic confidentiality disclaimers in email messages will not be treated as explicit requests for confidentiality. The draft circular is available for review on the CNMV website.