Marketing of foreign collective investment vehicles in Spain

The transposition of the AIFMD will bring about a major change in Spain since, subject to compliance with certain requirements which we explain below, freedom of movement is allowed to a wide range of collective investment vehicles that until now could not be marketed but in very limited cases. In the case of the PIEA, the marketing of foreign private investment entities (i.e. venture capital and private equity companies) («ECRs») is regulated, a possibility that was not envisaged in the previous Act 25/2005, whereas in the case of the CISA, a door is opened to non-harmonised collective investment schemes (i.e., those schemes not covered by Directive 2009/65 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities («UCITS Directive»))…