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The CNMV carries out a sicav sweep that breaches the minimum of 100 shareholders


The CNMV gets serious with the sicav that breach the mandatory criteria of the 100 shareholders minimum to be considered as collective investment vehicles. In the last week, it has swept several sicav for this reason, which has affected managers such as Santander, GVC Gaesco or Intermoney.

With this attention call, the body chaired by Sebastián Albella makes use of the foreseeable loss of capacities to supervise this type of investment companies, which are listed on the MaB. At progressive government agreement that PSOE and Unidas Podemos signed to seal the coalition, two points were included about the sicav, which the Tax Agency re-inspect them and cap the maximum shareholding of the same investor, in order to avoid the famous practice of ‘mariachis’.

The devolution of the powers to the treasury was to be included in the 2020 General State Budgets (PGE), but due to the coronavirus economic and health crisis, which has led to a clear lack of macroeconomic and public health visibility and a strong political disunity, the Government chose to extend Montoro's budgets again and give up new accounts for this exercise. As various media have pointed out, the Ministry of Finance will present a budget project for 2021 after the summer, from which it hopes to obtain the necessary support to carry it out.

Meanwhile, the CNMV continues with its controlling role over the sicav. In recent days, it has revoked the status of collective investment institution (IIC) to the sicav Rebeco-98, from Santander; Ceralf Inversiones, of GVC Gaesco, and Tucana Inversiones, of Intermoney.


The council of the Spanish supervisor, in its session on July 29, decided to revoke and cancel the registration of these sicav in the administrative register of the CNMV “having failed to comply with minimum number of shareholders required in article 6 of the Regulations for Collective Investment Institutions of Law 35/2003, of November 4, approved by Royal Decree 1082/2012, of July 13, and having after one year has elapsed, provided for in articles 13.1 of the aforementioned Law and 16.1 of its Regulations, without having proceeded to its permanent reconstitution ”.

For example, the sicav managed by Santander, with 28 million euros to its credit, had 82 shareholders at the end of 2019, according to a report from its manager, Santander Private Banking Gestión. The other two sicav were of smaller amounts, around 3.5 million. For a sicav to be truly collective, according to the regulations, it must have at least 100 shareholders. And so that it is taxable, with 500 shareholders.

However, a large number of companies of this type belong to a single investor or to a single investment family. But they save the furniture thanks to the practice of the 'mariachis' or the 'straw men', small filler shareholders who have no vocation to invest or exercise their rights over society and who only serve to give viability to the sicav in question. In this regard, as Bolsamanía published as a result of the Government agreement between PSOE and Unidas Podemos, 75% of the sicav are in danger after the fence of these two parties, either for not meeting the 100 necessary shareholders, or for meeting this requirement by the minimum.

. (tagsToTranslate) CNMV (t) does (t) sweep (t) sicav (t) breach (t) minimum (t) shareholders (t) Category: All (t) Category: Funds (t) Category: Fundsnews (t) Category: Private Banking

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