Creating a dedicated Welcome programme for investment and management firms based in the UK.

Single contact point

The CNMV will create a single contact point for applicants.

English-speaking coaches

From the first moment of the process, an English-speaking coach will be assigned to each applicant. Coaches will provide guidance through the full process and will continue helping and monitoring applicants for a 6-month period after authorisation has been granted.

Straight-forward authorisation process

UK-based firms that are planning to relocate their business to Spain and which are currently supervised by the UK competent authorities can opt for our straight-forward authorisation process.

For this purpose, the CNMV is committed to the following initiatives:

  • Standardised application forms
    • The CNMV will provide application forms (including detailed instructions) in English on its website.
  • Electronic submission of documents
    • The CNMV provides the option of submitting all the relevant documents electronically in an easy straight-forward way.
  • Pre-authorisation period of two weeks
    • This pre-authorisation process will provide assurance to firms that they are likely to be formally authorised shortly (i.e. within two months) so that they can start organising the move to establish their business in Spain.
  • Formal authorisation within two months
    • The CNMV will follow a friendly and flexible approach in relation to the documentation that needs to be filed. In this regard, the CNMV undertakes to grant formal authorisation within two months, provided that the applicant meets the mandatory requirements and the required documentation has been substantially presented.
  • Equivalent documents
    • Whenever possible, the CNMV will accept pre-existing documents available in English that have already been filed with and approved by the FCA or by the UK competent authority (or another competent authority in the EU) and is willing, after proper consideration, to rely on previous decisions by such authorities.

Documentation in English

In its relationship with applicants (authorisation, supervision, any subsequent requirements, etc.), the CNMV will accept that all relevant documentation is presented in English without the need of any translation.

Advanced Internal Models capabilities.

Some entities have already expressed interest in using or continuing to use internal models for the determination of capital needs to cover counterparty and market risks.

The CNMV confirms it will be able to efficiently approve and supervise such models, including the counterparty risk case. In this regard, the CNMV is committed to adequately reinforcing its own resources and capabilities in this field, which will ensure that the relevant tasks can be carried out smoothly and adequately henceforth.

Entities can benefit from a fast-track approval process where the competent supervisory authority (PRA) has previously reviewed and approved the adequacy of the model to the CRR requirements. Approval of the use of internal models will be granted on the basis of the documentation delivered at the time of application. At a post-authorisation stage, a supervisory review will be carried out by the CNMV in order to check the effective implementation of the models.

Possibility of outsourcing functions.

With respect to the possibility of delegating functions or activities, which may facilitate partial relocations on a rapid basis, the CNMV undertakes to adopt the most flexible approach provided that the relevant Spanish entity is not a totally empty shell and the outsourcing scheme complies with the MiFID requirements:

  • the outsourcing firm must retain the ultimate responsibility;
  • it must establish reasonable controls over outsourced functions; and
  • all the information should be accessible to the CNMV as a supervisor.

As the UK will, in any event, remain a member of IOSCO and signatory of its multilateral memorandum of understanding, the CNMV does not foresee any difficulties in this regard.

No additional requirements

In other relevant areas, there will be no additional requirements beyond those derived from European Union legislation, which will be applied with full respect to the proportionality principle.

Such areas include:

  • recovery and resolution regime (without any supervision other than by the local supervisor);
  • remuneration policies;
  • transparency and client access rules for systematic internalisers; and
  • access to market maker condition under Short Selling Regulation.

Contact us

  • Edison, 4
  • 28006 Madrid