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Clifford Chance

Clifford Chance


Spain Coronavirus. State of Emergency: Measures taken by the CNMV regarding UCI, PE, EICC and their management companies

30 April 2020

This client briefing explains the main measures taken to date by the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores) ("CNMV") regarding undertakings for collective investment ("UCI"), private equity entities ("PE"), closed-ended undertakings for collective investment ("EICC" as they are known in Spain and, together with UCI and PE, the "Entities") and their respective management companies (that is, sociedades gestoras de instituciones de inversion colectiva ("SGIIC") and sociedades gestoras de entidades de inversion colectiva cerrada ("SGEIC"); together, the "Management Companies"), in the context of the state of emergency declared in Spain to manage the health crisis situation caused by the COVID-19 virus, by means of Royal Decree 463/2020, of 14 March ("RD 463/2020"), effective as from that same date (and amended by RD 465/2020, RD 476/2020, RD 487/2020 and RD 492/2020, extending the duration of the state of emergency) (the "State of Emergency"). Here, "D Date" will be the date when the State of Emergency is lifted.

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