Welcome programme

The UK’s decision to leave the EU may imply that investment firms and other financial institutions based in the UK are no longer able to operate under the EU passport mechanism to carry out any or all their activities in other EU member-states under the freedom to provide services or the right of establishment (i.e. through branches).

In this context, the CNMV is ready to welcome UK-based financial institutions wishing to relocate their business to Spain as a result of Brexit.

The CNMV is determined to contribute to making Spain the most appealing option for investment firms considering a move from the UK to another EU country; to this end, CNMV will implement (i) a special programme to facilitate and guide them through the appropriate authorisation process and (ii) a number of measures to ensure that these firms will encounter a supervisory environment that is welcoming but also sensible and sound.

CNMV’s objective is that other entities (i.e. not transferring from the UK) could also benefit from the aforementioned measures, which should contribute to make the Spanish markets generally more attractive in a context in which new investment projects in the securities industry have less of an incentive to be located in the UK.

Key actions

As part of the measures to welcome financial institutions wishing to relocate their business to Spain, the CNMV is launching a number of key actions.

Relevant legislation

  • Compilation of relevant legislation
      • Chapter 2 of Title V of the Spanish Securities Market Act (recast by Legislative Royal Decree 4/2015 of 23 October).
      • Chapter 3 of Title I of the Royal Decree 217/2008 of 15 February on investments firms.
      • Spanish Securities Market Regulator Circular 1/2014 of 26 February 2014 on organisational requirements of investment firms.
      • Chapter 2 of Title IV of Law 35/2003 of 4 November on investment firms.
      • Chapter 1 of Title III of the Royal Decree 1082/2012 of 13 July approving the regulation of the law on investment firms.
      • Articles 45 and subsequent of the Law 22/2014 on private equity, closed-end collective investment entities and their management firms.

Contact us

  • Edison, 4
  • 28006 Madrid