On Apr. 24, 2025, ESP CNMV announced official publication of Circular 2/2025 that defines information entities must report on key data related to activities, per MiCA.
Establishes reserved statements entities offering crypto-asset services must submit.
It amends 4 other circulars and affects new crypto-asset service providers (CSPs), investment service companies and credit institutions, management companies that provide such services (SGIICs or SGEICs).
Includes potential obligations to enable entities to be prepared to meet requirements they may receive from ESP CNMV, also largely aligns reporting of national financial advisory firms (EAFNs) with that of other ISIs and improves reporting of all entities.
In accounting, client asset protection, CSPs must submit audited annual accounts and Client Asset Protection Report (CPR) upon request, new AML report (except for EAFNs).
It also amends information system to calculate contributions to General Investment Guarantee Fund (FOGAIN), standardizes confidential statements that different entities must submit to ESP CNMV, including their content and frequency.
Confidential statements on standards of conduct to allow for adequate supervision.
Statement model for CSPs defined with key data on their activity (ESP CNMV may request); information improved, simplified; reporting frequency reduced to half-yearly.
Rules on investor warnings strengthened with 2 changes: structured deposits among products in which entities must warn if there is significant difference between estimate of current value and effective price or amount at which the retail client will operate.
Clarifies obligation also applies to fixed-income trading, regardless marketer providing direct counterparty to client or not; the circular enters into force on May 14, 2025.
On May 20, ESP CNMV issued consultation on circulars' amendment.
ESP CNMV consulted on changes to Cir 1/2021, Cir 1/2010, Cir 1/2018, Cir 1/2014.
In line with 2024 Plan now consults on draft cir to amend circulars in different areas.
Amendment to Circular 1/2021 on accounting standards, annual accounts and financial statements of investment services companies and its consolidated groups.
Also affecting investment management companies, collective investment institutions and management companies of closed type entities.
To keep in scope of advisory firms national financial entities that are legal entities, once this new type of entity is configured within financial advisory companies type.
To add obligations to send information, specifically, audited annual accounts and models of reserved states, with objective to carry out their adequate supervision.
To add information ESP CNMV could ask for by means of individual requests to new cryptoassets service providers that lack a license to provide other financial services.
This information will be audited via annual accounts and reserved state models.
This will allow entities to be prepared to meet requirements that, if appropriate, they receive from ESP CNMV as goal is to also carry out adequate supervision.
To set common reserved status related to money laundering prevention that must be reported by ESI, EAFN entities, SGIIC, SGEIC, cryptoasset service providers; details.
Conduct
Amendment of Circular 1/2010 on standards of conduct relates to reserved information of entities that provide investment services to enable adequate supervision.
To anticipate reserved status models ESP CNMV could request by individual request to cryptoassets service providers; models include key data from activity for supervision.
To incorporate some changes in reserved information entities that provide investment services and activities and auxiliary services must present.
Novelty seeks double objective: one is to equate the current report by financial advisory entities (including national financial advisory firms) to the rest of ESIs.
Also to improve data reported by rest per supervisory experience (post 2018 change).
Client Asset Protection
To amend Cir 5/2009 on Auditor Annual Report re Client Assets Protection (IPAC).
That, to include in scope of IPAC in force for credit firms and ESIs custody activities of cryptoassets and cryptoasset portfolio management with power of disposal.
For SGIIC, if they do, activity of managing cryptoassets portfolios with same power.
Also to include in scope SGEIC that provide custody and administration of investment shares and collective participations, or discretionary and individualized management of securities portfolios or cryptoassets with power of disposal.
Possibility to request IPAC to cryptoasset service providers providing security services of custody and administration of cryptoassets or cryptoassets portfolio management with power of disposal or those that hold client funds.
As well as electronic money entities providing custody, administration of cryptoassets.
Other Aspects
2 additional provisions; one change to Cir 1/2018 on warnings re financial instruments.
To clarify 2 specific aspects on existence of significant difference with respect to estimate of the current value of certain financial instruments.
The other to amend content of independent expert report EAFNs that are natural persons must prepare and send to adjust to independent expert's reviews of content of reserved information EAFNs that are legal entities will have to send to ESP CNMV.
Effectiveness
Comments on the draft received until Jun. 30, 2024 by email only to address provided.
Draft circular, consisting of 154 pages, includes changes in tracked-changes version.
Apr. 2025 Circular Published
On Apr. 24, 2025, ESP CNMV announced official publication of Circular 2/2025 that defines information entities must report on key data related to activities, per MiCA.
Establishes reserved statements entities offering crypto-asset services must submit.
It amends 4 other circulars and affects new crypto-asset service providers (CSPs), investment service companies and credit institutions, management companies that provide such services (SGIICs or SGEICs).
Includes potential obligations to enable entities to be prepared to meet requirements they may receive from ESP CNMV, also largely aligns reporting of national financial advisory firms (EAFNs) with that of other ISIs and improves reporting of all entities.
In accounting, client asset protection, CSPs must submit audited annual accounts and Client Asset Protection Report (CPR) upon request, new AML report (except for EAFNs).
It also amends information system to calculate contributions to General Investment Guarantee Fund (FOGAIN), standardizes confidential statements that different entities must submit to ESP CNMV, including their content and frequency.
Confidential statements on standards of conduct to allow for adequate supervision.
Statement model for CSPs defined with key data on their activity (ESP CNMV may request); information improved, simplified; reporting frequency reduced to half-yearly.
Rules on investor warnings strengthened with 2 changes: structured deposits among products in which entities must warn if there is significant difference between estimate of current value and effective price or amount at which the retail client will operate.
Clarifies obligation also applies to fixed-income trading, regardless marketer providing direct counterparty to client or not; the circular enters into force on May 14, 2025.
