Since the entry into force on 5 April 2012 of the Royal Decree of 12 March 2012 approving the Financial Services and Markets Authority ("FSMA") Regulation of 27 October 2011 (the "FSMA Regulation"), company officers entrusted with overseeing compliance with conduct-of-business rules must meet certain requirements as regards knowledge, experience and training and be approved by the FSMA, pursuant to a mandatory procedure.