Directive 2011/61/EU on Alternative Investment Fund Managers (“AIFMD”) states July 22, 2013, as the transposition date. The alternative investment funds (“AIF”) direct-applicable regulation, Delegated Regulation 231/2013, also enters into force on that date. However, Spain has not transposed the AIFMD yet1, so on July 18, 2013, the Spanish Securities Markets Authority (“CNMV”) issued criteria to guide managers through this period, to help them adapt to the new rules.

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Regarding cross-border AIF commercialization and cross-border AIF management, CNMV states that (i) foreign AIF managers meeting AIFMD could commercialize to professionals and manage AIF in Spain, and (ii) Spanish AIF managers could ask for the passport under the procedures established in AIFMD.  

Likewise, we would like to highlight that this CNMV communication does not refer to entities not meeting AIFMD, so the regime has not changed in this regard.