On February 13, the National Securities Committee (NSC), through General Resolution 783/2019, updated the NSC’s regulatory framework on common investment funds.

First, it replaced the escrow agent of collective investment products with a depositary company. Consequently, the depositary company will be the new custodian of the funds’ assets. By eliminating the figure of the original agent, the capital requirements are not in force any more. However, the conditions that the partnership must meet in order to register as an agent will remain without changes.

Through this resolution the figure of the administration agent for collective investment products was replaced by a general partnership. The general company will be responsible for publishing the fund’s assets through daily, weekly, monthly, quarterly and annual reports.

Finally it updates the documentation to be presented at the time of processing the authorisation of common investment funds. The new regulation incorporates the requirement for institutional information and information on the economic group.