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Global FinTech Guide
Name
Global FinTech Guide
Country _ Name
Spain
SectionTitle
Asset and portfolio management
Body
FinTechs belonging to this category offer asset and portfolio management services via an internet platform or software programs and usually manage and dispose of the assets of their customers long or short term according to their specifications without actually holding the property or the possession of those assets. FinTechs, which provide information about and access to overnight or time deposit accounts at national and foreign banks and which execute the transactions to these accounts, also belong to this category. Some FinTechs however only act on request of the customer.
Aside from that some FinTechs offer software or internet solutions enabling users to manage and plan their personal finances on their own by providing graphics, overviews and compilations of their financial data and sometimes indicating financial risks or opportunities, but without actually managing the assets.
Introduction
Attitude of the country towards modern asset and portfolio management services
There are no reservations, except that the vast majority of the Spanish population is financially unsophisticated and conservative. Spanish people still invest in bank deposits or saving accounts. The current 0 interest situation in the Eurozone is effecting a slow change towards investment in riskier products.
Legal affairs
Obligations and requirements to provide asset and portfolio management, or ancillary services described above
A portfolio management company requires specific authorization from the Spanish government agency responsible for the financial regulation of the securities markets (“
CNMV
”).
The CNMV is very closely monitoring that the portfolio management companies meet all the law requirements in a strict manner as investors are highly protected by Spanish law. The CNMV is extremely cautious and aims to ensure good practices in management and advisory work to avoid "hidden management" practices.
It is a common practice for companies to incorporate “
EAFIs
” as a first step to analyze the Spanish market and search for clients. EAFIs are a type of company which are licensed only to provide investment advice. Therefore, incorporating an EAFI is easier than incorporating other kinds of portfolio management companies such as companies and securities agencies (Sociedad de Valores and Agencia de Valores), portfolio management companies (Sociedad Gestora de Carteras), and asset management companies (Sociedad Gestora de Instituciones de Inversion Colectiva).
Generally, portfolio management companies are subject to requirements concerning:
Minimum share capital (from €50,000 to €730,000).
Suitability of shareholders, directors and managers; directors, managing directors and holder of other similar positions in financial institutions are subject to suitability, experience and honorability requirements.
Corporate governance and internal control systems.
Anti-money laundering policies.
Customer services.
Finally, as for CNMV fees, costs for getting a license range from €1,040.60 in case of an EAFI to €10,406.04 in case of an asset management company. Also, there are additional yearly costs regarding the registration of the company, the board members and supervision as well as accounting costs that may vary depending on the type of company.
Additional comments regarding the legal situation for asset and portfolio management services or what FinTech’s must be aware of in this business area
The CNMV is highly regarded internationally and therefore having an entity authorized and supervised by the CNMV attracts investors.
Economic conditions
Market size for asset and portfolio management services and biggest companies i
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Claudi Garcés
Ventura Garcés
[email protected]
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