Spain's CNMV urges asset managers to create funds for the government's new savings account
Spain's CNMV expects to have ready in less than four months the list of products that can be included in the government's Financia Europa Savings and Investment Account. The regulator will keep the registry where asset managers must register the funds that meet the requirements. Its chairman, Carlos San Basilio, encouraged asset managers to develop more products matching the account's specifications. According to Inverco, fewer than 10% of Spanish funds, around 130 vehicles, meet the requirements.
In 45 seconds
- The CNMV estimates the product registry for the Financia Europa Savings and Investment Account will be ready in less than four months
- Asset managers must register in that registry the funds they want to include in the account and that meet the requirements
- At least 70% of the portfolio must be invested in assets linked to the European Economic Area, with a minimum of 50% in equities
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