The Spanish National Securities Market Commission (CNMV) has published an handbook in English on the fast-track authorisation process for investment firms seeking a new base in Spain as a result of Brexit.
The handbook explains the key features of the fast-track authorisation process, which consists of an initial pre-authorisation phase lasting two weeks and a second formal authorisation phase taking at most two months.
The pre-authorisation phase is designed to offer comfort to institutions in the sense that no significant obstacles to formal authorisation within the aforementioned two-month period have been found, provided that the legally required documentation is substantially presented.
The handbook includes a translation into English of the key legislation and samples of the standard pre-authorisation and authorisation forms. It also includes a guide to facilitate and simplify the authorisation process for broker-dealers, securities brokers and portfolio management companies.
The CNMV’s Welcome to Spain programme offers a fast-track authorisation process for financial institutions based in the UK or any other member state of the EU interested in a move to Spain, as well as the services of an English speaking coach to guide and assist them throughout the process and the option to file all of the requisite documents electronically and in English.