December 1, 2021

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The government wants investment companies with more than 30 thousand million assets to become banks |  comp

The government wants investment companies with more than 30 thousand million assets to become banks | comp

The government suggested that investment service companies Subject to the same precautionary framework as credit institutions When its assets exceed 30,000 million.

These companies must request authorization as credit institutions To the Bank of Spain when its average assets are equal to or greater than to this number for a period of twelve months or less if the company is part of A group adds that amount together.

This came in one of the modifications recorded by groups Government, PSOE and United We Can, for Transport Bill From the European Directive on Credit Institutions and Competition and preventing money laundering, which Europe has gained access to
Journalism.

After validating the decree in May, the decree remained in Congress for a period of Treat it as an invoice. Now, the government took advantage To suggest changes and make various adjustments.

The proposal introduces a new article with six bis in Law 10/2014 This includes the 30,000 million limit, by which progress is made in Substitution of the European directive on precautionary supervision of these entities.

This regulation establishes a dual system of precautionary treatment Investment service companies and distinguish between them of systemic importance due to its size exceeding thirty million, And who are not.

The European directive considers those of systemic importance to them Business models and risk profiles are similar to those of entities Big credit, bigger volume and higher levels Interconnection with the financial system and the provision of services “of its kind
banking services.

Likewise, this new article states that the mentioned companies will be able to continue carry out their activities until obtaining permission, which It must be granted by the Bank of Spain after receiving the information The interview is by the National Securities Exchange Commission (CNMV).

However, those that meet the requirements must Asking for permission and not doing so will be subject to regulation Punishing these entities would be considered an “extremely serious” crime. Doing certain activities.

The government also considers it necessary to make an amendment in the definition Credit institution to also include service companies Investment, because Law 10/2014 defines credit institutions only For those ‚Äúlicensed companies whose activity is to receive from Public deposits or other funds payable and in the granting of credits alone.”

The proposal highlights that it is necessary to make adjustments to Scope of application of this law to this new definition: This will not apply For those investment companies whose minimum capital is legal Required less than 750,000 euros or those who cannot get it
in depositing money or securities for their clients, and therefore they cannot Never be in a debt position with respect to said clients.