La CNMV aprueba la guía técnica sobre refuerzo de la transparencia de ciertos fondos de renta fija (estrategia de comprar y mantener y objetivo concreto de rentabilidad)

The CNMV has approved a Technical Guide to reinforce the transparency of certain fixed-income investment funds, with a specific objective of profitability and buy-and-hold strategies. This initiative is included in the Commission’s 2023 activities plan (eventid=19916), with the aim of improving investor protection and informed consent.
The Technical Guide updates the criteria included in the Technical Guide 1/2017 on the reinforcement of transparency of long-term profitability objective investment funds (GT 1/2017), which was only applicable to funds with a profitability objective over three years. Six years after its publication, it is considered necessary to update certain aspects to include the best market practices and extend its application to investment funds with buy-and-hold strategies.
The Technical Guide’s main objectives are to establish criteria regarding the information provided to investors on the estimated profitability (in terms of APR) that they can reasonably expect in fixed-income investment funds with buy-and-hold strategies, assuming they hold their investment until the end of the strategy’s time horizon. This information will be crucial for their investment decision.
In addition, the Guide will complete the contents of GT 1/2017 to incorporate the registration and supervision experience acquired since its publication. It will establish criteria regarding the warnings to be made to investors about the risk of not valuing part of their operations during the marketing period and the effects of inflation on the nominal profitability of their investments.
The Technical Guide will also reinforce some of the warnings included in the previous guide, particularly the warning about the cost for liquidity, which will apply to funds that provide investors with less than twelve liquidity windows per year instead of the four annual windows mentioned in GT 1/2017. Moreover, the warning about the risk of losses in the event of an increase in interest rates will apply to all funds, not just those with a term of over three years.
The CNMV commissioned an external study to analyze the distribution of fees and expenses in fixed-income investment funds with buy-and-hold strategies. The report’s conclusions will serve as a basis for the CNMV’s future regulatory decisions.