Real Decreto 813/2023, de 8 de noviembre, sobre el régimen jurídico de las empresas de servicios de inversión y de las demás entidades que prestan servicios de inversión.

The Council of Ministers approved Royal Decree 813/2023, which was published in the BOE, a key component of a series of four Royal Decrees Royal Decree 813/2023 (eventid=23903), Royal Decree 814/2023 (eventid=23904), Royal Decree 815/2023 (eventid=23905) and Royal Decree 816/2023 (eventid=23906)] to implement the regulatory framework established by Law 6/2023, of 17 March, on Securities Markets and Investment Services (eventid=20323). Law 6/2023 partially incorporates the IFD into Spanish law, regarding the prudential supervision of investment service firms. The IFD, along with IFR, establishes a prudential supervision framework for non-systemic investment service firms based on their size and interconnection with other financial and economic entities.
The directive categorizes systemic investment service firms, meeting specific criteria, as entities that must obtain authorization as credit institutions, subject to the supervision established in CRR. The directive aims to harmonize initial capital requirements among investment service firms to prevent fragmentation within the EU.
Law 6/2023 incorporates the key aspects of the IFD, but additional measures are needed for its complete transposition. The Royal Decree 813/2023 aims to finalize this transposition and develop the regulatory framework applicable to entities providing investment services following the changes introduced in Law 6/2023, enhancing the principles that inspired the law’s modification.
A notable change in the new prudential framework is the modification of initial capital requirements. The directive introduces harmonized requirements, setting the initial capital for financial advisory firms at EUR 75,000. Previously, the requirement was EUR 50,000 or the availability of liability insurance. However, the directive prohibits investment service firms from opting for insurance instead of the initial capital.
In Spain, financial advisory firms form a fragmented subsector, and the increase in initial capital requirements could significantly impact smaller financial advisory firms. Given the directive’s inflexibility, a national regime without a European passport and exemption from the third-country regime allows financial advisory firms to continue operating with insurance. This arrangement is outlined in the Royal Decree’s Article 5.
The law comprises 157 articles divided into seven titles, three transitory provisions, one derogatory provision, and six final provisions. The titles cover general provisions, cross-border provision of investment services, significant holdings, corporate governance, management systems, conduct rules, and data supply service providers. Transitory provisions address notifications, adaptation periods for capital requirements, and the FOGAIN contribution system.
The Royal Decree 813/2023 aligns with the motivations behind Law 6/2023, aiming to modernize financial markets, strengthen investor protection, adapt organizational requirements for investment service entities, and ensure fair competition within the EU. It adheres to principles of necessity, efficacy, proportionality, legal certainty, transparency, and efficiency.