Real Decreto 816/2023, de 8 de noviembre, por el que se modifica el Reglamento de desarrollo de la Ley 35/2003, de 4 de noviembre, de Instituciones de Inversión Colectiva, aprobado por el Real Decreto 1082/2012, de 13 de julio.

The Council of Ministers approved Royal Decree 816/2023, which was published in the BOE, the decree is part 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).
Real Decreto 816/2023 introduces modifications to the Regulations for the Development of Law 35/2003, enacted on 4 November 2003, regarding Collective Investment Institutions. These changes are a consequence of amendments made by the Law 18/2022, dated 28 September, which focuses on creating and fostering businesses, and the Law 6/2023, dated 17 March, addressing the Markets of Values and Investment Services (eventid=20323).
The primary objective of these modifications is to enhance the legal framework for collective investment in Spain, aiming to boost its competitiveness, improve functionality, and align regulations with EU law. The amendments also aim to transpose changes outlined in the Delegated Directive (EU) 2021/1270 of the EC, specifically regarding sustainability risks and factors concerning UCITS.
The decree eliminates the mandatory quarterly report for participants in collective investment entities, aligning Spanish regulations with surrounding jurisdictions. Secondly, it promotes the use of electronic communication with participants and shareholders, emphasizing digitalization and reducing paper use for environmental sustainability.
Furthermore, the decree incorporates adjustments related to the integration of sustainability risks and factors into the management and decision-making processes of investment entities. This aligns with the EU’s efforts to promote sustainable finance, as outlined in the Action Plan „Financing Sustainable Growth“ (eventid=906).
Additionally, the decree introduces alterations in the calculation of management fees for financial investment funds, demonstrating a commitment to fair and transparent fee structures. Finally, it outlines measures to facilitate the replacement of management companies or depositories in cases of insolvency, revocation, or suspension, enhancing the regulatory framework’s adaptability and resilience.