Comments on circular 4/2015 of October 28th of Spanish stock market exchange commission (CNMV)

Comments on circular 4/2015 of October 28th of Spanish stock market exchange commission (CNMV)

Abstract:

Through Circular 4/2015, the CNMV has proceeded to modify both the Circular 7/2008 of 26 November, on accounting standards and confidential information statements of Venture Capital Management Companies (Sociedades Gestoras de Entidades de Capital Riesgo) (SGECR or SGEIC), as the Circular 11/2008 of 30 December, on accounting standards, annual accounts and confidential information statements of Venture Capital Entities (Entidades de Capital Riesgo) (ECR). This paper analyzes the main modifications and newnesses introduced in order to adapt both Circulars to the new regulations of the European Union on European Venture Capital Funds and European Social Entrepreneurship Funds contained in EU Regulations No. 345/2013 and No. 346/2013 of the European Parliament and of the Council of April 17, 2013.

Keywords: CNMV, venture capital, account- ing standards, venture capital entities, venture capital management companies.