Funds must meet the following requirements to be admitted to the BME fund segment:
Funds registered with CNMV
Spanish or international funds denominated in euros
Funds in the form of book entries and registered with IBERCLEAR
Newly created are admissible
At first, investment funds admitted to this segment will be tradable only through the segment. Management companies will be able to create funds and classes of funds that satisfy the conditions referred to above.
Application for admission. The management company applies for admission of the funds to the fund trading segment.
Documentation to be submitted:
For the admission process the management company must submit the following documentation, listed here for illustrative purposes and without limitation:
Prospectus filed with CNMV.
Statement of the management company and the counterparty member whereby the former appoints the latter, and the latter accepts, to intervene in all orders on behalf the management company.
A completed form identifying the investment fund for which admission to the platform is requested, containing detailed information on the management company and on each fund for which admission is requested.
The management company (S.G.I.I.C) must sign an agreement with a counterparty member that is a market member to cover unmatched redemption, subscription and total transfer positions. This entity must be MAB market member.
The management company (S.G.I.I.C) must sign an agreement with an Iberclear participant to carry out transaction settlements.
The chosen participant will act for the management company, register the fund units and keep a second-tier book additional to the Iberclear general register, setting out the identifying details of the beneficial owners of the units.
Subscriptions and redemptions traded in the segment are notified to Iberclear for settlement and entry in the accounts. Once the trades have been settled, Iberclear notifies the management company of all settlements and redemptions completed, so that the management company can update the register of fund unit holders.