The CNMV has once again stressed the need to adopt stimulus measures for long-term financial savings that favor investment in both funds and pension plans. Rodrigo Buenaventura, president of the supervisory body, has assured during his participation in the National Collective Investment Meeting, organized by Inverso, Deloitte and APD, that there is an “urgent need to develop a strategy to stimulate long-term savings in Spain and Europe, which allows the capital markets to be strengthened”, in line with the latest reports presented by both Mario Draghi and Enrico Letta to boost the economy of the Old Continent.
Buenaventura listed some of the measures that should be adopted to have a favorable environment for investment, such as the implementation of tax formulas to encourage financial savings, and not only through investment funds, as Sweden has already applied, and that encourage a long-term investment horizon.
“We must be more effective than we have been until now in financial education and we must avoid the fragmentation of the secondary market and the lack of a single supervisor,” Buenaventura stressed, although the president of the CNMV assured that “the North American market is a shows that there can be competition and it can be one of the most liquid in the world”, although he clarified that “there are not going to be mass IPOs because it is supervised in Paris, for example.”
The president of the CNMV recalled that investment funds already account for 45% of what families have in deposits, with an asset volume of 390,000 million euros at the end of September, which gives an idea of the importance it has acquired collective investment in Spain.
This need to promote the investment industry, in Buenaventura’s opinion, would help break the dependence of companies on financing through bank loans, which in Europe remains high.
On the part of the regulator, Buenaventura explained that they continue working on eliminating unnecessary obstacles when registering both managers and products, as well as their supervision.
In this sense, he pointed out that the CNMV is “one of the few regulators that publish performance indicators,” which serve to evaluate how the supervisor’s work affects the distribution of products. “In Spain it takes 1.2 months to register a fund, a third of those in Luxembourg, while it takes 7.3 to register a manager, which is reduced to 2.7 months if we deduct what firms take time to solve operational problems,” he noted.
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