The Funds SICAV, where the acronym stands for an investment company with variable capital, invests the majority of its assets in shares or participations in Collective Investment Schemes (CIS).
The investment policy of one SICAV of Funds has to follow various guidelines:
- In this type of societies, more than the 50 % of the asset must be invested in stock or shares of several IICs of financial character.
- The limit of investment in CII self is of the 45 % of its asset for a minimum compulsory of three IICs. The excess for investment in other institutions can be executed in equity or fixed income assets, taking general investment limits into account.
- One SICAV of Funds it can not invest in a CII that in turn allows materialising more than the 10 % of its asset in other IICs.
- They can invest in IICs non-financial, previous authorisation of the Ministry of the Economy and the CNMV .
Collective Investment Schemes (CISs) in which a Funds SICAV is invested must fulfil certain requirements:
- They can not distort statutes and regulations of the SICAV of Funds when it comes to its risks object and limit.
- They must be IICs based in countries of the OECD that they are not tax havens and that are registered and supervised.
- Stock or shares of the IICs have be liquid (negotiated in the event of societies or that they guarantee the reimbursements charge to its heritage) and its net asset value has be subject to the regulated periodic advertising.
- The SICAV of Funds enjoys the same taxation that the SICAV.