This is how the supervisor collects it in a update of a question and answer document on the regulations of collective investment institutions (IIC) Posted May 7.
However, IICs may not invest in those that do not include an implicit derivative, such as ETC, ETN and any so-called ‘Delta One’ instrument, and neither in those derivatives whose underlying are cryptocurrencies.
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The Free Investment ICCs, for their part, could also have exposure to cryptocurrencies through derivatives, since there is no limitation on the underlying, and provided that the settlement of the derivative does not involve the delivery of the cryptocurrency.
Likewise, as it is a high-risk investment and whose price carries a high speculative component, the brochure and the DFI must include an express and prominent mention of this exposure and the risks that it may entail.
On February 9, the CNMV published a joint statement with the Bank of Spain in which it warned about the risks of these assets, given their lack of regulation and great volatility in the price.
The president of the supervisor, Rodrigo Buenaventura, also warned a few days ago about the risk of seeking high returns through investments “especially risky or striking” in times of crisis, such as this type of asset. “That generates risks, either from questionable assets or from risky decisions or scams,” he warned.
Until now, there were no Spanish fund managers with exposure to this type of assets, although it is something that has begun to be seen in large firms such as BlackRock, which recently opened up to the possibility of two of its funds having exposure to these assets, or investment banks such as JP Morgan. Despite the sharp rise in its price and the commitment of other institutional players, many managers continue to be reluctant due to its great risk.