COMPANIES FINANCIAL ADVICE
In the great reform of our financial markets carried out by the Law 47/2007 of 19 December by amending Law 24/1988 of 28 July Securities Market, is worth mentioning, for its interest to Notaries and Registrars Mercantile content of the new art. 64 of the Act
This article establishes a reserve, both naming and object, in favor of investment services firms. Indeed
first as art. 64.6 of the Act provides that "the names" Securities Company "," Agency Securities "," Portfolio Management Company "and" Financial Advisory Company "and its abbreviation" SV "," AV " "GSC" and "EAFI" respectively, are reserved to the entities registered in the registers of the CNMV, which are required to include in the description. No other person or entity may use such names or name or abbreviation enterprise investment services or any other abbreviation or name confusingly. " Standard is to be taken seriously especially with names more or less close to those governed by law
Second art.64.7 cited as the "no person or entity may, without obtaining the required authorization and being registered in the corresponding administrative records of professional development activities "specific to investment companies specified in paragraph 1 and letters a), b), d), f) g) of paragraph 2 of art. 63 of that Act Of all these activities that may pose more doubts about the purpose of the companies usually have to register in RRMM, are included in paragraph 1 g) of Art. 63, paragraph 2 letter c and e.
These sections are designed as exclusive purpose of the new financial advisory firms, subject to approval by the CNMV, "the investment advice, understood as the provision of personal recommendations to a client, either request or initiative of the investment services company. " It is also subject to these entities "advising companies on capital structure, industrial strategy and related matters and advice and other services related to mergers and acquisitions "and also" reporting of investment and financial analysis or other forms of general recommendation relating to transactions in financial instruments. " Well
the first activity identified above, ie on the investment advice is configured, repeat, as the sole purpose of financial advisory firms. Not so the other activities that can be performed by them or by others, because it is not established by this book.
In view of the above is that we have to ask whether the object is so common in some of our societies on the financial advice is still possible after the entry into force on December 21, 2007, the reform of the Law on Securities Market. Let's see.
If the item is worded generically as financial advice, it seems that not be possible to register the company, for applying the doctrine enshrined in the DGRN of social activities on gender includes all species, it is clear that will be covered in this activity is reserved by law to financial advisory firms. So from the entry into force of the law societies that wish to include as one of the financial advisory activities should specify that its activity is limited to any of those mentioned above have not reserved exclusively for companies that deal. Although perhaps it easy at the time of writing the object is to establish a special exclusion clause of the object leaving out regulated activities in the Securities Market Act are exclusive and sole purpose of investment firms in generaly of financial advice in particular. We understand that not complying with the Act with the general exclusion clause usually style the article on the subject of society. And we understand that it would not be acceptable by the severity of the penalty prescribed in Article 64 for the same If any society in order that affects the Securities Exchange Act managed to register in the Registry.
in section 9 of the same art. 64 which discussed, apart from the logic prohibition of placing on the RM societies or designation order contrary to the provisions of the Act provides that if despite this the inscriptions have been carried out "shall be null and void and must proceed its cancellation of its own motion or request of the CNMV. Such invalidity shall not prejudice the rights of third parties in good faith, acquired under the contents of the relevant records. " Given the severity of the penalty provided, we believe that the most desirable in social object is to establish when, by virtue of the consulting activity set, there may be some doubt about their inclusion or not in the Securities Market Act, the special exclusion noted.
In conclusion from December 21, 2007 will not be possible in normal societies, the object relative to financial advice, unless such activity is excluded from their own societies of this kind established in the art. 63 of the Securities Act Tagging.
not pose the problem of whether such activity could enter or not in conflict with the provisions of art. 1 of Act 2 / 2007 of Professional Societies. Given the general character of the word advice and it seems that such advice is not confined to certain categories of professionals, but can be self-activity of many or even non-professionals, we should not consider the registration problem this way because even the same Securities Exchange Act permits such object without the companies it regulates.
Finally we note that the Act is silent regarding the companies that object having been entered in the registry or deeds are for being granted before December 21, 2007. They only talk about adapting the companies that provide investment services. It seems, therefore, have to apply a penalty of nullity, although it advisable in these cases to their own partners, will adopt a resolution to amend corporate purpose in the sense that we have mentioned.
In the great reform of our financial markets carried out by the Law 47/2007 of 19 December by amending Law 24/1988 of 28 July Securities Market, is worth mentioning, for its interest to Notaries and Registrars Mercantile content of the new art. 64 of the Act
This article establishes a reserve, both naming and object, in favor of investment services firms. Indeed
first as art. 64.6 of the Act provides that "the names" Securities Company "," Agency Securities "," Portfolio Management Company "and" Financial Advisory Company "and its abbreviation" SV "," AV " "GSC" and "EAFI" respectively, are reserved to the entities registered in the registers of the CNMV, which are required to include in the description. No other person or entity may use such names or name or abbreviation enterprise investment services or any other abbreviation or name confusingly. " Standard is to be taken seriously especially with names more or less close to those governed by law
Second art.64.7 cited as the "no person or entity may, without obtaining the required authorization and being registered in the corresponding administrative records of professional development activities "specific to investment companies specified in paragraph 1 and letters a), b), d), f) g) of paragraph 2 of art. 63 of that Act Of all these activities that may pose more doubts about the purpose of the companies usually have to register in RRMM, are included in paragraph 1 g) of Art. 63, paragraph 2 letter c and e.
These sections are designed as exclusive purpose of the new financial advisory firms, subject to approval by the CNMV, "the investment advice, understood as the provision of personal recommendations to a client, either request or initiative of the investment services company. " It is also subject to these entities "advising companies on capital structure, industrial strategy and related matters and advice and other services related to mergers and acquisitions "and also" reporting of investment and financial analysis or other forms of general recommendation relating to transactions in financial instruments. " Well
the first activity identified above, ie on the investment advice is configured, repeat, as the sole purpose of financial advisory firms. Not so the other activities that can be performed by them or by others, because it is not established by this book.
In view of the above is that we have to ask whether the object is so common in some of our societies on the financial advice is still possible after the entry into force on December 21, 2007, the reform of the Law on Securities Market. Let's see.
If the item is worded generically as financial advice, it seems that not be possible to register the company, for applying the doctrine enshrined in the DGRN of social activities on gender includes all species, it is clear that will be covered in this activity is reserved by law to financial advisory firms. So from the entry into force of the law societies that wish to include as one of the financial advisory activities should specify that its activity is limited to any of those mentioned above have not reserved exclusively for companies that deal. Although perhaps it easy at the time of writing the object is to establish a special exclusion clause of the object leaving out regulated activities in the Securities Market Act are exclusive and sole purpose of investment firms in generaly of financial advice in particular. We understand that not complying with the Act with the general exclusion clause usually style the article on the subject of society. And we understand that it would not be acceptable by the severity of the penalty prescribed in Article 64 for the same If any society in order that affects the Securities Exchange Act managed to register in the Registry.
in section 9 of the same art. 64 which discussed, apart from the logic prohibition of placing on the RM societies or designation order contrary to the provisions of the Act provides that if despite this the inscriptions have been carried out "shall be null and void and must proceed its cancellation of its own motion or request of the CNMV. Such invalidity shall not prejudice the rights of third parties in good faith, acquired under the contents of the relevant records. " Given the severity of the penalty provided, we believe that the most desirable in social object is to establish when, by virtue of the consulting activity set, there may be some doubt about their inclusion or not in the Securities Market Act, the special exclusion noted.
In conclusion from December 21, 2007 will not be possible in normal societies, the object relative to financial advice, unless such activity is excluded from their own societies of this kind established in the art. 63 of the Securities Act Tagging.
not pose the problem of whether such activity could enter or not in conflict with the provisions of art. 1 of Act 2 / 2007 of Professional Societies. Given the general character of the word advice and it seems that such advice is not confined to certain categories of professionals, but can be self-activity of many or even non-professionals, we should not consider the registration problem this way because even the same Securities Exchange Act permits such object without the companies it regulates.
Finally we note that the Act is silent regarding the companies that object having been entered in the registry or deeds are for being granted before December 21, 2007. They only talk about adapting the companies that provide investment services. It seems, therefore, have to apply a penalty of nullity, although it advisable in these cases to their own partners, will adopt a resolution to amend corporate purpose in the sense that we have mentioned.
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