José Carlos Sánchez-Vizcaíno, Depositary Monitoring director of Cecabank, tackles in Funds People the current situation of the pension funds of public promotion employment.
A year and middle after the Government announced who were the selected managers to manage Pension funds of Employment of Public Promotion (FPEPP), the reality is that they have not yet taken off. Among others reasons, one of the reasons was that the Special Control Committee could not start to meet, thing that it can already do thanks to the novelties published in the Royal Decree 1086/2024, of on 22 October, through which the Regulations of Planes is modified and Pension funds ; and in the Order ISM/1198/2023, that explains the compensation package of the Special Control Committee (CEC) of Pension funds of Employment of Public Promotion (FPEPP) open, the one responsible for its monitoring. Many matters are more than way that of fund, but there are major issues that they have gone over the participants of the XXXII Legal Debate FundsPeople.
With respect to the FPEPP there are several novelties. “Now the Fees (Fee Promoter and of Special Follow-up and Control Committee) can request legal aid , although it is limited; only will be able to request to the Legal Service of the Administration of the Social Security Institute ”, Salvador Ruiz Bachspoints out , Capital markets responsible for member of A&O Shearman.
In addition, a more specific incompatibility regime has been established and some aspects related to have been regulated the compensation package of the Special Control Committee of the FPEPP. Just as explains José Carlos Sánchez-Vizcaíno, Depositary Monitoring director of Cecabank, “the possibility is established of that the unions or business studies more representative can receive directly the remunerations that they correspond him to a member of the Special Control Committee proposed by they instead of receiving the member, previous agreement between both».
Additionally the right is subordinated to the compensation package linked to the assistance to the meetings to that the appended assets of all the FPEPP extent the 1,000 million euros and while this remains. For Sánchez-Vizcaíno is a major issue because “the Special Control Committee has not been able to meet until now while awaiting that this regime was clarified. Now can start to do it and, with the collaboration of managing entities, among others matters, can formulate the statement of principles of investment policy , that until now had not been undertaken. All of this while awaiting that are started to assign the plans to the FPEPP”, ensures.
The marketing
To this day are pending fringes so that these products can take off. One very relevant is that the regulation of plans and pension funds does not collect of way expresses the possibility of marketing plans of employment by the managers. “It is necessary that in some next bills this issue is collected. But, in addition to so basic matters as this, not have enough more measured of boost so that there is a development cash of the sector plans ”, Virginia Arizmendidemands , director of Regulation and Public Policy of Inverco, doing echo of some envisaged proposals in the document Boost of the Pension Plans 2.0: 15 measures for its development, published by the association.
Sánchez-Vizcaíno points out other two ideas that, in addition to the previous one, would help to that the pension system of employment long-term takeoff: “On one hand, update the article 85.1 of the Workers' statute to add the obligation of negotiating (that not of agreeing) the complementary social security to the field of the collective bargaining; and for another, make more flexible the current limitations that they have the public administrations to contribute to its pension plans ”, adds. Arizmendi concludes that “the reality is that we started from a situation in which the second pillar is very poorly developed and for this reason are necessary more measured of boost, so much non-financial ones such as district attorneys. For example, dissociate the maximum limit of reduction district attorney of the contribution of the worker with regard to the amount of the business contribution that, also, generates problems of application in practice ”.
A similar posture maintains Ana Martínez Pina, member of Regulatory Financial and Insurance of Gómez-Acebo & Pombo, who considers that “in recent years have been approved standards to promote the pension plans via, for example, the introduction of the plans of simplified employment and the FPEPP. However, the reality is that the second pillar does not end of starting; you would be able to consider the possibility of introducing another type of incentives”. Ruiz Bachs doubt of “if the legislative measures that have been added will suppose a radical change in the product of the pension plan ”.
It has had recently other regulatory novelties in the field of the pensions. Between them, the Royal Decree-Law has been approved 7/2024 of 11 November, through which urgent measures to alleviate are adopted the effects of the dana that took place between 29 and 31 October of 2024, that in this standard has been added as a new exceptional supposition storm of liquidity in pension plans in favour of the damnified.
Other novelties
On the other hand, on 7 October the CNMV opened a public enquiry to modify three circulars. The first one, in the countable field, went the Circular 11/2008. “In her, among others matters, the standard of the long-term investment funds is adapted European (FILPE) when it comes to the cross-reference of models of states of judicial knowledge and reserved that they must send to the CNMV in line with which they do the rest of companies of venture capital, as well as the cross-reference of the reports of follow-up on conditions for limitation within reach related to the assessment via the service Cifradoc of the CNMV to move forward in the digitisation”, Martínez remarks Pina. Nonetheless, are other pending aspects to promote these vehicles in Spain (see support of down).
The Circular 4/2016 on the function of monitoring and vigilance of the depositaries is another of the affected. Sánchez-Vizcaíno remarks that “until now had an annual report of the depositary that was filled of free form, now the obligation is added of adapting to a normalised document, that we are while awaiting see in what is going to crystallise”. Something that, according to Ruiz Bachs, can involve “procedures” technological developments and change for the companies.
The third circular to enquiry is the 6/2008 on operational aspects of the CII. In her is included adapt the standards on the agency fee on results to requirements of the article 5 of the Regulations of CII after its last modification to adapt them to the Guidelines of ESMA. According to the crystallisation is collected “owe take place trascurridos at least 12 months from the creation of the fund or company, or from the establishment of this fee».
WHAT CHANGES DEMANDS THE SECTOR IN THE FILPE
“The interesting thing would be that the FILPE, after the last reform of 2023 that it had as an objective make more flexible and simplify its regime to channel more saving of the investors, were used more, since it only there is four in Spain registered in the CNMV”, Ana Martínez maintains Pina (Gómez-Acebo & Pombo). To which Natalia López Condado, person responsible for the area of financial Regulation and Investment funds of DLA Piper, adds that, also, the majority are concentrated in the given Basque Country the existing favourable tax regime in the historic territories of Vizcaya and Álava.
Arizmendi moves forward that Inverco has proposed “that the FILPE that they are opened by establish a right of reimbursements to the shareholders before the ending of the product's life are included in the law of CII because being within this regulation 1% would apply them to him in the corporation tax, essential to avoid the double assessment. Has everything the meaning that they are there, given that the FILPE open do not comply with the definition of Collective Investment of closed type of the article 2 of the Act 22/2014, which is why they do not have a correct lace in this last standard”, argues.
The general consensus of the offices is that they should promote these vehicles in Spain. The problem, to this day, Salvador Ruiz remarks Bachs (A&O Shearman), is that “if the home industry wants create a FILPE you can go to Luxembourg, set up it there with a suitable taxation, later on come here and market it between its clients. It does not have no meaning that are applied standards only to the Spanish when you have a community fast passport and efficient that it allows creating the vehicle without the need for set up manager in Luxembourg”, criticises. “Or directly without delegation can manage it live with a passport and free provision of services ”, López adds Condado.
