This order is developed by Royal Decree 1309/2005 of 4 November, which approves the Regulation of Law 35/2003 of 4 November, of the Collective Investment Institutions, and adapts the tax regime of the Collective Investment Institutions, thus replacing the Ministerial Order of 30 July 1992 on the accuracy of the duties and obligations of depositaries, position states and significant participations in Investment Institutions Collective. This order pursues the following objectives. First, it updates the legal regime of the depositary of collective investment institutions. The Law 35/2003 of 4 November, of Institutions of Collective Investment, and its Implementing Regulation, introduced modifications of such draft in the regulation of the institutions of collective investment, than the concretion of the functions of the The depositary should be updated in accordance with the new rules laid down in those rules. Second, it develops the content of the states of position set out in Article 4.3 of the Regulation implementing Law 35/2003 of 4 November, of the Collective Investment Institutions, approved by Royal Decree 1309/2005, November 4, for which the Regulation of the Law 35/2003, of 4 November, of the Collective Investment Institutions is approved, and the tax regime of the Collective Investment Institutions is adapted. In order to comply with these objectives, the order is primarily concerned with the general arrangements applicable to the supervision and supervision of the depositary of collective investment institutions (Article 2), and also of the own the performance of these functions in institutions for collective investment of free investment (Article 3), and institutions for collective investment of collective investment investment institutions (Article 4). Secondly, the role of custody (Article 5) and administration (Article 6), in collective investment institutions, is dealt with in the light of the new specialities presented by the performance of this function in the institutions for collective investment of free investment (Article 7). In addition, the depositary's performance is specified in the subscription and redemption of the investment funds ' holdings (Article 8). Finally, the contents of the manual of internal procedures of the depositary (Article 9) are given, and the forecasts on the position of the states of position (Article 10), which already contained the order of 1992, are recovered in order to allow for the repeal of the full of the same. This order is made in the use of the normative ratings indicated in the final provision of the Regulation of Law 35/2003 of 4 November, of the Institutions of Collective Investment approved by Royal Decree 1309/2005, of 4 of November, for which the Regulation of the Law 35/2003, of 4 November, of the Institutions of Collective Investment is approved, and the tax regime of the Institutions of Collective Investment is adapted. In its virtue, I have:

Article 1. Object.

This ministerial order aims at the concretion and development of the functions of surveillance, supervision, custody and administration as Title V of the Regulation implementing Law 35/2003 of 4 November, of Collective Investment Institutions, approved by Royal Decree 1309/2005, of 4 November, approving the Regulation of Law 35/2003 of 4 November, of Institutions of Collective Investment, and adapting the tax regime of the Institutions of Collective Investment (hereinafter, Regulation 35/2003), entrusts the the depositary of collective investment institutions, as well as the concreteness of the content of the states of position set out in article 4.3 of the Regulation of Law 35/2003.

Article 2. Surveillance and supervision function.

1. In accordance with Article 93 of the Regulation of Law 35/2003, and for the exercise of the functions of surveillance and supervision of the management of the management companies of collective investment institutions, and, where appropriate, of the management of the investment company managers, the depositaries of the said institutions shall specifically: (a) verify that the operations carried out on assets, rights, securities or instruments by the management company or by the directors of the investment companies, on behalf of the collective investment institutions, have been under market.

(b) verify that the operations of the investment funds and the investment companies comply with the requirements, coefficients, criteria and limitations laid down in Articles 36 et seq. of Law 35/2003 and other applicable rules. The depositary shall verify that the assets of the collective investment institutions have been invested in accordance with the investment vocation defined by the collective investment institution in the prospectus in accordance with the provisions of the Article 30.2 of Law 35/2003, of 4 November, of Collective Investment Institutions. These checks and verifications shall be carried out on a monthly basis. (c) monitor the procedures, criteria and formulae used by the management company and the managers of the investment companies for the calculation of the value of the shares in the investment funds and the shares of the investment companies.

In order to make this obligation effective, the depositary must articulate a control system that allows it to verify the specific valuation procedures with which the management company or, where applicable, the managers of the investment company. The management company or, where appropriate, the investment company's administrators, shall inform the depositary of any changes to those specific valuation procedures. The details of this control system and the frequency of checks shall be set out in the internal procedures manual referred to in Article 9. This periodicity shall be at least annual and shall take place provided that regulatory changes affecting the obligation to carry out the calculation of the value for money, or changes in the investment policies of the institution of the institution of the collective investment.

The depositary shall also verify the calculation of the liquidative value of the units or, where appropriate, the shares of the collective investment institution, carried out by the management company or by the administrators of the investment company. For this purpose, the depositary may use comparison criteria against previously established benchmarks and tolerance thresholds. The periodicity of these verifications shall be at least monthly, and in any case shall be set out in the manual of internal procedures referred to in Article 9. Where the equity of collective investment institutions is invested in non-traded assets in official secondary markets, in other regulated markets or in multilateral trading systems, the depositary shall verify that the assets of the collective investment institutions are parameters used in the valuation of the assets in accordance with the valuation procedures of the management company or, where appropriate, the managers of the investment company, are the appropriate and reflect the movements and situation of the markets. The frequency of these verifications shall be at least monthly. The provisions of the preceding paragraph shall also apply in the case of the valuation of illiquid assets or the market price of which is not representative. 2. In the case of real estate collective investment institutions, the depositary shall also verify that the valuation obligations referred to in Articles 57, 61, 62 and 63 of the Regulation of Law 35/2003 are fulfilled. the corresponding criteria and investment coefficients are met. In the case of real estate investment funds, in respect of the real estate and property rights, the depositary shall verify that in the calculation of the settlement value the new valuation values of the real estate assets are included shall be assessed in each month, in accordance with the timetable of appraisals referred to in Article 63.4 of the Regulation of Law 35/2003. 3. The depositaries shall receive the reserved states of the managing companies or, as the case may be, the directors of the investment companies, at least 15 days before they are sent to the National Securities Market Commission, with the the purpose of carrying out the appropriate checks on the reconciliation of the positions of the collective investment institution. In relation to the information leaflet and the periodic public information, the depositary shall contrast with the prior reference to the referral of this information by the management company or, where appropriate, the directors of the investment company to the National Securities Market Commission, the accuracy, quality and sufficiency of the securities market. 4. For the purposes of Article 93.3 of the Regulation 35/2003, an anomaly is to be understood as being of particular relevance, inter alia, where it could have an appreciable impact on the liquidative value of the shares in the investment funds and shares in investment companies, as well as in the case of acts or omissions that are classified as serious or very serious infringements of Chapter VI of Law 35/2003 of 4 November of Investment Institutions collective. 5. The depositaries shall verify that the marketing procedures established by the management company in documents, such as the marketing manuals, are in accordance with the provisions laid down in the legislation of the in cases where the management company is acting as a trader directly. 6. The surveillance and monitoring functions set out in this Article may be delegated to third parties in accordance with the following requirements:

(a) The depositary shall retain full responsibility for delegated oversight and oversight functions. The delegation may not alter the relations and obligations of the depositary with the members or, where appropriate, shareholders of the investment company.

(b) Delegation contracts shall expressly include the commitment of the entity receiving the delegation to facilitate and permit the oversight work which, if appropriate, the National Securities Market Commission understands required to perform on its dependencies. In addition, the delegation contract shall ensure that the reporting obligations to the National Securities Market Commission as set out in Article 93 of the Regulation 35/2003 are met. (c) The entity or entities in which the functions are delegated shall have the competence and ability to perform them in a reliable and professional manner, effectively perform the delegated services and communicate to the depositary any event that it can significantly affect the performance of the delegated functions in accordance with the applicable rules. (d) The depositary shall establish appropriate procedures for the control of the activity of the entity in which the delegation is carried out. These procedures shall include measures to assess the level of compliance of the entity in which the delegation is carried out. Furthermore, the depositary may at any time provide additional instructions to that entity, as well as revoke the delegation, with immediate effect, if the functions are not properly performed. (e) The depositary may not delegate these functions to the management company or to the entities in which the management company has delegated its regulatory compliance function.

Article 3. Specialties of the supervision and supervision function in institutions of collective investment of free investment.

1. The depositary of collective investment investment institutions shall, within the specific terms of the regulatory rules of this type of collective investment institution, be subject to the provisions of Article 2.

2. When an investment collective investment institution free of the regulated investment in Article 43 of the Regulation 35/2003, it contracts the services of a financial intermediary that provides financing, liquidate its operations, and provides other financial services, taking over the assets of the collective investment institution (hereinafter the financial intermediary), the management company or, where appropriate, the investment company managers shall make known to the the depositary of the contracts to be concluded with those financial intermediaries, the way in which the depositaries can make sure that the content of these contracts enables them to carry out their duties properly. 3. The financial intermediary shall have a favourable credit rating of a specialised credit rating agency of recognised prestige. In particular, this rating will consist of the fact that, in the long term, the institution has at least a strong capacity to meet the payment of its obligations and, in the short term, a satisfactory capacity to meet the payment of its obligations. 4. The frequency of the verifications carried out by the depositary on the calculation of the liquidative value shall be in line with the frequency of calculation of the settlement value of the collective investment investment institution.

Article 4. Specialties of the supervision and supervision function in institutions of collective investment of collective investment institutions of free investment.

1. The depositary of collective investment institutions of collective investment investment institutions, within the specific terms of the regulatory regulation of this type of collective investment institution, shall be applicable to the depositary of collective investment institutions. provided for in Article 2.

2. In the case of collective investment institutions of investment collective investment institutions that are free of those regulated in Article 44 of the Regulation of Law 35/2003, the depositary shall establish a control system for the procedures for the selection of investments to be carried out by the management company or, where appropriate, the managers of the investment company, fulfil the criteria required by the rules applicable to them. The management company or, where appropriate, the directors of the investment company, shall be obliged to provide the depositary with any information and documentary justification for such purposes. In addition, the management company or, where appropriate, the investment company's managers, should make it easier for the depositary to be able to address the relevant entities. 3. The frequency of the verifications carried out by the depositary on the calculation of the liquidative value of this type of collective investment institution shall be in line with the frequency of the calculation of the liquidative value of the institution of collective investment of investment collective investment institutions.

Article 5. Role of custody of securities and cash of collective investment institutions.

1. The depositary of a collective investment institution shall be responsible for the custody of all securities and other financial assets which are the assets of the collective investment institution.

2. The depositary shall carry out the custody function either directly or through a participating entity in the clearing, settlement and registration systems of the markets in which it is to operate, designated by it, while remaining in any case the responsibility for the performance of those tasks. At the time of the appointment, the depositary shall establish the mechanisms, channels and procedures for control, supervision and reconciliation that are necessary to ensure that, under no circumstances, the disposal of the assets of the Collective investment institution is done without its consent and authorization. 3. The custody function shall consist of:

(a) the physical custody of the assets in case they are represented by securities.

b) the maintenance of records of assets represented by annotations in the relevant system, either directly or through one or more members of such system. (c) where the object of the investment is other institutions of collective investment, the custody shall be effected by the registration of the units or shares in the name of the depositary or a sub-custodian expressly designated by the depositary. If they are registered directly in the name of the investment collective investment institution, in the management company or delegated entity taking the unit-holder register, the depositary's custody function shall consist of the implementation of the mechanisms to ensure their intervention and control of the procurement processes promoted by the collective investment institution. Its intervention must ensure that the property, the full domain and the free disposal of the assets correspond, at all times, to the collective investment institution. (d) in the case of derivative financial instruments not traded on a market or trading system, the custody function of the depositary shall be limited to the verification and control of the procurement processes and to ensure that the disposal of the the flows derived from such contracts are not carried out without their consent and authorisation. (e) in the case of real estate investment funds in the case of investment in immovable property and property rights, the depositary shall establish the necessary mechanisms to ensure that, under no circumstances, it is available without its consent and authorization, the cash to be derived from the disposal or termination of the corresponding contracts.

4. The custody of foreign securities and assets shall be carried out by the depositary, by itself or through one or more entities that are members or have open accounts in members of the corresponding registration, clearing and settlement systems. liquidation. These entities shall be designated in accordance with paragraph 2 above. In such cases, when operating in foreign markets where the use of global securities accounts or financial instruments is permitted for clients of the same entity, the following requirements shall be met:

(a) the depositary shall issue, for each financial institution in which it intends to open a global account, a report on its credit quality and on the specific, legal and operational risks involved.

(b) there shall be an absolute separation between the entity's own account and that of third parties, not being able to register positions of the entity and its clients in the same account. The name of the customer account shall expressly reflect the character of the account of third parties. (c) the depositary shall establish an internal procedure which enables the position of each client to be individually individualised.

Article 6. Function of the administration of securities and cash of collective investment institutions.

1. The function of administration of marketable securities and other assets shall be to recover the corresponding returns in the periods of their maturities or payments, as well as to practice how many acts are necessary for the securities to (a) the value of the assets and the rights that they hold in accordance with the legal provisions and other rules applicable to them. Where necessary, the tender of the management company or, as the case may be, the directors of the investment company shall be counted.

2. In no case may the management company or, where appropriate, the directors of the investment company, open accounts or have directly the balances of accounts belonging to the collective investment institution. The management company or, where appropriate, the directors of the investment company, may not extend cheques or any other payment instrument against the accounts of the collective investment institution in the depositary or in third entities, the depositary shall be the sole authorised to do so in accordance with the instructions of the management company or, where appropriate, the directors of the investment company. Where the collective investment institution holds cash accounts in deposit entities other than the depositary or where the depositary is not a credit institution, only the depositary may make or authorise movements on these accounts. 3. The depositary shall carry out the settlement of transactions on financial instruments. Likewise, and where the nature of the assets or rules of the system or market concerned so requires, the depositary may also intervene in the execution of the operations, in accordance with the instructions referred to it by the the management company, or, where appropriate, the directors of the investment company. Where the collective investment institution invests in non-traded assets in official secondary markets, or in other regulated markets or in organised trading systems, the depositary shall comply with the settlement instructions that it is forward the management company or the directors of the investment company, which shall make available to it the confirmatory documents of the operations sent by the counterparties, by sending, at the request of the depositary, the certificates of position issued by the counterparties. 4. The depositary shall ensure that the securities and cash settlements are received within the time limit determined by the settlement rules governing the relevant markets.

Article 7. Specialties of the role of custody and management of securities and cash of institutions of collective investment of free investment.

1. When an investment collective investment institution free of the regulated investment in Article 43 of the Regulation 35/2003, it contracts the services of a financial intermediary that provides financing, liquidate its operations, and provides other financial services, taking over the assets of the collective investment institution (hereinafter referred to as the financial intermediary), the management company or, where appropriate, the directors of the investment company shall make known the the depositary of the contracts to be concluded with the financial intermediary. Such contracts shall include the following provisions intended to ensure the effectiveness of the custody function: (a) the duty of the financial intermediary to provide the depositaries with regular information on the positions and valuation of the transferred portfolio, as well as all that is required by the depositary, such as, inter alia, documents, external audits and accounting data.

(b) the duty of the intermediary to distinguish, in the information provided to the depositaries, between the assets that have already been the subject of financial collateral and those that have not. (c) the duty of the intermediary to inform the depositaries of the liquidation of the operations carried out. (d) the submission of financial guarantees which are granted in accordance with the rules applicable to them. (e) the control, supervision and conciliation procedures, as well as the covenants necessary to ensure the ownership, free availability and full exercise of the rights of the collective investment institutions on the assets that have not has been the subject of a financial guarantee. In relation to assets which have been the subject of a financial guarantee, the depositary should monitor the control of the management company of the guarantees and their refund.

2. The depositary shall not be held responsible for the custody of assets transferred and held by the financial intermediary. The explanatory prospectus shall contain an express reference to this exclusion from the liability of the depositary. In these cases, the management company must verify the aspects that guarantee the solvency and professionalism of these financial intermediaries. It shall be presumed that the institution has sufficient solvency when it has a favourable credit rating of a specialised risk rating agency of recognised prestige. In particular, this credit rating shall consist of the fact that in the long term the institution has at least a strong capacity to meet the payment of its obligations and, in the short term, a satisfactory capacity to meet the payment of its obligations. obligations.

Article 8. Settlement of the subscription and redemption of shares.

1. The depositary shall intervene in the subscriptions and refunds in accordance with the instructions of the management company, to whom the register of members is held, ensuring that they are carried out in accordance with the payment procedures provided for in this Article and in the form specified in the brochures.

2. The subscription of the investment fund shares shall be made by means of a nominative cheque in favour of the fund, transfer to an account in favour of the fund or the delivery of cash directly to the depositary. In cases where the subscription is made by name or bank transfer in favour of the fund, the fund account shall not be deemed to have been entered into the account of the fund up to the date of the transfer or cheque payment. subscription. In cases where the subscription is made by cash, the fund account shall not be deemed to have been entered into the account of the fund up to the date of the corresponding credit. In the case of real estate investment funds and when the subscription is made by means of real estate, the application will not be considered to be made until the date of the enlisting of the real estate in the name of the real estate investment fund in the Registration of the Property. 3. The reimbursement shall be made by the depositary in advance, expressly referred to by the management company. The reimbursement may be made by means of a nominative cheque in favour of the participant, transfer to an account of the holder of the shares or cash delivery directly to the participant. In order to reimburse a third party other than the holder of the shares, the managing company must have the documents which prove sufficiently that the participant empowers the third party to act on its behalf and receive reimbursement. corresponding. 4. The provisions of this Article shall also apply in the case of the acquisition and sale of shares of capital investment companies in accordance with the provisions of Article 53 of the Regulation of Law 35/2003.

Article 9. Manual of internal procedures.

The depositary shall have a manual of internal procedures detailing the scope of the reviews, the methods used and the periodicity with which the monitoring and surveillance function of the coefficients, limits, investment policies and criteria for the calculation of the liquidative value. The methods used in the exercise of the remainder of the duties entrusted to it by the rules applicable to it shall also be detailed. The internal procedures manual shall be approved by the depositary's management body and shall always be appropriately updated.

Article 10. States of position.

1. The state of position referred to in Article 4.3 of the Regulation of Law 35/2003 shall contain at least the following information: (a) Date of operation, identity of the institution, as well as its management and depositary company; and shareholder or shareholder.

(b) For subscriptions and repayments: number of units or shares, settlement value to date, gross and net amount, commission perceived by the management company, as well as the balance of units or shares, effective value and percentage of the total assets of the institution.

2. The National Securities Market Commission is enabled to develop the content of the position state and set the corresponding model. As long as the National Securities Market Commission does not make use of this rating, the management companies and, where appropriate, the directors of the investment companies may continue to forward the information referred to in this article without Attachment to model.

Single repeal provision. Regulatory repeal.

All provisions of the same or lower rank which are contrary to the provisions of this order and expressly the Order of the Ministry of Economy and Finance of 30 July 1992 on the accuracy of the duties and obligations of depositaries, position states and significant holdings in collective investment institutions, and Chapter VI of the Order of the Ministry of Economy and Finance of 24 September 1993 on funds and real estate investment companies.

Final disposition first. Competitive titles.

This ministerial order is issued under the jurisdiction of article 149.1.6. and 11. of the Constitution.

Final disposition second. Enable the National Securities Market Commission.

The National Securities Market Commission is enabled to dictate how many rules are needed for the development of this order.

Final disposition third. Entry into force.

This order will take effect within three months of its publication in the "Official State Gazette".

Madrid, March 5, 2008. -Deputy Prime Minister of the Government and Minister of Economy and Finance, Pedro Solbes Mira.