Spanish Association of Investment and Pension Funds (INVERCO)
INVERCO is the representative association for the Spanish Investment and Pension Funds, as well as the foreign domiciled UCITS registered at the CNMV (Spanish Supervisory Authority) for its distribution in Spain.
INVERCO's mission is to represent and to defend the interests of Investment and Pension Funds by:
- Promoting a regulatory environment conducive to the effective and professional fund and asset management, through communication and representation to the various authorities with regulatory powers on matters relating to the industry.
- Carrying out a maximum coordination on the interest of its members, acting as a consulting body amongst them.
- Establishing and fostering relationships with other Spanish and foreign entities, and participating in national and international organizations.
- Promoting the scientific research concerning the industry, through periodical statistical, newsletter on legal issues, as well as surveys and reports.
INVERCO, according to its rules, carries out, among others, the following activities:
- INVERCO makes proposals to all and every legislative modifications related to Investment and Pension Funds.
- INVERCO is in contact with the media to distribute monthly and quarterly statistical data. Furthermore it is at their permanent disposal, in order to ensure an appropriate, frequent and accurate coverage of Investment and Pension Funds issues.
- INVERCO cooperates with the consumers and users organizations to facilitate the greatest degree of transparency concerning the provided information.
- INVERCO promotes courses and seminars together with domestic authorities and with national or international companies.
INVERCO belongs to the following bodies:
INVERCO participates in the above mentioned six Federations work, being a member of their respective General Meetings and Board of Directors.
- European Funds and Asset Management Association - EFAMA - (http://www.efama.org/), integrated by twenty three Associations (from Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, Turkey and United Kindgom).
- European Federation for Retirement Provision - EFRP - (http://www.efrp.org/), integrated by sixteen EU Associations (from Austria, Belgium, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovakia, Spain, Sweden and United Kindgom), plus Associations from Croatia, Guernsey Islands, Iceland, Norway and Switzerland.
- International Investment Funds Association - IIFA - (http://www.iifa.ca/), integrated by fifty two national Associations (Argentina, Australia, Austria, Belgium, Bolivia, Brazil, Canada, Chile, China, Colombia, Costa Rica, Czech Republic, Denmark, Ecuador, El Salvador, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Italia, Japan, Korea Republic, Luxembourg, Malaysia, Mexico, Morocco, Netherlands, Norway, Pakistan, Paraguay, Peru, Philippines, Poland, Portugal, Romania, Singapore, Slovakia, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Raiwan R.O.C., Turkey, United Kingdom, United States and Venezuela).
- Federación Internacional de Administradoras de Fondos de Pensiones - FIAP - (http://www.fiap.cl/), integrated by Associations from Angola, Dutch Antilles, Argentina, Bolivia, Brazil, Bulgaria, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Kazakhstan, Mexico, Panama, Peru, Poland, Russian Federation, Spain, Ukraine, Uruguay and Venezuela.
- Iberoamerican Federation of Investment Funds - FIAFIN - (http://www.fiafin.org/), integrated by Associations from Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Mexico, Peru, Spain and Venezuela.
- World Pension Association - WPA - (http://www.world-pensions.org/), integrated by EFRP members, FIAP members plus Pension Fund Associations from Australia, Canada, Nigeria, Thailand and the United States.
INVERCO has full members (Spanish Investment and Pension Funds and foreign domiciled UCITS registered at Spanish supervisor) as well as associate members, representing about EUR 300 billion in assets under management, and more than 6.200 and 1.300 investment and pension funds, respectively, at end 2010.
The main regulation is the Spanish Law 35/2003, of 4 November, on Collective Investment Schemes. This law, as well as their implementing regulations, can be downloaded in the CNMV website [ Section Legislation, case law and other provisions - Spanish legislation - Regulation by subject - Collective Investment Schemes].