{"id":13809,"date":"2024-06-05T07:40:39","date_gmt":"2024-06-05T07:40:39","guid":{"rendered":"https:\/\/sff-camara.com\/?p=13809"},"modified":"2024-06-05T09:33:49","modified_gmt":"2024-06-05T09:33:49","slug":"nuevos-criterios-de-supervision-en-la-inversion-alternativa-en-espana-preguntas-y-respuestas-de-la-cnmv","status":"publish","type":"post","link":"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/nuevos-criterios-de-supervision-en-la-inversion-alternativa-en-espana-preguntas-y-respuestas-de-la-cnmv\/","title":{"rendered":"Nuevos criterios de supervisi\u00f3n en la inversi\u00f3n alternativa en Espa\u00f1a \u2013 Preguntas y Respuestas de la CNMV"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"13809\" class=\"elementor elementor-13809 elementor-13808\">\n\t\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-f377bdd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f377bdd\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-26c6730c \" data-id=\"26c6730c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ba72526 elementor-widget elementor-widget-heading\" data-id=\"7ba72526\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Nuevos criterios de supervisi\u00f3n en la inversi\u00f3n alternativa en Espa\u00f1a \u2013 Preguntas y Respuestas de la CNMV<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22afa2a4 elementor-widget elementor-widget-spacer\" data-id=\"22afa2a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f1fdaa8 elementor-widget elementor-widget-text-editor\" data-id=\"4f1fdaa8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/categoria\/sff-magazine-junio-2024\/\" rel=\"tag\">SFF Magazine Junio 2024<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31767f27 elementor-widget elementor-widget-spacer\" data-id=\"31767f27\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4070c3d elementor-widget elementor-widget-image\" data-id=\"4070c3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.cuatrecasas.com\/en\/global\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"156\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Cuatrecasas-Logo-300x156.png\" class=\"attachment-medium size-medium wp-image-13813\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8676ac4 elementor-widget elementor-widget-spacer\" data-id=\"8676ac4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3eef0661 elementor-widget elementor-widget-text-editor\" data-id=\"3eef0661\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTem\u00e1ticas: <a href=\"https:\/\/sff-camara.com\/es\/temticas\/alternative-investment-es\/\" rel=\"tag\">Alternative Investment<\/a>, <a href=\"https:\/\/sff-camara.com\/es\/temticas\/criptoactivos\/\" rel=\"tag\">Criptoactivos<\/a>, <a href=\"https:\/\/sff-camara.com\/es\/temticas\/tendencias\/\" rel=\"tag\">Tendencias<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-4493726 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4493726\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c44f137 \" data-id=\"c44f137\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3326f45 elementor-widget elementor-widget-text-editor\" data-id=\"3326f45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote><p>La <strong>Comisi\u00f3n Nacional del Mercado de Valores<\/strong> (CNMV) actualiz\u00f3, durante los pasados meses de marzo y abril, su documento de Preguntas y Respuestas sobre la normativa de<strong> veh\u00edculos de inversi\u00f3n<\/strong>.<\/p>\n<p>Esta actualizaci\u00f3n tiene especial relevancia para los <strong>veh\u00edculos de inversi\u00f3n alternativa<\/strong>, concepto que incluye, en general, a aquellos con estrategias centradas en capital-riesgo, venture capital, direct lending o activos inmobiliarios.<\/p>\n<p>Aunque el documento se refiere esencialmente a veh\u00edculos de inversi\u00f3n espa\u00f1oles, <strong>algunos de los nuevos criterios proporcionados por la CNMV tienen tambi\u00e9n relevancia, de manera indirecta, para veh\u00edculos extranjeros,<\/strong> incluyendo aquellos constituidos en pa\u00edses de la Uni\u00f3n Europea que se comercialicen en Espa\u00f1a.<\/p><\/blockquote>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b94ecd elementor-widget elementor-widget-text-editor\" data-id=\"5b94ecd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Entre los nuevos criterios reflejados en el documento de Preguntas y Respuestas, cabe destacar los siguientes:<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-0df6757 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0df6757\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-07bd52e \" data-id=\"07bd52e\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-24dcd69 elementor-widget elementor-widget-text-editor\" data-id=\"24dcd69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5>1.\u00a0\u00a0\u00a0 Warehousing<\/h5>\n<p><strong>La CNMV ha establecido reglas para aquellas situaciones en las que las sociedades gestoras, o personas y entidades vinculadas a las mismas, adquieran activos<\/strong>, de forma directa o personal, antes de que se constituya (o se inscriba en la CNMV) el veh\u00edculo de inversi\u00f3n correspondiente, para poder traspas\u00e1rselos a \u00e9ste posteriormente.<\/p>\n<p>En estos casos, el equipo gestor, para no perder oportunidades de inversi\u00f3n en un determinado momento, decide realizar la inversi\u00f3n utilizando a la propia sociedad gestora o personas o sociedades vinculadas, en lugar de esperar a que se constituya el veh\u00edculo en cuesti\u00f3n. Tambi\u00e9n puede darse esta situaci\u00f3n en estructuras con veh\u00edculos paralelos en las que, por determinadas razones, se constituye uno de ellos en primer lugar para empezar a invertir y, posteriormente, se traspasa una parte de los activos adquiridos al veh\u00edculo paralelo que se constituya despu\u00e9s.<\/p>\n<p>La CNMV considera que este tipo de operaciones de traspaso de activos s\u00f3lo pueden realizarse de manera muy excepcional ya que pueden suponer conflictos de inter\u00e9s relevantes.<\/p>\n<p>Precisamente, para poder prevenir y gestionar estos conflictos, <strong>la CNMV exige que las sociedades gestoras sean capaces de acreditar el inter\u00e9s exclusivo que tengan estas operaciones para las partes involucradas y que el precio de las mismas sea el que se pactar\u00eda entre partes independientes.<\/strong><\/p>\n<p>Adem\u00e1s, <strong>las operaciones de traspaso de activos deben ser aprobadas por el \u00f3rgano encargado de gestionar los potenciales conflictos de inter\u00e9s dentro de los veh\u00edculos involucrados<\/strong>, como ser\u00eda el caso del comit\u00e9 de supervisi\u00f3n, formado normalmente por los inversores m\u00e1s relevantes.<\/p>\n<p>Los inversores deber\u00e1n recibir tambi\u00e9n informaci\u00f3n sobre la intenci\u00f3n de la sociedad gestora de realizar este tipo de operaciones antes de formalizar su inversi\u00f3n en el veh\u00edculo.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-27116a3 \" data-id=\"27116a3\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dd966c7 elementor-widget elementor-widget-image\" data-id=\"dd966c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"819\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/CNMV-1024x819.jpeg\" class=\"attachment-large size-large wp-image-13797\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/CNMV-1024x819.jpeg 1024w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/CNMV-768x614.jpeg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-88f32b5 elementor-widget elementor-widget-spacer\" data-id=\"88f32b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-016018d elementor-widget elementor-widget-text-editor\" data-id=\"016018d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote>\n<h4>\u00abLa CNMV considera que este tipo de operaciones de traspaso de activos s\u00f3lo pueden realizarse de manera muy excepcional ya que pueden suponer conflictos de inter\u00e9s relevantes.\u00bb<\/h4>\n<\/blockquote>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-abc6b3e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"abc6b3e\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-59978d2 \" data-id=\"59978d2\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f465857 elementor-widget elementor-widget-text-editor\" data-id=\"f465857\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5>2.\u00a0\u00a0\u00a0 Inversores minoristas que soliciten ser tratados como profesionales<\/h5>\n<p>Conforme a la normativa actual, <strong>cuando los inversores minoristas solicitan ser tratados como inversores profesionales para invertir en un determinado veh\u00edculo<\/strong>, las gestoras o entidades comercializadoras deben valorar que el inversor cumple al menos dos de los tres requisitos previstos en la normativa del mercado de valores, esto es, <strong>(i)<\/strong> que el tama\u00f1o de su cartera sea superior a 500.000 euros; <strong>(ii)<\/strong> que el inversor ocupe o haya ocupado durante, al menos, un a\u00f1o, un cargo profesional en el sector financiero, y <strong>(iii)<\/strong> que el cliente haya realizado operaciones en el mercado financiero.<\/p>\n<p>Precisamente, en relaci\u00f3n con este \u00faltimo y atendiendo a la particularidad que tiene la inversi\u00f3n en estos veh\u00edculos de inversi\u00f3n, <strong>la CNMV aclara que, para verificar el cumplimiento de este requisito, debe valorarse si el inversor ha realizado previamente operaciones de inversi\u00f3n por un volumen significativo y con una frecuencia que resulte suficiente en el mercado relevante del veh\u00edculo en cuesti\u00f3n.<\/strong><\/p>\n<p>Otro aspecto importante que indica la CNMV es que las sociedades gestoras deben abstenerse de incitar o promover que los inversores minoristas soliciten ser tratados como profesionales, por ejemplo, entreg\u00e1ndoles cuestionarios o documentos en los que se autodeclaren como inversores profesionales dentro del conjunto de documentaci\u00f3n que tienen que firmar para poder invertir en el veh\u00edculo.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-6b90530 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b90530\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f6396d4 \" data-id=\"f6396d4\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cf88675 elementor-widget elementor-widget-text-editor\" data-id=\"cf88675\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5>3.\u00a0\u00a0\u00a0 <em>Reverse solicitation<\/em><\/h5>\n<p>Los inversores minoristas pueden invertir en veh\u00edculos dirigidos a inversores profesionales siempre que lo hagan por su propia iniciativa, es decir, a trav\u00e9s de lo que se conoce como \u201c<em><strong>reverse solicitation<\/strong><\/em>\u201d.<\/p>\n<p>La CNMV ha desarrollado algunos de los criterios que deben tenerse en cuenta para apreciar si existe esta iniciativa real y genuina por parte del inversor minorista. En este sentido, considera que ser\u00eda dif\u00edcil defender la existencia de tal iniciativa si hay un contacto personal entre el inversor y la gestora, o el comercializador, en relaci\u00f3n con la inversi\u00f3n en un determinado veh\u00edculo, o si hay alguna pol\u00edtica interna de incentivos al personal de la gestora o comercializador. Adem\u00e1s, <strong>la gestora deber\u00e1 custodiar las pruebas que acrediten la iniciativa del cliente<\/strong> (tales como grabaciones de llamadas telef\u00f3nicas, correos electr\u00f3nicos, etc.), <strong>sin que sea suficiente una mera declaraci\u00f3n firmada por el inversor solicitando invertir en el veh\u00edculo.<\/strong><\/p>\n<p>Estos mismos criterios referidos a veh\u00edculos espa\u00f1oles ser\u00edan extrapolables a aquellos casos en los que inversores minoristas espa\u00f1oles soliciten invertir por su propia iniciativa en veh\u00edculos extranjeros que no puedan ser comercializados activamente en Espa\u00f1a entre inversores minoristas.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-80ea6be elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"80ea6be\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-465bc9a \" data-id=\"465bc9a\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8e56576 elementor-widget elementor-widget-text-editor\" data-id=\"8e56576\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote>\n<h4>\u00abLa CNMV ha desarrollado algunos de los criterios que deben tenerse en cuenta para apreciar si existe esta iniciativa real y genuina por parte del inversor minorista. En este sentido, considera que ser\u00eda dif\u00edcil defender la existencia de tal iniciativa si hay un contacto personal entre el inversor y la gestora, o el comercializador, en relaci\u00f3n con la inversi\u00f3n en un determinado veh\u00edculo, o si hay alguna pol\u00edtica interna de incentivos al personal de la gestora o comercializador.\u00bb<\/h4>\n<\/blockquote>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-6e0d5c3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6e0d5c3\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4bca657 \" data-id=\"4bca657\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e90bfd4 elementor-widget elementor-widget-text-editor\" data-id=\"e90bfd4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5>4.\u00a0\u00a0\u00a0 Inversi\u00f3n en criptomonedas<\/h5>\n<p>Por \u00faltimo, y en l\u00ednea con la postura que est\u00e1n manteniendo otros supervisores europeos, <strong>la CNMV aclara que no ha aprobado ning\u00fan fondo de inversi\u00f3n colectiva de tipo abierto<\/strong> (UCITS o cuasi-UCITS) <strong>dirigido a inversores minoristas con exposiciones a instrumentos financieros cuya rentabilidad se encuentre vinculada a criptomonedas y que no incluyan un derivado impl\u00edcito<\/strong> (como es el caso de exchange traded commodities (ETC), exchange traded notes (ETN) o y cualquier instrumento \u201cdelta one\u201d) <strong>por encima del llamado coeficiente de libre disposici\u00f3n<\/strong> (es decir, m\u00e1s del 10% del patrimonio del fondo).<\/p>\n<p>Adem\u00e1s, en el entorno actual, <strong>la CNMV considera muy poco probable que vaya a aprobar este tipo de fondos que pretendan mantener exposiciones superiores a tales activos.<\/strong><\/p>\n<p>La misma postura mantiene la CNMV respecto de las <strong>instituciones de inversi\u00f3n libre<\/strong> (los llamados hedge funds espa\u00f1oles) que se comercialicen a inversores minoristas, a pesar de que este tipo de fondos gozan regulatoriamente de una mayor libertad inversora. En cambio, cuando estos fondos se comercialicen exclusivamente a inversores profesionales, s\u00ed podr\u00e1n mantener exposiciones a criptomonedas a trav\u00e9s de instrumentos delta one o de derivados financieros, siempre que la liquidaci\u00f3n del derivado no suponga la entrega de la criptomoneda. En todo caso, la gestora deber\u00e1 disponer de controles s\u00f3lidos y de personal con conocimientos adecuados en esta materia.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-5ebeebf7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5ebeebf7\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7e2df2c4 \" data-id=\"7e2df2c4\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-75bd40ac elementor-widget elementor-widget-spacer\" data-id=\"75bd40ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ba6f86d elementor-widget elementor-widget-heading\" data-id=\"7ba6f86d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Autores<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-5d40e061 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5d40e061\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-11dca03c \" data-id=\"11dca03c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5365a5a elementor-widget elementor-widget-image\" data-id=\"5365a5a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"964\" height=\"1024\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Miguel-Sanchez-Monjo-964x1024.jpg\" class=\"attachment-large size-large wp-image-13807\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Miguel-Sanchez-Monjo-964x1024.jpg 964w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Miguel-Sanchez-Monjo-768x816.jpg 768w\" sizes=\"(max-width: 964px) 100vw, 964px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd2ad97 elementor-widget elementor-widget-spacer\" data-id=\"dd2ad97\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13f6f24 elementor-widget elementor-widget-heading\" data-id=\"13f6f24\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Miguel S\u00e1nchez Monjo<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01e962e elementor-widget elementor-widget-spacer\" data-id=\"01e962e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81458cf elementor-widget elementor-widget-heading\" data-id=\"81458cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Socio<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf5d7a5 elementor-widget elementor-widget-heading\" data-id=\"cf5d7a5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Cuatrecasas<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-b4c65d7 elementor-hidden-mobile \" data-id=\"b4c65d7\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-4aa7816 elementor-hidden-tablet elementor-hidden-mobile \" data-id=\"4aa7816\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-09b5dd0 elementor-widget elementor-widget-spacer\" data-id=\"09b5dd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-4d80d2c3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4d80d2c3\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-640e0eab \" data-id=\"640e0eab\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4308942b elementor-widget elementor-widget-text-editor\" data-id=\"4308942b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5 style=\"text-align: left;\">Compartir esta publicaci\u00f3n<\/h5>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div 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elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5049afac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\" elementor-section elementor-inner-section elementor-element elementor-element-26e2d7c0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"26e2d7c0\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2b9db789 \" data-id=\"2b9db789\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-48b70216 elementor-widget elementor-widget-wp-widget-tag_cloud\" data-id=\"48b70216\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"wp-widget-tag_cloud.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"widget widget_tag_cloud widget-collapsible\"><h3 class=\"widget-title\">Buscar publicaciones por tem\u00e1ticas<\/h3><div class=\"tagcloud\"><a href=\"https:\/\/sff-camara.com\/es\/temticas\/activos-digitales\/\" class=\"tag-cloud-link tag-link-302 tag-link-position-1\" style=\"font-size: 11.559322033898pt;\" aria-label=\"Activos Digitales (3 elementos)\">Activos Digitales<span class=\"tag-link-count\"> (3)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/alternative-investment-es\/\" class=\"tag-cloud-link tag-link-291 tag-link-position-2\" style=\"font-size: 21.050847457627pt;\" aria-label=\"Alternative Investment (24 elementos)\">Alternative Investment<span class=\"tag-link-count\"> (24)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/aml-es\/\" class=\"tag-cloud-link tag-link-266 tag-link-position-3\" style=\"font-size: 8pt;\" aria-label=\"AML (1 elemento)\">AML<span class=\"tag-link-count\"> (1)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/arte\/\" class=\"tag-cloud-link tag-link-247 tag-link-position-4\" style=\"font-size: 8pt;\" aria-label=\"Arte (1 elemento)\">Arte<span class=\"tag-link-count\"> (1)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/asesoramiento\/\" class=\"tag-cloud-link tag-link-211 tag-link-position-5\" style=\"font-size: 15.118644067797pt;\" aria-label=\"Asesoramiento (7 elementos)\">Asesoramiento<span class=\"tag-link-count\"> (7)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/asset-management-es\/\" class=\"tag-cloud-link tag-link-213 tag-link-position-6\" style=\"font-size: 22pt;\" aria-label=\"Asset Management (29 elementos)\">Asset Management<span class=\"tag-link-count\"> (29)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/banca-digital\/\" class=\"tag-cloud-link tag-link-164 tag-link-position-7\" style=\"font-size: 15.118644067797pt;\" aria-label=\"Banca Digital (7 elementos)\">Banca Digital<span class=\"tag-link-count\"> (7)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/banking-es\/\" class=\"tag-cloud-link tag-link-161 tag-link-position-8\" style=\"font-size: 19.389830508475pt;\" aria-label=\"Banking (17 elementos)\">Banking<span class=\"tag-link-count\"> (17)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/capital-riesgo\/\" class=\"tag-cloud-link tag-link-170 tag-link-position-9\" style=\"font-size: 12.745762711864pt;\" aria-label=\"Capital Riesgo (4 elementos)\">Capital Riesgo<span class=\"tag-link-count\"> (4)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/compliance-es\/\" class=\"tag-cloud-link tag-link-264 tag-link-position-10\" style=\"font-size: 8pt;\" aria-label=\"Compliance (1 elemento)\">Compliance<span class=\"tag-link-count\"> (1)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/consejero-independiente\/\" class=\"tag-cloud-link tag-link-290 tag-link-position-11\" style=\"font-size: 14.525423728814pt;\" aria-label=\"Consejero Independiente (6 elementos)\">Consejero Independiente<span class=\"tag-link-count\"> (6)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/criptoactivos\/\" class=\"tag-cloud-link tag-link-175 tag-link-position-12\" style=\"font-size: 11.559322033898pt;\" aria-label=\"Criptoactivos (3 elementos)\">Criptoactivos<span class=\"tag-link-count\"> (3)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/distribucion-de-fondos\/\" 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class=\"elementor-element elementor-element-5defc3e7 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5defc3e7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-18f39c75 elementor-widget elementor-widget-spacer\" data-id=\"18f39c75\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d210685 elementor-widget elementor-widget-heading\" data-id=\"d210685\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Publicaciones relacionadas<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5831fc58 elementor-widget elementor-widget-text-editor\" data-id=\"5831fc58\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/categoria\/sff-magazine-junio-2024\/\" rel=\"tag\">SFF Magazine Junio 2024<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79ec54f3 elementor-widget elementor-widget-spacer\" data-id=\"79ec54f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46b169be elementor-widget elementor-widget-udesign_widget_posts elementor-widget-theme-post-content\" data-id=\"46b169be\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"udesign_widget_posts.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"posts  row cols-lg-3 cols-md-2 cols-sm-2 cols-1 cols-xl-3 slider-wrapper posts row cols-lg-3 cols-md-2 cols-sm-2 cols-1 cols-xl-3\" data-slider-options=\"{&quot;spaceBetween&quot;:30,&quot;loop&quot;:true,&quot;autoplay&quot;:{&quot;delay&quot;:5000,&quot;disableOnInteraction&quot;:false},&quot;effect&quot;:&quot;slide&quot;,&quot;slidesPerView&quot;:3,&quot;breakpoints&quot;:{&quot;2401&quot;:{&quot;slidesPerView&quot;:3},&quot;1440&quot;:{&quot;slidesPerView&quot;:3},&quot;1200&quot;:{&quot;slidesPerView&quot;:3},&quot;992&quot;:{&quot;slidesPerView&quot;:3},&quot;768&quot;:{&quot;slidesPerView&quot;:2},&quot;576&quot;:{&quot;slidesPerView&quot;:2},&quot;0&quot;:{&quot;slidesPerView&quot;:1}},&quot;statusClass&quot;:&quot;slider-dots-default&quot;}\" data-post-type=\"modern\">\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-13809 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-junio-2024 tag-alternative-investment-es tag-criptoactivos tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/nuevos-criterios-de-supervision-en-la-inversion-alternativa-en-espana-preguntas-y-respuestas-de-la-cnmv\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/CNMV-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/CNMV-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/CNMV-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/CNMV-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2024\/06\/05\/\">junio 5, 2024<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/nuevos-criterios-de-supervision-en-la-inversion-alternativa-en-espana-preguntas-y-respuestas-de-la-cnmv\/\">\r\n\t\tNuevos criterios de supervisi\u00f3n en la inversi\u00f3n alternativa en Espa\u00f1a \u2013 Preguntas y Respuestas de la CNMV\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/nuevos-criterios-de-supervision-en-la-inversion-alternativa-en-espana-preguntas-y-respuestas-de-la-cnmv\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-13872 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-junio-2024 tag-asset-management-es tag-distribucion-de-fondos tag-latam-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/meet-the-team-adepa\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/ADEPA-Meet-the-Team-2-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/ADEPA-Meet-the-Team-2-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/ADEPA-Meet-the-Team-2-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/ADEPA-Meet-the-Team-2-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2024\/06\/05\/\">junio 5, 2024<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/meet-the-team-adepa\/\">\r\n\t\tMEET THE TEAM &#8211; Adepa\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/meet-the-team-adepa\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-13943 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-junio-2024 tag-banca-digital tag-tendencias tag-ue post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/impulsando-los-pagos-en-la-union-europea-el-impacto-del-reglamento-sobre-pagos-inmediatos\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Instant-Payments-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Instant-Payments-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Instant-Payments-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Instant-Payments-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t<figcaption class=\"thumbnail-caption\">\r\n\t\t\t\t\t\t\tFinTech Money Transfer: Currency Exchange on Mobile. AI\t\t\t\t\t\t<\/figcaption>\r\n\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2024\/06\/05\/\">junio 5, 2024<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/impulsando-los-pagos-en-la-union-europea-el-impacto-del-reglamento-sobre-pagos-inmediatos\/\">\r\n\t\tImpulsando los pagos en la Uni\u00f3n Europea: el impacto del Reglamento sobre Pagos Inmediatos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/impulsando-los-pagos-en-la-union-europea-el-impacto-del-reglamento-sobre-pagos-inmediatos\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-13970 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-junio-2024 tag-tax-es tag-tendencias tag-ue post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/mayor-reglamentacion-y-armonizacion-en-la-union-europea\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Global-Financial-Industry-Trends-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Global-Financial-Industry-Trends-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Global-Financial-Industry-Trends-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Global-Financial-Industry-Trends-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2024\/06\/05\/\">junio 5, 2024<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/mayor-reglamentacion-y-armonizacion-en-la-union-europea\/\">\r\n\t\tMayor reglamentaci\u00f3n y armonizaci\u00f3n en la Uni\u00f3n Europea\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/mayor-reglamentacion-y-armonizacion-en-la-union-europea\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-14012 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-junio-2024 tag-asset-management-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/caceis-lider-del-sector-y-socio-clave-de-prestacion-de-servicios-a-escala-mundial\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/CACEIS-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/CACEIS-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/CACEIS-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/CACEIS-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2024\/06\/05\/\">junio 5, 2024<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/caceis-lider-del-sector-y-socio-clave-de-prestacion-de-servicios-a-escala-mundial\/\">\r\n\t\tCACEIS &#8211; l\u00edder del sector y socio clave de prestaci\u00f3n de servicios a escala mundial\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/caceis-lider-del-sector-y-socio-clave-de-prestacion-de-servicios-a-escala-mundial\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-14041 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-junio-2024 tag-asset-management-es tag-distribucion-de-fondos post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/caixabank-am-celebrando-30-anos-de-excelencia-financiera\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/06\/Caixabank-AM-Luxembourg-600x420.jpg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/06\/Caixabank-AM-Luxembourg-600x420.jpg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/06\/Caixabank-AM-Luxembourg-400x280.jpg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/06\/Caixabank-AM-Luxembourg-570x400.jpg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2024\/06\/05\/\">junio 5, 2024<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/caixabank-am-celebrando-30-anos-de-excelencia-financiera\/\">\r\n\t\tCaixaBank AM &#8211; Celebrando 30 a\u00f1os de Excelencia Financiera\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/caixabank-am-celebrando-30-anos-de-excelencia-financiera\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-14068 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-junio-2024 tag-alternative-investment-es tag-distribucion-de-fondos tag-tecnologia post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/inversis-un-modelo-unico-en-servicios-de-valores-llega-a-luxemburgo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Luxembourg-Inversis-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Luxembourg-Inversis-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Luxembourg-Inversis-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Luxembourg-Inversis-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t<figcaption class=\"thumbnail-caption\">\r\n\t\t\t\t\t\t\tLUXEMBOURG, LUXEMBOURG - JUNE 17, 2015: Old Bridge - Passerelle Bridge Or Luxembourg Viaduct In Luxembourg.\t\t\t\t\t\t<\/figcaption>\r\n\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2024\/06\/02\/\">junio 2, 2024<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/inversis-un-modelo-unico-en-servicios-de-valores-llega-a-luxemburgo\/\">\r\n\t\tInversis, un modelo \u00fanico en servicios de valores llega a Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/inversis-un-modelo-unico-en-servicios-de-valores-llega-a-luxemburgo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-14097 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-junio-2024 tag-diversidad tag-fintech-es tag-tecnologia post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/women-who-inspire-finance-veronica-martinez\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Women-who-Inspire-Veronica-Martinez-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Women-who-Inspire-Veronica-Martinez-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Women-who-Inspire-Veronica-Martinez-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Women-who-Inspire-Veronica-Martinez-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2024\/06\/05\/\">junio 5, 2024<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/women-who-inspire-finance-veronica-martinez\/\">\r\n\t\tWomen who inspire: Finance &#8211; Ver\u00f3nica Mart\u00ednez\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/women-who-inspire-finance-veronica-martinez\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-14288 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-junio-2024 tag-asesoramiento tag-internacionalizacion post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/entrevista-con-maria-ortiz-aguilar-consejera-economica-y-comercial-de-la-embajada-de-espana-en-belgica-y-luxemburgo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Interview-Maria-Ortiz-Aguilar-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Interview-Maria-Ortiz-Aguilar-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Interview-Maria-Ortiz-Aguilar-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Interview-Maria-Ortiz-Aguilar-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2024\/06\/05\/\">junio 5, 2024<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/entrevista-con-maria-ortiz-aguilar-consejera-economica-y-comercial-de-la-embajada-de-espana-en-belgica-y-luxemburgo\/\">\r\n\t\tEntrevista con Mar\u00eda Ort\u00edz Aguilar, Consejera Econ\u00f3mica y Comercial de la Embajada de Espa\u00f1a en B\u00e9lgica y Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-junio-2024\/entrevista-con-maria-ortiz-aguilar-consejera-economica-y-comercial-de-la-embajada-de-espana-en-belgica-y-luxemburgo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-15339 post type-post status-publish format-standard has-post-thumbnail hentry category-noticias category-sff-magazine-junio-2024 category-sin-categorizar post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/noticias\/ya-esta-disponible-la-edicion-de-marzo-2024-del-sff-magazine-2\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"340\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/11\/SFF-Magazine-June-2024-banner-600x340.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2024\/06\/06\/\">junio 6, 2024<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/noticias\/ya-esta-disponible-la-edicion-de-marzo-2024-del-sff-magazine-2\/\">\r\n\t\tYa est\u00e1 disponible la edici\u00f3n de junio 2024 del SFF Magazine\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/noticias\/ya-esta-disponible-la-edicion-de-marzo-2024-del-sff-magazine-2\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1457a4cf elementor-widget elementor-widget-spacer\" data-id=\"1457a4cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>La Comisi\u00f3n Nacional del Mercado de Valores (CNMV) actualiz\u00f3, durante los pasados meses de marzo y abril, su documento de Preguntas y Respuestas sobre la normativa de veh\u00edculos de inversi\u00f3n. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":13797,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[273],"tags":[291,175,223],"class_list":["post-13809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sff-magazine-junio-2024","tag-alternative-investment-es","tag-criptoactivos","tag-tendencias"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nuevos criterios de supervisi\u00f3n en la inversi\u00f3n alternativa en Espa\u00f1a \u2013 Preguntas y Respuestas de la CNMV | SFF<\/title>\n<meta name=\"description\" content=\"La Comisi\u00f3n Nacional del Mercado de Valores (CNMV) actualiz\u00f3, durante los pasados meses de marzo y abril, su documento de Preguntas y Respuestas sobre la normativa de veh\u00edculos de inversi\u00f3n. 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