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Discussion Starter · #1 ·
Hello

I am running out of time here and need to obtain 2 answers from the Comisión Nacional del Mercado de Valores.

These are my questions:

Hello

I would like to offer the execution of orders (buying and selling shares in the stock market) on behalf of my European clients, therefore I am interested in coming to Spain in order to apply for a license as soon as possible.

However I am unable to find more information about the required initial capital and the annual fees to pay or any other requirement to comply with the Spanish Law.

I will not hold clients' money or/and clients’ financial instruments because my intention is to use an external fully regulated broker and clients money will be held in that broker’s segregated accounts.

Could you please, based on the above scenario, tell me how much initial capital will be required and how much will be the annual cost to maintain the license?

Thank you

Kind regards

I emailed them with the above text and they sent me this reply:

Dear sir/madam,

Concerning your enquiry I enclose the link to the rule that regulates the financial adviser companies in Spain. This rule is the transposition of the European Directive 2004/39 EC of the European Parliament and the Council, 21 april 2004 on markets in financial instruments.

http://www.boe.es/boe/dias/2009/01/14/pdfs/BOE-A-2009-655.pdf

Kind regards,

Comisión Nacional del Mercado de Valores
Edison, 4 28006 Madrid
91 585 15 00
www.cnmv.es


I don't speak Spanish but I used Google to translate the document and I could not find anything helpful there so I just rang both Comisión Nacional del Mercado de Valores offices (Madrid & Barcellona) hoping that someone could speak either English or Italian but unfortunately the women who answered only spoke Spanish so the conversation was very short :(

These are the numbers:

CNMV - Contacto


If anyone can help me, I can send some money through PayPal for the trouble and for the phone call.

Thank you
 

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Discussion Starter · #4 ·
I would find a good English speaking gestor or lawyer. You're risking a lot asking for a translation of such an important and complicated document on a forum.
Hi, I am not asking for a translation of that document, the answers to my questions are not there. :(

Thank you
 

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Hi, I am not asking for a translation of that document, the answers to my questions are not there. :(

Thank you
so you want someone to make a phone call?


'3 way' phone calls/interpreting jobs when 2 of you are in the same room are complicated enough - you really need to find someone you can sit next to, so that they can ask questions of you & follow up on any questions that arise from you


let alone trusting a complete stranger who you have 'met' online with something as important as you say this is


I urge you - find someone who can help you face to face
 

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Discussion Starter · #9 ·
so you want someone to make a phone call?


'3 way' phone calls/interpreting jobs when 2 of you are in the same room are complicated enough - you really need to find someone you can sit next to, so that they can ask questions of you & follow up on any questions that arise from you


let alone trusting a complete stranger who you have 'met' online with something as important as you say this is


I urge you - find someone who can help you face to face
I understand but no one around me know Spanish :(

I am just trying to avoid to travel all the way around the world just to find out that I cannot do what I would like to do.

Thank you
 

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I have to read and write Spanish at quite an advanced level for some journalistic research I do, but looking at those questions of yours that you wish to translate into Spanish, I too think that you should use a gestor/lawyer as your translation needs to be highly accurate. Off the top of my head, try googling Geraldo Valquez, a bi-lingual lawyer in Andalucia area (he was interviewed in a programme I recently worked on -- name might be mis-spelt) whom you could send your questions to and pay for the work of translating it. No idea what the fee would be.
 

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Discussion Starter · #14 · (Edited)
Perfect. Her boyfriend is English and speaks Spanish as well.
Unfortunately she replied with:


First of all, thanks for your email and interest in La Caña en Salobreña.

We have read what you need and we would like to be very honest with you. La Caña is not specialized in the business world and its terminology, as at the moment we are a couple of self-employed language teachers running a local and online place to teach, learn and work. We translate from Spanish to English and viceversa general and simple information about a specific business, adverts, websites, cultural events, etc. Our language support includes help in different situations in Spanish daily life for expats in Salobreña and the area. We are afraid your request will take us a long time and it would be risky for you if we couldn´t precisely find the answer you are waiting for.

We need to tell you that bureaucray and everything connected to official information, documents, permissions, licences and the local or national Spanish government or administration is usually and sadly a waste of time, as other expats or even Spanish people could tell you. We understand your desperation about the answers you got before.

But later a friend of a friend did call the CNMV and the result was absolutely disappointing: they said they cannot give those answers on the phone. :der:

So I am trying now to get them by a Spanish lawyer but I am having a hard time finding a competent one which answers to my email...either no one wants to deal with this or they must be really busy.

I just cannot believe that it is so hard in Spain to get all the information required to establish a "Gestiona de carteras": CNMV Portal del Inversor

:mad:
 

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Unfortunately she replied with:





But later a friend of a friend did call the CNMV and the result was absolutely disappointing: they said they cannot give those answers on the phone. :der:

So I am trying now to get them by a Spanish lawyer but I am having a hard time finding a competent one which answers to my email...either no one wants to deal with this or they must be really busy.

I just cannot believe that it is so hard in Spain to get all the information required to establish a "Gestiona de carteras": CNMV Portal del Inversor

:mad:
why not do what the Spanish do - employ a gestor to do it for you? That's what they specialise in - paperwork & red tape!

although it's true that few will do business purely by e-mail - most will want at least one face-to-face meeting before they will contract to work for you
 

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It's worse then what's been implied. You need somebody used to dealing with that branch of the government and law.

I doubt the average lawyer handles these things.

There should be some sort of association for advisors. They should have guidelines for the various requirements. I can't tell if you're giving advice but I assume so.

Have you looked at the market regulator? I can't remember the name of the Spanish regulator .
 

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Yes the spanish have what appears to be a hatred of e-mail. I've been looking for some while now to purchase a van, & the vast majority of ads state that emails are not replied too. The ones that do say email ok, don't reply generally either. :lol:
 

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Hello

I am running out of time here and need to obtain 2 answers from the Comisión Nacional del Mercado de Valores.

These are my questions:




I emailed them with the above text and they sent me this reply:





I don't speak Spanish but I used Google to translate the document and I could not find anything helpful there so I just rang both Comisión Nacional del Mercado de Valores offices (Madrid & Barcellona) hoping that someone could speak either English or Italian but unfortunately the women who answered only spoke Spanish so the conversation was very short :(

These are the numbers:

CNMV - Contacto


If anyone can help me, I can send some money through PayPal for the trouble and for the phone call.

Thank you
I don't understand why you don't get in touch with a translator, better a translating agency, that specialises in financial and legal documents.
 

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Discussion Starter · #19 ·
It's worse then what's been implied. You need somebody used to dealing with that branch of the government and law.

I doubt the average lawyer handles these things.

There should be some sort of association for advisors. They should have guidelines for the various requirements. I can't tell if you're giving advice but I assume so.

Have you looked at the market regulator? I can't remember the name of the Spanish regulator .
I don't give advice, I want to manage portfolios...the Regulator is the CNMV...you didn't read that I already tried several times to get the answers from them. :(

I emailed 5 Spanish lawyers specialized in Finance....let's see if one is going to answer.
 

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Discussion Starter · #20 ·
I don't understand why you don't get in touch with a translator, better a translating agency, that specialises in financial and legal documents.
What exactly do I need a translator for?

You didn't read either the last update on this: they do not provide those answers on the phone...only a smart lawyer is going to be able to answer...problem is: no lawyer from Spain is answering my damn emails while when I tried to ask the same things for Malta, they replied the same day and the very next day we had a Skype call.

No wonder Spain is in ruin. :rolleyes:
 
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