This complexity of regulatory and compliance requirements is a hallmark of the industry’s maturity. It brings about greater transparency and clarity and foments confidence. This is clearly a positive development, one which facilitates the growth of investment commitments by institutions and high net worth individuals.
Here at Altamar Capital Partners, we believe that this greater regulation and transparency benefits everyone, which is why we are committed not only to compliance but to the promotion of best-in-class practices.
Both Altamar Capital Partners Management Companies and the vehicles managed by them are overseen, supervised and inspected by the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores).
Altamar Private Equity SGIIC, SAU, Altan Capital SGIIC, SAU and the investment funds managed by the latter, are mainly subject to “Law 35/2003 of November 4 regulating Collective Investment Entities and subsequent amendments” and also “Royal Decree 83/2015 of February 13 which modifies the Royal Decree 1082/2012, of July 13, approving the regulation enacting Law 35/2003 of November 4 on Collective Investment Entities”
ALTAMAR CAPITAL PRIVADO SGIIC, SAU, and the funds that it manages are subject to “Law 22/2014, of November 12, regulating private investment entities, collective investment entities of a closed-ended type and managers of collective investment entities of a closed-ended type”.
In addition to the preceding regulations, ALTAMAR Management Companies and the funds it manages are subject to additional regulations and regulators.
Spanish National Securities Market Commission (CNMV) Circulars
These circulars address, among other matters, accounting standards that management companies and their funds must follow as well as the confidential financial statements which must be sent to the Spanish National Securities Market Commission every year to enable the CNMV to perform its supervisory duties.
Altamar Management Companies and its funds must regularly settle and file tax returns to the Spanish Tax Agency, the entity in charge of the management, inspection and collection of taxes.
The provisions of the “Foreign Account Tax Compliance Act” (FATCA) adopted by the United States on July 1, 2014 have entered into effect. The aim of FATCA is to facilitate the inspection and collection of taxes from U.S. taxpayers in order to prevent offshore tax evasion. The funds managed by ALTAMAR will operate with the following Global Intermediary Identification Numbers (GIIN) for the purposes of FATCA:
Funds ALTAMAR PRIVATE EQUITY, SGIIC, SAU: 4F3ETW.00000.SP.724
Funds ALTAN CAPITAL, SGIIC, SAU: KUQKTM.00000.SP.724
The obligations of institutions subject to FATCA can be found in the “Agreement between the United States of America and the Kingdom of Spain to improve international tax compliance and to implement the Foreign Account Tax Compliance Act – FATCA, entered into in Madrid on May 14, 2013” and in “Ministry of Taxation and Public Administrations Order HAP/1136/2014, of June 30, regulating certain questions related to the information obligations and due diligence requirements imposed by the provisions of the agreement between the Kingdom of Spain and the United States of America to improve international tax compliance and to implement the U.S. law on tax compliance of foreign accounts and approving the annual return of financial information on specific accounts of certain U.S. persons, form 290”.
“Royal Decree 1021/2015, of November 13, establishing the obligation to identify the tax residence of persons who hold or control certain financial accounts and to report on them in the area of mutual assistance” entered into force on July 1, 2016. This Royal Decree applies to the funds managed by Altamar Management Companies.
This regulation arises, in the framework of the OECD, from the multilateral agreement on the automatic exchange of information on financial accounts and, in the framework of the European Union, from Directive 2011/16/EU, amended in December 2014 by Directive 2014/107/EU.
Anti-money laundering and terrorist financing prevention
Altamar’s regulated entities must comply with all the obligations established in the current regulations in this matter, especially “Law 10/2010, of April 28, on the Anti-Money Laundering and Terrorist Financing” and the “Royal Decree 304/2014, of May 5, which approves the Regulation of Law 10/2010, of April 28, on the Anti-Money Laundering and Terrorist Financing”.
The SEPBLAC, a body dependent on the Commission for the Anti-Money Laundering and Monetary Offenses, attached to the Secretary of State for the Economy and Business Support, is the supervisory authority that has the mission of ensuring compliance by the subjects liable for their duties to prevent money laundering and the financing of terrorism. In addition, PricewaterhouseCoopers annually issues a report as an external expert on the procedures carried out in this matter.
Data Protection Regulation
Altamar Capital Partners complies with all provisions of the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation).