Tesoreria Tema 1 PDF

# Agentes del sector de los valores mobiliarios - The agents of the market can get financing through the emission of securities, such as shares, bonds, etc. These are acquired through financial intermediaries. The relevance of this activity in the economy implies the surveillance of an official ins...

# Agentes del sector de los valores mobiliarios - The agents of the market can get financing through the emission of securities, such as shares, bonds, etc. These are acquired through financial intermediaries. The relevance of this activity in the economy implies the surveillance of an official institution like the Spanish Securities and Exchange Commission (CNMV). ## Institutions and Securities The main institutions related to this activity are: |Institution|Description| |---|---| |Spanish Securities and Exchange Commission(CNMV)|Supervises the Spanish securities market and the persons that are involved in it. It aims to ensure the transparency of the market and that the prices are not manipulated with the purpose of deceiving investors.| |Guarantee Fund for Investments (FOGAIN)|Guarantees up to €100,000 in case of insolvency of the companies of investment services, which are supervised by the CNMV, so they cannot return the amounts that the investors had given.| ## Intermediaries under the CNMV The most important ones can be categorized into the following groups: - **Collective investment institutions (IIC)**: intermediaries that collect money from people and invest it, usually in securities. - **Investment services companies (ESI)**: perform activities related to the mediation in different securities markets. - **Private equity funds**: specialized in investing in expanding companies or companies that need to recover and be sold again. ## Collective Investment Institutions (IIC) and Related Companies - They consist of the **investment funds (FI)**, property without legal status, owned by the members, and the **variable capital investment companies (SICAV)**, with capital divided into shares. - They need the action of a **management company**, which decides where to invest and represents the fund, and a **depository institution**, which keeps the securities and the money. ## Investment Services Companies - They can offer all types of services related to the securities market and operate in the market on behalf of their clients (buy and sell for their clients) or on their own (buy and sell for themselves). - They cannot buy or sell on their own accord. They only operate on behalf of their clients. They perform management and deposit of securities, a function that can also be performed by the securities companies. - They provide portfolio and advisory services to companies and investors, which can also be performed by the two above mentioned. - They provide investment services, proposing recommendations to their clients, on the company's initiative or the clients' own. These activities can also be carried out by the three previous ones.