According to FundsPeople, the Ministry of Economy, Trade and Business is finalising the inclusion in the Draft Bill for the Digitalisation and Modernisation of the Financial Sector of an express authorisation to regulate securities lending in pension funds.
With regard to the design of the regulation, José Carlos Sánchez-Vizcaíno, Director of Depositary Supervision at Cecabank, commented that 'it is important to avoid or eliminate any reference to Spanish regulations in the contracts because the market practice is to rely on international standards that do not include these particularities. This is critical to the success of this measure'.
