1. The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s).
1.1. The legal framework for the SWF should ensure legal soundness of the SWF and its transactions.
1.2. The key features of the SWF’s legal basis and structure, as well as the legal relationship between the SWF and other state bodies, should be publicly disclosed.
This self-assessment refers to the two Spanish SWFs managed by Compañía Española de Financiación del Desarrollo, COFIDES, S.A., S.M.E. (hereinafter “COFIDES”): Fund for Foreign Investments (Fondo para Inversiones en el Exterior, F.C.P.J. -hereinafter (“FIEX”) and Fund for Foreign Investment Operations of Small and Medium Enterprises (Fondo para Inversiones en el Exterior, F.C.P.J. -hereinafter “FONPYME”) (both FIEX and FONPYME hereinafter referred as the “Funds” or “SWF”):
The Funds were created and are regulated by the statute of the following Spanish legal framework:
FIEX was created by article 114 Law 66/1997, of 30 December, Administrative Fiscal Measures and Social Order, and FONPYME by article 115 of the said law (hereinafter “Law 66/1997”).
Law 66/1997 provides for the main features of the Funds. Additional and as the development of such act, Funds’ activities and operation are in more detail regulated by the Spanish Royal Decree 1226/2006 of October 27 (hereinafter “Regulation 1226/2006”)
The owner of the Funds is the Spanish State, as the only contributor. Consequently, as Spanish State wholly-owned funds, for public law purposes, the Funds belong to the Spanish public sector. Specifically. Funds are assigned to the Secretary of State for Trade (“Secretaría de Estado de Comercio” -hereinafter “SEC”), which currently belongs to the Ministry of Industry, Trade and Tourism.
From a legal standpoint, Funds are stablished as fund without legal personality (“fondo carente de personalidad jurídica”), therefore not as a corporation, company or any sort of separate legal entity, but rather established as a separate pool of assets (“patrimonio separado”).
As per article 116 Law 66/1997, (i) governing body of each SWF corresponds to its respective Executive Committee (“Comité Ejecutivo”), whose composition and key features are provided by the Development Regulation; (ii) COFIDES is designated as Fund Manager for the Funds, acting for such purposes in its own name and on behalf of the Funds.
See referred legal framework at (Spanish language only available): https://www.boe.es/buscar/act.php?id=BOE-A-1997-28053 https://www.boe.es/buscar/act.php?lang=en&id=BOE-A-2006-19827&tn=&p=
COFIDES ownership is:
56.68% public held by ICEX (Spanish Institute for Foreign Trade), ICO (state-owned bank, attached to the Ministry of Economy) and ENISA (public institute to finance start-ups).
46.32% private capital held by Banco Santander, BBVA and Bank Sabadell.
1.14% held by CAF-Corporación Andina de Fomento (Development Latin-American Bank)