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The first significant reference to the Investment Funds in Spain, dating from 1964 through Decree-Law 7 / 1964 of April 30, which authorizes the government to regulate investment funds financial information (mutual fund) . In its early investment funds did so only in equities, so that your progress will be closely linked to the exchange. Until 1974, experiencing a great development, but the global crisis of the 70 causes a steady decline in growth due to the low yields they produced. It is from that moment when one begins to consider the fixed-income assets to diversify portfolio risk, and in 1980 began to enter values ??in this category in the fund portfolios. Finally, Law 46/1984, of December 26, consolidating the trend with the creation of investment funds in money market funds (FIAMM).

However, the final impetus for the FIM and FIAMM occurs at the beginning of the 90 for several reasons. From a financial standpoint, is the creation of Fondtesoro whose state advertising campaigns this formula greatly promote investment and on the other hand we must not forget in this sense, the direct involvement of banks and savings banks as promoters the vast majority of funds marketed in Spain, taking advantage of their distribution networks across the country.

The control and supervision of funds for the Commission Nacional de Valores (CNMV), which performs its function with the same powers and legislative powers, regulators, auditors and penalties, that is vested by the Law 1284/98 Market Securities.

Management Companies, Custodians and all brochures and reports on the Funds registration is compulsory in the Register maintained by the National Securities Commission, are governed by the provisions of Law No. 811/96, the regulations of the CNMV and the respective regulations or internal management of each of the funds previously approved by the committee.

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