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The new 'Crea y Crece' Law explicitly recognizes European Long-Term Investment Funds (ELTIFs) as investment vehicles that can be set up, managed and marketed in Spain. This recognition is essentially a formal update of Spanish law, since this type of funds were already set up, managed and marketed in Spain. However, it comes at an important time for ELTIFs, given the imminent approval of a reform that will make its regulation more flexible and will promote this type of funds. This paper analyzes the current legal regime of ELTIFs, their future reform and the specific tax regime that exists for these funds in Bizkaia and Alava, in the absence of a special regime at national level. [ABSTRACT FROM AUTHOR]

The question related to the possibility of investment by retail (non-professional) investors is regulated in Spain for the first time on the occasion of the approval of the third Spanish venture capital law, Law 22/2014, which transposes the so-called AIFMD Directive. It is in Law 22/2014 when the possibility of professional clients investing in this asset is contemplated for the first time, as a general rule, although admitting 2 exceptions to this general principle. The Law on the Creation and Growth of Companies, Law 18/2022, goes a step further given that one of its objectives is based on facilitating access to financing, for which it introduces a set of reforms that seek to promote and improve collective investment and venture capital in Spain, taking as a model the European regulation on European Long-Term Investment Funds (ELTIFs), which provides for the possibility of investment by retail investors in this type of asset and making the regime more flexible in order to make it easier for non-professional investors to invest in venture capital entities. It remains to be seen whether these measures will be sufficient to achieve the objectives set and what can be the real impact that these changes may have on the markets and on the true access to this asset by non-professional investors. [ABSTRACT FROM AUTHOR]

Under the current conditions of the financial markets, funds of private equity funds are attracting the attention of private equity firms for its distribution among their clients. These funds may be marketed to non-professional investors under certain legal requirements. This article analyzes the main features of this type of funds, from the regulatory and internal functioning perspectives, by identifying its main specificities in comparison with other private equity funds. Moreover, this article analyzes, from a tax perspective, the main aspects to take into account at the level of the funds of private equity funds and in relation to the income received by its investors. [ABSTRACT FROM AUTHOR]