1. La intermediación financiera no bancaria y los nuevos fondos de deuda introducidos por la Ley 18/2022 de creación y crecimiento de empresas.
- Author
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Martínez-Pina, Ana Mª. and Rodríguez Hernández, Valentina
- Subjects
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INDUSTRIAL management , *LOANS , *BUSINESS finance , *VENTURE capital , *FINANCIAL crises , *FINANCIAL security , *INVESTMENT management , *INTERMEDIATION (Finance) , *CLOSED-end funds - Abstract
This paper analyzes the sources of business financing, focusing on those that are part of the broad concept of non-bank financial intermediation ("NBFI"), as an alternative to traditional bank financing. The origin and evolution of the NBFI is analyzed, how the organizations that ensure financial stability pointed out the need for regulation and supervision of these new forms of financing, and how the European Union has created a highly harmonized legal framework, particularly in the field of collective investment institutions. The paper deals in particular with debt or direct lending funds, which, being part of the collective investment CIIs, lacked ad hoc regulation in Spain, despite the fact that certain regulated entities, such as closed-end investment entities, could carry out the activity of debt funds. It has been Act 18/2022, of September, on the creation and growth of companies ("Create and Grow Law") that has expressly regulated closed-end collective investment entities for loans, incorporating them into Act 22/2014 by which venture capital entities, other closed-type collective investment entities and the management companies of closed-type collective investment entities are regulated. The purpose of the regulation has been to alleviate the debt situation of some companies and facilitate their growth again, particularly after the economic crisis resulting from the pandemic. [ABSTRACT FROM AUTHOR]
- Published
- 2022