Fondos de Deuda. Marco regulatorio en la Ley 22/2014. ¿Pueden actuar los Fondos de Capital Riesgo como Fondos de Deuda?

The recent financial crisis has meant a reduction of the banking credit, and an increase of the level of indebtedness of companies and individuals. This, together with the constraints for the banks resulting from the new model of Basilea III and a progressive "un-bankarization" of the financial intermediation market, has led to a proliferation of debt funds, suppliers of shadow financing. This article describes, although generally and to a limited extent, the main requirements for the incorporation and management of a debt fund in Spain. The Act 22/2014 that regulates venture capital entities and other entities of collective investment of the closedend type, introduces a regulatory framework that generally will be applicable to debt funds, being these subject to requirements to start operating and of supervision. It will also be analyzed the possibility of venture capital entities to operate as debt funds or have a direct lending activity. [ABSTRACT FROM AUTHOR]