An IIC (collective investment institution) is a fund or company that pools the capital of several investors to invest it jointly. In Spain it is governed by Ley 35/2003 and managed by an authorized management company. Its units are financial instruments, so when tokenized they are tokenized securities under the LMVSI and MiFID II, outside MiCA.
An IIC is a key term to understand regulated tokenization in Spain. Here it is explained clearly.
What is an IIC
An IIC (collective investment institution) is a fund or investment company that pools capital from several investors to invest it jointly. In Spain it is governed by Ley 35/2003 and managed by authorised management companies (SGIIC).
Their units are financial instruments, so when tokenized they are security tokens under the LMVSI and MiFID II, outside MiCA (art. 2(4)). You can find the general framework for tokenization in what is asset tokenization.
Frequently asked questions
Who manages an IIC?
A management company of collective investment institutions (SGIIC) authorized by the CNMV.
Can the units of an IIC be tokenized?
Yes, as a security token under the LMVSI and MiFID II (outside MiCA, art. 2(4)), with the obligations specific to an IIC.
More terms in the tokenization glossary.
Notice
Informational content. It does not constitute legal, tax or investment advice. Check the current version of the cited rules on BOE and EUR-Lex.
HokenFi is a software and infrastructure provider; it does not provide regulated services (CASP, ESI, EAF, or ERIR). This article is informative and does not constitute financial or legal advice.
