This book by Doctor of Law Eugenio Aguiar Gonzalez, from the field of Economic Law, “Manual of study of the legal regime of collective investments, management companies and investment companies”, is ideal and with a social perspective for opponents of Banking, and Useful for those interested in entering this complex world. It is made with schematic and synoptic tables for a better understanding of the matter.
The doctor in Law Eugenio Aguiar González, who continues his research effort within the field of Commercial Law, having started it with the preparation of his doctoral thesis “The responsibility of the air carrier”, now presents to the public a legal-economic work, entitled “Manual study of the legal regime of collective investment, fund management companies and investment companies “, where the basic aspects of this matter are collected, accompanied by synoptic tables and their corresponding regulation, which make the manual a manageable and easy to use, and whose cover has been designed by the industrial design engineer Moreyba Rodríguez Bargo.
The presentation of said publication was to be held in the Literary Cabinet of Las Palmas de Gran Canaria, however the sanitary measures against the pandemic have produced its temporary suspension. The date on which it can be carried out will be notified in due course. However, those interested in obtaining a copy of the manual can contact the author by email: [email protected]
This work has been extended by doctors Javier Gómez Gálligo, Property Registrar, President of the “Critical Review of Real Estate Law”, former General Director of Registries and Notaries; Francisco Clavijo Hernández, Professor of Financial and Tax Law at the University of La Laguna, and Jorge López Curbelo, Professor of Commercial Law at the University of Las Palmas de Gran Canaria.
Under the aforementioned title, Dr. Aguiar González develops an analysis of legal-economic figures, such as the Collective Investment Institutions, which are largely unknown to most of the public. In this sense, the author has used the expression “Manual”, highlighting the basic aspects of this matter, in an orderly and concise manner.
The Collective Investment Institutions (IIC) offer small and large investors the possibility of intervening in the economic life of our country, through capital markets and the financial system. For this reason, the author emphasizes that the joint participation of numerous investors is the characteristic note of these figures, which must be managed by professional managers, distributing the returns obtained a posteriori.
In the development of these legal-economic forms, two fundamental entities break in, such as the so-called Management Companies of Collective Investment Institutions, whose acronym is SGIIC, with the legal character of corporations or capital companies, and the Depositaries. Clear examples of Depository Entities are banks, credit unions, securities firms and agencies, and the old Savings Banks, which are actually foundations. They are entrusted with the deposit or custody of the securities, the cash, as well as the assets that are the object of the investments of the IIC, in the same way as the supervision of the management of the SGIIC. The latter are of vital importance as public limited companies incorporate investment management, risk control and management, administration, representation and management of subscriptions, as well as the reimbursements of funds and of the Companies of Investment.
In this work, the Management Companies, legal representatives that control the administration of the IICs, which lack legal personality, as they constitute a collective heritage without their own personality, take center stage. The author simplifies the typology of the IIC by means of synoptic tables, to express the legal forms that collective investment can take, facilitating the reader’s understanding of said classification. It also makes use of Spanish and Community regulations, the latter more profuse and tries to compensate for the scarce bibliography and jurisprudence.
As Dr. Gómez Gálligo affirms in his foreword, “it is a didactic work, for specialists or simply investors who want to delve into the legal regime of investment economic activity. Again Law and Economics intertwined. ” In turn, Dr. Clavijo Hernández points out that “we are faced with a very easy-to-read work that provides the keys to understanding CII. It is a good idea that Eugenio Aguiar has structured the Manual differentiating the IICs, Fund Management Companies and Investment Companies, (…) ”.
In the opinion of Dr. López Curbelo, “the reader has in his hands a work written with great care and precision on a changing and highly technical subject that fulfills the dual purpose of serving as a practical guide for the investor, as well as being a resource useful for researchers and scholars of the subject ”.