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Investment Clubs
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The Barcelona Stock Exchange is characterised by being the first in Spain to provide for the creation of Investment Clubs as a suitable way for improving the education, training and practical instruction of their members with respect to the operating of the stock market. Details of the regulations that should be followed by the Investment Clubs with regards to their constitution and the proper development of their activities are provided below.


The Investment Clubs may adopt any of the organizational structures that are accepted by law. The incorporation document will determine the structural and operating conditions that will govern the relationships between the members.


Under no circumstances or means, may the investment clubs publicly solicit funds, property or public rights for their management. The activities of the clubs will be, therefore, of a private nature and will be orientated exclusively to the provision of education, training and practical instruction to its members on investing in stocks and shares.


Due to the intrinsic nature of the clubs, and on the basis of their educational objective, corporate entities may not be members of a club. Only individual persons may be members. In order not to harm the intended private nature of the clubs, they may not have more than fifty (50) members.


The contributions of the members to the investment clubs should adhere to the following limits:

  • The total value of the individual contributions made by each member may not exceed the amount of 12,020 euros.
  • This limit does not affect the necessary contributions that the members may have to make to sustain the running expenses of the investment club.
  • In addition, a provision may be included in the statutes for new contributions to be made should the losses recorded reduce the net worth of the club to below the total maximum value of contributions established in the statutes.


The clubs may effect transactions through a financial entity (bank or savings bank), without detriment to the obligation to be assigned to a Member of the Barcelona Stock Exchange. In this case, the financial entities should place the orders received from the club with a Member to which the Club is ascribed.


The investment clubs should be inscribed in the Special Register of Investment Clubs of the Barcelona Stock Exchange Operating Company. To attain this, a copy of their statutes, signed by all of the members, a list of the members (providing their names, addresses and fiscal identity numbers), and a list of the members of the management board should be submitted. In addition, it is necessary to present, within one month, the fiscal identity number assigned by the Treasury Department to the investment club.


The Stock Exchange Operating Company should be informed, in writing, of any modifications or variations to the contents of the statutes of the club within one month from when the modification was produced.


All of the clubs should inform the Stock Exchange Operating Company before 31 March of each year, of the following information, updated to the position as at 31 December of the preceding year:

  • List of the members, with details of the full names, addresses and fiscal identity numbers of each member.
  • Members of the Management Board.
  • Contributions made by each member during the year.
  • The value of the net worth of the club.
  • Broker or broker-dealer to which the club is ascribed.
  • Registered address, contact telephone and fax numbers.
  • The name of the financial entity, where appropriate, that acts for the club.


The members of the club, and where appropriate, the clubs themselves, will be required to comply with the tax obligations that correspond to them depending on the legal structure that the club has opted for. For calculating the tax charge, all of the gains, dividends, interest and any other income that has been generated, should be included in the taxable base to be subjected to taxation system applicable to the club at that moment in accordance with current legislation.


Accounting registers, cash books, minute books and order books should be maintained in the interest of the proper administration and control of the club.


Withdrawals from the Register may arise at the request of the club or for non-compliance with the established obligations and requirements. In the event of a withdrawal, the Stock Exchange Operating Company will inform the Member to which the club is ascribed, the financial entity through which the club places transactions and the relevant tax authority of the fact.


An initial fee for the inscription in the Register is charged of 60 euros. For the continuation and maintenance in the Register, an annual fee of 40 euros. is charged, including VAT.

Failure to pay the applicable fees will result in the withdrawal of the Club from the Special Register of Investment Clubs of the Barcelona Stock Exchange.



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