SICAV is the initials of Society of Investment of Variable Capital. This figure is a vehicle of collective investment that gathers the Spanish law, but that also happens in other countries of Europe, in Luxembourg and France principally. They work in a way similar to a Fund of Investment, and, although they are not so popular, the Spanish investors add a whole of 425.000, according to Inverco information.
The norms that the SICAV governs are the same that those of the funds: they pay a 1 % of the tax of Societies, have a value of his liquidity that is calculated every day by a funds agent, and have to work across an Entity Trustee of the money and of the qualifications, controlled and authorized by the CNMV (National Commission of the Stock market). The control panel that carry out són an external audit every year. The SICAV, as the Funds can have different investment philosophy, 100 % in fixed revenue, 100 % in bag, a mixed investment, etc.
In a SICAV the participation is under the pretext of shareholder: actions and not shares are bought as it would be done in a Fund. Of the yields it is necessary to pay 18 % on the appreciation when they sell, like the difference between the acquisition and the sale of the funds. Nevertheless there are small differences. For example, they are ruled by a General Meeting of Shareholders at which all the shareholders or investors are present. Also there is a Council of Administration, in observance of the law of the S.A. Another difference is that have a daily liquidity since they extend and reduce automatically his capital as the investors buy new actions or sell those that they already had. The SICAV, they quote in Stock Exchange, but not on the continuous market, but in MAB (Stock-exchange Alternative Market).
To create a SICAV it is necessary to count a minimal capital for 2.400.000 Euros and at least 100 investors. In practice there are two types of SICAV on the market: those who are a property of big fortunes of the country, like an Emilio Botín, Amancio Ortega, Alice Koplovitz, the Entrecanales, those Of The Pine or Isaak Andik who has his own Sicav, and therefore any investor is not commercialized actively; and the Sicav that are actively commercialized to investors like any Fund of Investment of the country. Cardinal koala Sicav, it is an example of this second type.
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