Assets by financial institutions for collective investment

The fifth of February 2004 saw the coming into effect of the 35/2003 4 November law, which regulates Collective Investment Institutions (CII), introducing certain interesting innovations concerning these entities. On the other hand, in recent years CII (especially investment funds) had first undergone a strong growth and have lately suffered a slight recession for various reasons: the behaviour of interest rates; evolution of stock markets, especially the stock exchange (not only in values but also in unpredictability); variations in taxation on investment etc. This article looks at the main novelties brought about by the new regulation governing CII; it also attempts to analyse whether their investment policy has been influenced by the developments mentioned, and if these in turn have caused changes to take place on stock markets. The period contemplated spans 1992 to 2003.