Law 8/1987 of June 8 regulating pension funds (Planes y Fondos de Pensiones), provides that each fund has a single managing and a single depositary entity. This gives rise to a system of mutual controls between the entities, and the legal regime of the liabilities arising from their actions. The new law allows pension funds to invest in foreign financial assets, where their investments are regulated by the statutory law pertaining to Spanish outward foreign investment and exchange control.
February 01 1998