2Financial institutions
The main operators in the Spanish financial system can be classified as follows:
FINANCIAL SYSTEM OPERATORS| Central Bank | Bank of Spain |
| Credit institutions | Spanish and foreign banks. |
| Official Credit Institute (Instituto de Crédito Oficial, ICO). | |
| Savings Banks. Spanish Confederation of Savings Banks (Confederación Española de Cajas de Ahorro, CECA). | |
| Credit Cooperatives. | |
| Financial auxiliaries | Credit Financial Establishments. |
| Payment Institutions. | |
| Electronic Money Institutions. | |
| Mutual Guarantee and Counter-guarantee Societies. | |
| Valuation Companies. | |
| Collective investment Schemes | Investment Funds:
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Investment Companies:
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| Management Companies of Collective Investment Schemes. | |
| Investment Firms | Broker-Dealers. |
| Brokers. | |
| Portfolio Management Companies. | |
| Financial Advisory Firms. | |
| Closed-ended type Collective Investment Entities | Venture Capital Entities, including SME. Venture Capital Entities. |
| Closed-ended type collective investment entities. | |
| European venture capital funds. | |
| European social entrepreneurship funds. | |
| Management companies of Closed-ended type Collective Investment Entities. | |
| Insurance and reinsurance companies and insurance intermediaries | Insurance and Reinsurance Companies. |
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| Pension Plans and Funds | Pension Plans. |
| Pension Funds. | |
| Management Companies of Pension Funds. | |
| Securitization vehicles | Securitization Funds1. |
| Securitization Fund Management Companies. |
The key features of the financial system operators are described below.
1Until the promulgation of Law 5/2015 of April 27, 2015 on the Promotion of Business Financing ("Law 5/2015"), which has brought changes to the regime governing securitization funds in Spain, a distinction was drawn between mortgage securitization funds and asset securitization funds. This distinction has been eliminated in the new Law, which now refers to securitization funds as a single concept (without prejudice to those mortgage securitization funds and asset securitization funds created prior to Law 5/2015 and which remain in existence).
