ERIR: CNMV registration and relevant information file

We draft, review and update the ERIR for investment firms (ESIs), financial advisory firms (EAFs) and management companies supervised by the CNMV. We structure the file with the required minimum content: client identification, suitability and appropriateness assessment, information on financial instruments, transaction records, conflicts of interest, inducements policy and documentary traceability. A practical approach: an auditable file, not a mere formality.

Minimum content

From a generic file to an auditable ERIR

"We turn the ERIR into a clear system: identification, suitability, records, conflicts of interest and real traceability."

Suitability / Appropriateness

Suitability and appropriateness tests and investor profile

"We structure the tests and how they are recorded: what is collected, how it is updated and how it is documented for a CNMV inspection."

Transaction records

Traceability of orders, recommendations and communications

"We define what to record, for how long and how to prove it: robust evidence for the supervisor."

Conflicts / Inducements

Conflicts of interest and inducements policy

"We align the policy with the ERIR: identification, management, disclosure and recording, using criteria the supervisor can check."

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Timing and critical points in managing the ERIR with the CNMV

With the ERIR, supervisory risk lies not only in what is "missing" but in what is left out of date or without traceability. What is critical: up-to-date client information, consistency between profile and recommendations, and clear rules on retention and access to documents.

From client onboarding: collection of complete information + a documented and signed suitability or appropriateness test.

Transaction records: every relevant order, recommendation and communication, with date, medium and link to the client’s profile.

Periodic updates: review of the investor profile, renewal of tests and recording of changes, with evidence that the client was notified.

Conflicts and inducements: documented identification, management and disclosure, with records accessible to the supervisor.

Supervisory response: a clear procedure for CNMV requests for information, with quick access to the file and a remediation plan.

Scope: What will we review in your ERIR?

We review your ERIR from the standpoint of supervisory practice: it must match your actual operations, be up to date and withstand a CNMV inspection (client profile, suitability, records, conflicts, inducements and document retention).

CNMV ERIR: client identification, investor profile and tests

1. Client profile, suitability and appropriateness

Information collected, test applied, periodic updates and consistency between profile and service provided. The goal: a file that can support any supervisory inquiry.

CNMV ERIR: transaction, order and communication records

2. Transaction and communication records

What is recorded, in what medium, for how long and how it is evidenced. Without documentary traceability, the ERIR does not serve its purpose before the CNMV.

CNMV ERIR: conflicts of interest, inducements and document policy

3. Conflicts of interest, inducements and document policy

Updated policy, inducements register, disclosure to the client and review procedure. We close gaps and reduce the risk of supervisory sanctions.

How we draft or review your ERIR

An agile methodology built around how the CNMV actually supervises: documentary consistency, traceability, evidence, and procedures for updating and responding.

01

Assessment of the firm and the services it provides

We analyze your activity, client types, investment services and the current state of the file. We identify gaps against the CNMV’s supervisory standard.

02

ERIR structure and supporting documentation

We organize the document blocks: client profile, tests, transaction records, conflicts, inducements and retention. With full consistency across all elements.

03

Drafting of policies and procedures

Conflicts of interest policy, inducements policy, profile update procedure and protocol for responding to CNMV requests for information.

04

Implementation and maintenance (evidence)

Implementation checklist: team training, update workflows, records and traceability, so the ERIR works in practice and is not just a document.

Operational checklist

ERIR checklist: documentation and evidence to pass a CNMV inspection

The ERIR works when it comes with clear procedures and evidence: an updated profile, signed tests, transaction records, a conflicts policy, documented inducements and a retention protocol.

Client profile Suitability/appropriateness tests Transaction records Conflicts and inducements
  1. Client identification and profile (no ambiguity)

    Financial information, objectives, time horizon, risk tolerance and investment experience, collected and kept up to date.

  2. Suitability and appropriateness tests with evidence

    Test applied, documented result, client signature and consistency with the recommendations or services provided.

  3. Traceable transaction records

    Every order, recommendation, relevant communication and profile-deviation alert, with a date and an accessible medium.

  4. Conflicts of interest and inducements policy

    Identification, management, disclosure to the client and record of inducements received or paid in accordance with MiFID II.

  5. Retention and supervisory response

    Retention periods, physical or digital medium, quick access and protocol for responding to CNMV requests for information.

Common errors we fix in the ERIR

The goal is not to "have the file" but to have an ERIR that is consistent, up to date and able to withstand CNMV scrutiny without issues.

⚠️

Outdated client profile

Financial information, objectives and risk tolerance not reviewed periodically. Result: inconsistency between the profile and the recommendations given.

⚠️

Tests without support or traceability

Suitability or appropriateness tests without a signature or date, or whose result does not provide documentary justification for the service provided. A typical source of supervisory issues.

⚠️

Incomplete transaction records

Orders, recommendations or communications not recorded or not linked to the client’s file. Without this, the ERIR does not serve its purpose before the CNMV.

⚠️

Outdated conflicts and inducements policy

Policy not updated, inducements not recorded or disclosure to the client not documented. This is one of the main areas reviewed in CNMV inspections.

Practical guide

What an ERIR must be able to prove to the CNMV

Beyond having the file, what matters is consistency: an updated profile, justified tests, complete records, managed conflicts and documented retention.

Client profile Suitability Records Conflicts

What information the ERIR collects, and within what limits

  • Identification of the client and up-to-date KYC data.
  • Investor profile: objectives, horizon, risk tolerance and experience.
  • Consents and communications delivered to the client.
  • Updates to the profile, with evidence of notification.

An outdated profile is the most common source of issues in inspections.

Suitability and appropriateness tests (done properly)

  • Test applied: date, result and client signature.
  • Consistency between the test result and the service or product recommended.
  • Periodic updates and a record of relevant changes.
  • Alerts for deviations from the profile, and documented follow-up.
Supervisory tip

If the test does not justify the recommendation, the file does not serve its purpose before the CNMV, even if it is signed.

Traceable and auditable transaction records

  • Orders and recommendations with date, medium and link to the profile.
  • Relevant communications with the client, recorded and retained.
  • Retention periods under CNMV rules and MiFID II.
  • Quick access to the file when supervisors request information.

Without complete transaction records, the ERIR will not withstand an inspection.

Conflicts of interest, inducements and supervisory response

  • Conflicts policy kept up to date and disclosed to the client.
  • Record of inducements received or paid in accordance with MiFID II.
  • Procedure for the periodic review and updating of policies.
  • Response protocol for CNMV requests for information or inspections.

An inducements policy that is not recorded is a critical gap in the supervisor’s eyes.

Important note:

An ERIR without updating procedures and without traceable records does not serve its supervisory purpose, even if it has been formally drawn up. It is advisable to review it before any CNMV inspection.

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Risks of an incomplete or outdated ERIR

CNMV requests for information due to inconsistency between the client’s profile and the services or products recommended.

Inspection findings due to suitability or appropriateness tests that are unsigned, undated or not updated.

Exposure to sanctions due to incomplete transaction records or insufficient documentary traceability.

Gaps in the conflicts and inducements policy: undocumented disclosure or unrecorded inducements.

Cost of reacting: fixing a deficient ERIR during an ongoing inspection is far more expensive than preventing the problem.

Do you need a complete ERIR ready for a CNMV inspection?

We help you draft or review your firm’s ERIR: structure, tests, transaction records, conflicts of interest and inducements policy, and updating procedures, with a real supervisory focus.

I want an assessment of my ERIR.

All about the CNMV ERIR

What is the CNMV ERIR?

The ERIR (Expediente de Registro e Información Relevante, or registration and relevant information file) is the set of documents that firms supervised by the CNMV—investment firms (ESIs), financial advisory firms (EAFs), management companies and credit institutions that provide investment services—must keep on their clients, the services provided and the applicable regulatory compliance.

The key is not just "having the file": it must be consistent, up to date and able to withstand supervisory scrutiny at any time.

A well-built ERIR reduces supervisory risk because it defines what is collected, when it is updated and how it is evidenced.

What should a complete ERIR include?

At a minimum: client identification and profile, suitability or appropriateness test, record of transactions and communications, conflicts of interest policy, inducements policy and document retention procedure.

If transaction traceability is missing or the inducements policy is not recorded, supervisory risk soars.

How often must the ERIR be updated?

The client profile and suitability tests must be reviewed when there are significant changes in the client’s financial situation or in the services provided, and periodically depending on the type of service.

In addition, the conflicts and inducements policies must be reviewed at least annually and updated when regulations or the firm’s operations change.

Is a basic ERIR enough for a CNMV inspection?

A basic ERIR may meet the formal requirement, but what really reduces supervisory risk is tailoring it to your actual operations: tests consistent with the recommendations, complete records, managed conflicts and documented inducements.

What makes the difference:

  • Consistency between the client’s profile and the service provided.
  • Tests with a signature, a date and a justified result.
  • Complete and accessible transaction records.
  • An inducements policy that is up to date and disclosed.
How much does it cost to draft or review the ERIR?

It depends on the type of firm, the services provided, the number of clients, the current state of the file and the scope of the review (structure, policies, updating procedures and supervisory response).

We give you a quote after a brief assessment of the scope and your starting point.

How can Molina Law Boutique help you with the ERIR?

We draft or review the ERIR with a practical supervisory approach: document structure, tests, records, conflicts of interest and inducements policies, updating procedures and a protocol for responding to CNMV requests for information.

Our style: files that are operational and auditable, not just formally correct.

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Official sources

Key legislation, linked to the official text:

Legislation and links reviewed in .

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