... industry: Defining the path here 1 FUND NEWS September 2011 Investment Fund Regulatory and Tax developments in selected jurisdictions Issue 84 – Regulatory and Tax Developments in September ... non-resident investors without a permanent establishment in Spain to obtain a TIN when investing in Spanish securities. In this sense, it is not necessary to obtain a TIN in the following cases: ... The definition of financial institutions is broad and essentially includes investment firms, organised markets, credit institutions, insurance and reinsurance undertakings, collective investment...