The ICF is regulated by Legislative Decree 1/2022 of 26 July enacting the recast text of the Institut Català de Finances Act, which defines its legal regime, functions and governing bodies and other aspects.

Under the regulation, the ICF is an entity with its own legal personality whose operations are regulated by the Institut Català de Finances Act, the Catalan government-owned enterprise charter and the rest of the legal system.

It also complies with the rules of private law applicable to it, specifically with the regulations governing credit institutions.

The ICF has its own assets and cash and in the performance of its role operates autonomously in terms of its organisation, finance, assets, budget, functions and management with full independence from public administrations.

The purpose of the recast text enacted in 2022 was to organise, systematise, harmonise and standardise in a single regulation all the amendments approved since the previous version from 2002 to provide a clearer text. The ICF was set up in 1985 through Act 2/1985 (not in force).