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 Newsletter Nº 17 (October, 2009) 

TABLE OF CONTENTS

LEGAL DEVELOPMENTS IN SPAIN AND PORTUGAL

LEGISLATION

1. SPAIN
1.1 Capital Markets
1.1.1 Financial sector laws revamped
1.1.2 Bank restructuring and reinforcement of the capital of credit institutions
1.1.3 Private Insurance and the Welfare Mutual Insurance Companies Regulations modified
1.1.4 Pension Plans and Funds Regulations amended

2. PORTUGAL
2.1 Labor and Employment
2.1.1 New European Work Councils regime approved
2.1.2 Occupational accidents and diseases

2.2 Real Estate
2.2.1 Professional qualifications and duties of persons involved in construction projects
2.2.2 New enabling legislation to regulate rural leasehold regime
2.2.3 New legislative authority for Government to approve urban renewal legal regime

2.3 IP / IT
2.3.1 New legal framework applicable to call centers

COURT CASES AND RULINGS

1. SPAIN
1.1 Labor and Employment
1.1.1 Worker entitled to proportional bonus accrued at time of termination of contract
1.1.2 Where sick leave coincides with vacation period, worker is entitled to take vacation at later date

1.2 Antitrust
1.2.1 National Antitrust Commission (“CNC”) publishes ten reports analyzing various industries
1.2.2 CNC approves concentration in periodic publications distribution industry, subject to certain undertakings

2. PORTUGAL
2.1 Antitrust
2.1.1 Fines in the telecoms industry

OTHER NEWS

1. SPAIN
1.1 Tax
1.1.1 Major tax changes in Spain
1.1.2 Mutual Agreement on treatment of partnerships under Spain – U.S. tax treaty
1.1.3 French OPCVMs may enjoy benefits of Spain-France tax treaty

EU NEWS

1. NEW ECJ JUDGMENT AGAINST SPANISH LEGISLATION ON RAISING CAPITAL

GARRIGUES IN THE NEWS

1. FERNANDO VIVES AND RICARDO GÓMEZ-BARREDA NAMED AS NEW GARRIGUES MANAGING PARTNERS

2. GARRIGUES: THE FIRM MOST COMMITTED TO TRAINING

3. GARRIGUES AT THE HEAD OF EXPANSIÓN’S ANNUAL RANKING