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Updates Corporate June 2012 

The new law came into force on June 24, 2012 repeals Royal Decree-Law 9/2012, and amends Legislative Royal Decree 1/2010 of July 2, 2010, approving the revised Corporate Enterprises Law, and Law 3/2009 of April 3, 2009, on structural modifications to capital companies, as well as Securities Market Law 24/1988, of July 28, 1988.

Although the bulk of the amendments originate from Royal Decree-Law 9/2012 of March 16, 2012, with one or two technical improvements or precisions, in this newsletter we focus on the most important amendments, which are to the Corporate Enterprises Law and the Securities Market Law:

1. TEMPORARY REMOVAL OF SHAREHOLDER’S EXIT RIGHT WHERE NO DISTRIBUTION OF EARNINGS
2. REFORM OF THE CORPORATE ENTERPRISES LAW AND SECURITIES MARKET LAW AS REGARDS VOTING RIGHTS RESTRICTIONS AND TENDER OFFER PRICES