Law no. 93/2019, of September 4, was published in Diário da República, which introduced changes to the Labor Code and its Regulation, as well as to the Code of Contributory Regimes of the Social Security Social Security System and its Regulation.
On September 10, the Advocate General (AG) issued his opinion on a preliminary ruling to be rendered by the Court of Justice of the European Union (CJEU) regarding a lawsuit in Spain over the validity, under the European directive on unfair terms in consumer contracts (Directive 93/13), of a contractual clause referencing a local interest rate benchmark in floating rate residential mortgage loans. The press has regarded the opinion as unfavorable to the banks. If upheld by the CJEU, it could mark a turning point in the underlying lawsuits. A final negative outcome could provoke massive losses for a number of Spanish banks with the possibility to accelerate a wave of domestic and European bank mergers.
On July 2, 2019, the Supreme Court delivered a landmark judgment dealing with the requirements to be met to secure the discharge of debts through the so-called ‘fresh start’ mechanism. Under Spanish law, ‘fresh start’ refers to the situation where a debtor is relieved of paying outstanding debt. It is a tool that may be used by individuals (traders, freelancers and heavily indebted consumers) to shed their debts, which will be released, enabling them to undertake new ventures.
On the 4th of September 2019, Law no. 97/2019 was published in Portugal’s Official Journal introducing the first amendment, approved under a parliament review, to the Real Estate Investment and Asset Management (SIGIs) regime, approved by Decree-Law no. 19/2019, of 28 January.
A no deal Brexit could prompt legal action by the European Union against the UK to claim payment of the financial obligations it assumed before its exit. This massive lawsuit, over a sum possibly in the region of 50 billion euros, could have extremely serious implications for the UK as a sovereign state.
On the 28th of August 2019 the law implementing Regulation (EU) 2017/2402 of the European Parliament and of the Council, of 12 December 2017 (“Regulation”), laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation was published in Portugal’s Official Journal (Diário da República), entering into force on 29 August 2019 (Law no. 69/2019, of 28 August).
The Colombian government issued Decrees 1420 of 2019, 1421 of 2019 and 1349 of 2019, modifying the equity requirements for asset managers of third parties, credit establishments and insurance entities, in order to adapt them to international standards.
With the issuance of Decree 1351 of 2019, some provisions of Decree 2555 of 2010, were modified related to investments in participations issued by stock exchange funds, temporary transfer operations of securities in the counter market, and the disclosure of information in the securities market through electronic means, among others.
On August 19th, 2019, the National Agency for Industrial Safety and Environmental Protection of the Hydrocarbons Sector (ASEA), published a Mexican official standard to regulate guard warehouses for the for distribution and retailing of liquefied petroleum gas through portable containers and transportable pressurized containers; for the design, construction and pre-start, operation and maintenance, closure and decommissioning stages.