Corporate Law
The key elements of the new Spanish Securities Markets Law
The new Law approved systematizes and reorganizes the Spanish securities market regulation, adapts it to the recent provisions in several European directives, particularly in the area of crypto-assets and distributed ledger technologies, and simplifies and makes certain procedures more flexible in order to increase the competitiveness of the Spanish securities market. It also introduces new provisions in the field of tender offers, investment services firms and collective investment vehicles, and regulates for the first time the SPACs.Transactional elements to be considered in relation to notifications to the competition authorities in Latin America
In an earlier edition of our Latin American Viewpoints newsletter (see here), we analyzed the main provisions applicable to notification of mergers and acquisitions in Chile, Peru, Colombia and Mexico. In this second part, we examine a few transactional and strategic elements that might be useful in these jurisdictions, in light of the competition legislation in each of them.A digital euro: what is it and what consequences could it have?
The European Central Bank (ECB) plans to announce shortly whether it will launch a design and creation project for a digital euro, something which, as the institution itself has said, would have an immense impact. We need to know therefore what the digital euro would be legally and what implications it could have for many parties in the financial system and in particular for banks and other financial institutions.PERTEs stand out as a promising formula for public-private collaboration and project finance in Spain
Spain’s Strategic Projects for Economic Transformation and Recovery (PERTEs) could bring a considerable wave of projects in Spain. They are a new public-private partnership device appearing in the recent legislation on the Spanish Recovery, Transformation and Resilience Plan and to be funded by subsidies and loans from the European Recovery Mechanism (Next Generation EU), which in Spain's case are estimated to amount to €140,0000 million. Professionals practicing in projects and in the particular area of project finance should keep track of how they are taken forward and evolve.COVID-19: How the lifting of the state of emergency will affect rules governing commercial companies
The various pieces of legislation published during the state of emergency, together with the statements by registrars and by the CNMV, have created a new exceptional regime governing numerous aspects of commercial companies. With the end of the state of emergency it becomes necessary to analyze the impact that the lifting of the declaration will have on the validity period of the various rules that have been approved.New regulation on hotels in Andalucía: changes are coming to the classification system and ‘Grand Luxe’ establishments, among others
Andalucía has introduced a new legal regime for tourist accommodation in order to boost a sector that has suffered from the consequences of the pandemic Among the measures adopted, it is worth to highlight the new classification system; recovery of the ‘Grand Luxe’ rating; the possibility to use certain types of establishments, including student residences, temporarily as tourist accommodation; a new definition of tourist accommodation contract; or the inclusion of hostels as hotel establishments.COVID-19: New measures changing the time period for preparation and approval of financial statements and their tax consequences
Royal Decree-Law 19/2020 states that the three-month time period for preparing financial statements and other documents required by law will start to run from June 1, 2020, and reduces the time period for approving financial statements to two months running from the end of the time period for their preparation. In keeping with the new time periods for preparation and approval of the financial statements, it is allowed to file a second corporate income tax self-assessment until November 30, 2020. Additionally, amendments are introduced to the rules on tax deferrals for small and medium-sized companies and the self-employed along with a new stamp tax exemption; and a later date has been determined for publication of the list of delinquent tax payers.