## [Updates Corporate 26-2012](/pt/en_GB/new/updates-corporate-26-2012)
# Updates Corporate 26-2012
11 / 18 / 2012
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ASSET MANAGEMENT COMPANIES AND THE SAREB
This document highlights the main aspects of asset management companies (“AMCs”) and, in particular, of the SAREB (Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria), governed by the rules in chapter VI and certain additional provisions of Law 9/2012, of November 14, 2012, on the restructuring and resolution of credit institutions (“Law 9/2012”), originating from parliamentary approval of Royal Decree-Law 24/2012, of August 31, 2012, and implemented by Royal Decree 1559/2012, of November 15, 2012, establishing the legal regime of asset management companies (“Royal Decree 1559/2012”).
Law 9/2012 approaches the rules on these companies from two angles:
- General rules on AMCs in the long term, applicable to any present or future restructuring or resolution of a credit institution that requires the creation of an AMC; and
- Specific rules on the creation of the SAREB, to which the assets from the ongoing bank restructuring process in Spain will be transferred.
It is important to note that, for the purposes of Royal Decree 1559/2012, the asset management companies regulated in chapter II of Law 8/2012, of October 30, 2012, on the writedown and sale of the financial sector’s real estate assets are not treated as AMCs.
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This publication is provided for information purposes only and does not constitute legal advice or advice of any other kind. It does not seek to offer a comprehensive summary of the legislation and developments to which it refers nor to cover all published material, but rather to provide an overview of selected topics. It is therefore recommended that the official texts be consulted and specific professional advice be sought. Garrigues does not accept any liability for the use made of this information and assumes no obligation to update it after publication.
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