Banking and Finance
Over the past weeks, Spanish companies and credit applicants from all industries, both essential and non-essential, have been implementing strategies in order to try, as far as they can in the circumstances, to ensure liquidity and minimize the impact of COVID-19 on their activity. This includes a number of measures in all areas of the business, which are in turn conditioned by the measures implemented by the Spanish government and other supra-national, national, autonomous community and local authorities. All these measures and every new piece of legislation can be tracked in our special 'Companies facing the coronavirus COVID-19'.
The toughening of lockdown measures in Spain and resulting closure of all business activities not classed as essential makes it absolutely necessary to keep very much in sight this week the measures approved in the labor and employment field. In the domain of corporate law and commercial contracts, the decision governing the first tranche of guarantees to soften the economic effects of the crisis has already been published in the Spanish Official State Gazette (BOE). As for tax matters, the personal income tax and wealth tax season is about to start. In the litigation arena, the general statute of limitations for personal action has been extended. And there are also important mobility and transport, and restructuring and insolvency issues and matters related to administrative law.
The new provisions in Royal Decree 309/2020 deal with the authorization regime, cross-border activity, corporate governance principles and compensation policy and the obligations relating to solvency for specialized credit institutions.
This guarantee facility is to be managed by ICO and will cover new loans and other types of financing provided by financial institutions to companies and the self-employed to soften the economic effects of COVID-19.
The National Bank of Poland (NBP) and the Monetary Policy Council (MPC) reacted to the worsening situation of enterprises, the risk of loss of liquidity and the emergence of extraordinary needs of the state budget in connection with the epidemic.
Considering the extraordinary and unpredicted situation related to COVID-19 pandemic, we would like to present you with this informative note drawn up from perspective of Polish law, which contains an indication of the most important issues that cannot be forgotten in running a business today.
The royal decree implementing the legal regime of specialized credit institutions (EFCs - Establecimientos Financieros de Crédito) was published in the Official State Gazette on February 25. It is aimed at favoring competition in lending that will prompt orderly credit growth, according to its preamble.
Garrigues was named the law firm of the year for the Andes region, as part of LatinFinance’s Deals of the Year Awards. With this accolade, the LatinFinance editorial team recognized Garrigues for its legal counsel in certain landmark financial deals in Latin America during the past year. The awards ceremony held last night in New York, where the US publication is headquartered, brought together the top investors, banks and law firms operating in Latin America. This is the third time Garrigues has won this award, this time for the second year in a row.
One way to boost the digital economy in the EU would be to help banks making loans to new businesses. To do this, the institutions themselves need to know about venture debt and other possible products, and the European and national authorities need to support a stable legal framework adapted to the business environment including the area of bank finance.
It was published on 24 September 2019 Decree-Law no 144/2019 which transfers from the Bank of Portugal to the Securities Market Committee (CMVM) the powers of prudential supervision of investment fund management companies and credit securitisation fund management companies (SGFTC).