Will the loss of passporting rights affect London’s status as the financial hub of the world ? Passporting rights allow banks, companies and financial services firms to operate their business in any EU or European Economic Area country. Brexit would imply the loss of these rights, forcing these companies to leave the UK.Read more
Company formation in Spain: SA vs SLThe main differences between the Spanish public limited liability company (SA or Sociedad Anónima) and the limited liability company (SL or Sociedad Limitada) are in terms of minimum capital stock, payment upon formation, transfer of shares or stakes or contributions to the share capital, among others.Read more
Implementation of commercial foreign arbitral awards in SpainArt. 46 of the Arbitration Act 2003 (Act 60/2003) under « Foreign Status of awards», ensures the recognition and enforcement of foreign arbitral awards. Law 29/2015 of 30 July (International Cooperation in civil matters) applies to civil and commercial matters. Read more
Enforcement of foreign arbitral awards in SpainLaw on Arbitration 60/2013 guarantees that the foreign arbitral award will be recognised and performed in Spain. Nevertheless, issues may arise and thus national jurisdictions may oppose the recognition and performance of foreign arbitral awards. Read more
Regulatory regime applicable to consumer loans in SpainConsumer loans in Spain are monitored by government regulatory agencies for their compliance with consumer protection regulation. The Bank of Spain (together with the Spanish National Securities Exchange Commission) is the government body that exercises general supervisory powers over domestic credit institutions.Read more
Remarks concerning Consumer Credit Agreements in SpainThe incorporation of a new company in Spain to undertake consumer credit activities does not require a specific regulatory license given that the new company will not be incorporated as a credit institution.Read more
Agreements not included under the CCA in SpainWhen considering whether an exemption applies to a consumer credit agreement (which would take the agreement outside the scope of regulation of the CCA), care must be taken to consider the precise terms of the relevant exemption.Read more
The Pre-contracting Process of a Consumer Credit Agreement in SpainOne of the basic pillars of the Consumer Credit Agreement Law in Spain (Law 16/2011) is the development of the regulation of the pre-contracting process; that is, the steps prior to a creditor and a consumer entering into a consumer credit agreement.Read more
The Legal framework on Consumer Credit Agreements in SpainIn Spain, Law 16/2011 derogated the previous legal regime (dating back to 1995) and transposed Directive 2008/48 of 23 April 2008 on credit agreements for consumers (the Directive) into Spanish law. Law 16/2011 reproduces the provisions of the Directive. Furthermore, where the Directive has failed to include specific provisions, the old regime has been maintained or even extended to new scenarios, with the aim of increasing the protection granted to Spanish consumers.Read more
Rights and obligations under Consumer Credit AgreementsLaw 16/2011 transposed the Consumer Credit Directive on consumer credit agreements to Spain. The objective of the law is to foster the integration of the consumer credit market and grant a high level of consumer protection by focusing on transparency and consumer rights.Read more
