Art. 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.
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About Alberto Álvarez
Having graduated in International Business Law from the Universidad San Pablo CEU, Alberto Alvaréz specialises in tax law, insolvencies and restructuring. Working languages: English, German, and Spanish.
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Law 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.
Consumer 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.
The 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.
When 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.
One 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.
In 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.
Law 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.
A consumer credit agreement (CCA) is an agreement whereby a creditor grants or undertakes to grant credit in the form of a deferred payment, loan, credit facility or any other equivalent way of financing in favour of a consumer.
Three partial reforms of the Spanish Insolvency Law have already been approved by means of Royal Decree-Laws dated on March 2014, September 2014 and February 2015. The three main purposes sought are: enhancement of prepetition restructuring deals; extension of pre-insolvency refinancing agreements to composition agreements and offer a second chance for individual creditors.