Company formation in Spain: SA vs SL

The 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.

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Enforcement of foreign arbitral awards in Spain

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. 

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Regulatory regime applicable to consumer loans in Spain

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.

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Agreements not included under the CCA in Spain

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.

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The Legal framework on Consumer Credit Agreements in Spain

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.

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Rights and obligations under Consumer Credit Agreements

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.

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