E-money institutions in SpainElectronic money institutions must be authorized by the Banco de España and follow the regulations of Law 21/2011 of 26 July on electronic money and Royal Decree 778/2012 of 4 May on the legal framework for electronic money institutions.Read more
What is an E-Money Institution?Electronic money institutions are companies authorized by The Bank of Spain. Their main activity is to transform customers’ money into electronic money on a commercial basis.Read more
Financial assistance rules in SpainIn Spain, article 143 of the Capital Companies Act regulates financial assistance to limited companies and article 150 to public limited companies. The current prohibition prevents a company from contributing financially to the acquisition of its own shares or stocks by a third party.Read more
Initial Coin Offering (ICO) in SpainICOs offer revolutionary and flexible corporate financing ways to technology start-ups. Even though ICOs increase entrepreneur independence, they bear investor risks. Various legislations in Spain must ‘be taken into account when emitting tokens.Read more
Enforceable contractual guarantees: the bank guarantee payable on first demandAmong enforceable personal contractual guarantees, the bank guarantee payable on first demand stands out. With this type of guarantee, a banking institution commits to respond to the fulfilment of an obligation, automatically and immediately, and without the ability to demand clear evidence of noncompliance.Read more
The contract guarantees in SpainContract guarantees are types of contracts that provide greater security to the settlement of a debt. In Spain there are different types of guarantees: personal guarantees, security rights, financial guarantees or constitutional guarantees.Read more
The abusiveness in the clauses of late-payment interest of personal loansRecent judgments on abusive clauses oblige institutions and professionals who offer personal loans to consumers residing in Spain to review and adapt the clauses to legal constraints. Find here practical advice to implement.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
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
