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PREFERENTIAL SHARES: THE BANKS COMMENCE THE EXCHANGE

I.    Introduction Recently, the majority of banks, which had previously marketed preferential shares to their clients, have started to make offers to buy them back or exchange them for shares in the bank. The majority of banks have sold this initiative to clients as an option to make financial instruments, which are essentially unliquid, liquid. The characteristics of such instruments…

FOREIGN BOARD MEMBERS AND ADMINISTRATORS OF COMPANIES. HOLDING OF N.I.E. (TAX IDENTIFICATION NUMBER) REQUIRED

By means of a resolution issued on the 18th January 2012, the Spanish Directorate General of Notaries and Registries (DGRN) refused the inscription with the Companies Registry of a public deed reelecting a foreign member of the board, on the grounds of not holding a N.I.E. It should be clarified that said director was already registered with the Companies Registry, simply…