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The regulation of Virtual Financial Assets (“VFA”) – the “Malta Route”

On 26th June 2018 Malta passed a package of three rules aimed at regulating blockchain technology on a global basis, ranging from the launch of ICOs (Initial Coin Offerings) to cryptocurrency exchanges. It could be said that giving a legal framework to blockchain technology and the economic ecosystem that surrounds it is a pioneering initiative. The objective is to build…

NEW JUDGMENT AGAINST SPAIN BECAUSE OF CUTS TO RENEWABLES IN THE MASDAR AND ANTIN CASES

Just recently two of the twenty-seven international arbitration proceedings have concluded, which were initiated by foreign investors against the Kingdom of Spain via the International Centre for Settlement of Investment Disputes (ICSID),  attached to the World Bank, regarding the cuts applied to the  incentive system for the generation of electric energy via renewable energy in 2013: Masdar v. España Case…

RIGHT OF SEPARATION AND THE GENERAL MEETING

The  director of a limited liability company proposed at its General Shareholder’s Meeting that the profits gained should be  allocated entirely to voluntary reserves. The proposal was approved with only one vote against from a partner (shareholder) who proposed that the distribution of the totality of the profits, plus half of the voluntary reserves be put to a vote. The…

BRANCHES IN SPAIN – ANNUAL ACCOUNTS.

In Spain, the legal concept of a branch is defined in article 295 of the Commercial Registry Regulation (hereinafter referred to as the “Regulation”) as follows: “a branch shall be understood as any secondary establishment with permanent representation and a degree of management autonomy through which the activities of the company are carried out, wholly or in part.” Unlike permanent…