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THE BANK OF SPAIN PUBLISHES A CIRCULAR WHICH OBLIGES RESIDENTS OF SPAIN TO PROVIDE INFORMATION REGARDING FINANCIAL BALANCES AND TRANSACTIONS ABROAD

Pursuant to Circular 4/2012 on the regulations for the communication of financial transactions and balances of assets and financial liabilities abroad on the part of Spanish residents, the Bank of Spain establishes the obligation for individuals and corporate bodies (either public or private) which carry out transactions with non-residents or maintain financial assets or liabilities abroad to provide it with…

SUSPENSION OF THE DISTRIBUTION OF DIVIDENDS AND EXIT RIGHTS FOR COMPANY PARTNERS UNTIL DECEMBER 31 2014

I. – INTRODUCTIONOn June 14, 2012 the Spanish Congress definitively passed a law for the Simplification of Documentary and Information Obligations for the Merger and Demerger of Capital Companies, after including amendments made by the Senate during the legislative process.A series of European Directives aimed at the simplification of the conditions for mergers and demergers of commercial companies have accordingly…

ANTI TAKEOVER BID PROTECTION AND LIMITATIONS FOR LISTED COMPANIES

I.    INTRODUCTION The amendments introduced by the Senate, as proposed by the People’s Party (Partido Popular – PP), to the Draft Bill for the Simplification of Documentary and Information Obligations for the Merger and Demerger of Capital Companies were finally approved by Parliament on 6th June. Pursuant to these amendments, shareholder voting limitations shall be allowed to be introduced into…

THE CNMV IMPLEMENTS THE GUIDELINES ON SYSTEMS AND CONTROLS FOR INVESTMENT FIRMS AND TRADING PLATFORMS IN AN AUTOMATED TRADING ENVIRONMENT

I. INTRODUCTION On 1st May 2012 the National Spanish Securities Market (“CNVM”  – Comisión Nacional del Mercado de Valores) started to implement the guidelines proposed by the European Securities and Markets Authority  (“ESMA”) relating to systems and controls to be applied by Spanish investment firms and trading platforms. II.-CONTENT The aforesaid guidelines are divided into eight different areas: 1.-Organisational requirements…

THE OBLIGATION TO HOLD A BUSINESS ACTIVITY LICENCE SHALL NO LONGER EXIST FOR CERTAIN BUSINESSES

On 28th May 2012 Royal Decree Law 19/2012 for urgent measures for relaxing restrictions on determined trade and services entered into force. Said Royal Decree pursues the removal of municipal licences linked to business establishments, their installations and certain building works prior to the initiation of the activity. The scope of application of this Royal Decree Law includes businesses located…