News & Analysis as of

Spain

Spanish law endorses a new class of senior "non-preferred" debt instruments (or senior second ranking notes): the starting gun has...

by Allen & Overy LLP on

Royal Decree-Law 11/2017 of 23 June on urgent actions on financial matters (RDL 11/2017) has recently been approved by the Spanish Government. RDL 11/2017 (3rd paragraph of Article 3) has amended Law 11/2015 (implementing...more

European Commission Sets its Sights on Allegedly Excessive Drug Prices

by Jones Day on

In the European Union, Big Pharma has been operating with a target on its back for the best part of the last decade. Following its 2008 sector inquiry into the pharmaceutical sector, the Commission vowed to clamp down on...more

Spain Reorganises its National Regulatory Authorities to Comply with EU Guidelines

by Latham & Watkins LLP on

The Spanish government recently passed a draft bill for the “ rationalization and organization of the supervising regulatory bodies of the markets and the improvement of its governance” (the Draft Bill). The bill aims to...more

Transposition of Directive on Antitrust Damages Actions: Some thoughts

by Allen & Overy LLP on

On 26 May 2017, the Spanish Government enacted the Royal Decree 9/2017 (the Royal Decree) implementing into Spanish law certain European Directives, amongst them, the Directive 2014/104/EU on actions for damages for...more

Are Employers Obliged to Maintain a Daily Register of Working Hours in Spain?

by Jones Day on

In March and April 2017, the Supreme Court's Employment Chamber resolved (through Judgments 246/2017 and 338/2017) that, as a general rule, there is no legal obligation for companies to maintain a daily record of the...more

“Spain United for Climate”: The Proposed New Climate Change and Energy Transition Law

by Latham & Watkins LLP on

Spain is leading the fight against climate change with a proposed new Climate Change and Energy Transition Law. The Spanish government regards climate change as one of the greatest challenges facing the country. ...more

Global Privacy & Cybersecurity Update Vol. 14

by Jones Day on

New York Attorney General Announces Record Number of Data Breach Notices in 2016 - On March 21, 2017, the New York Attorney General's Office announced that it received 1,300 reported data breaches in 2016—a 60 percent...more

Relocation of the EU Medicines Agency – Spain

by Hogan Lovells on

"Spain is waiting for the EMA. Barcelona is ready". With this conviction, and with the conviction that everything is ready, the Spanish Minister for Health addressed the European Commissioner for Health & Food Safety, Mr...more

European Commission's Antitrust Concerns Lead to Syndicated Loans Market Study

by Jones Day on

In April 2017, the European Commission ("Commission") published a tender offer seeking an assessment of the EU market for loan syndication and possible implications under EU competition rules. The successful candidate will...more

Spanish Natural Gas Organized Wholesale Market: Completion of Regulatory Framework

by Hogan Lovells on

The regulatory framework governing the Spanish natural gas organized wholesale market was approved in 2015 and completed in 2016. The start of operations occurred on 16 December 2015, when the market operator created an...more

Global Employee Equity at a glance: Spain

by White & Case LLP on

Stock Option Plans: Employment - Labor Concerns - Plan benefits are considered part of an employee's salary for the purposes of calculating entitlements on termination of employment. There is a risk that an...more

Will New Spanish Dividend Rules Cause Pain for Private Equity in Spain?

by Latham & Watkins LLP on

Recently effected reforms to Spanish dividend protections for minority shareholders should cause European dealmakers to review deal terms more closely in 2017. Outright acquisition of businesses is unusual in Spain, 83% of...more

Global Employment Law Update - April 2017

by Hogan Lovells on

In this edition of our Global Employment Law Update we look at the effects of the rapid growth of the "gig" economy across the jurisdictions. There have been significant case law and legislative responses, particularly on...more

False alarm: Spain will not join the Unitary patent system after all

by Hogan Lovells on

You may recall that we reported here that, on 7 March, the Spanish Parliament had voted in favor of a non-binding motion (i.e. Non-Legislative Proposition -NLP) filed by the main party of the opposition (Socialist Party...more

The Impending Launch of the Unified Patent Court

by Dechert LLP on

In a fundamental change to how European patents are going to be litigated in Europe, the United Patent Court (UPC) will soon have exclusive jurisdiction over European patent disputes and will be able to issue remedies that...more

Spain: Termination Pay Can Include Bonuses and Other Variable Pay

by Dentons on

In the past few years, the Spanish financial crisis, which has persisted since 2008, has led to many companies choosing to assign a more significant role to bonuses or variable pay rather than fixed salary. By granting...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

EMIR - Spanish Pension Schemes Exempt and Updated Q&A - On 25 January, ESMA issued its opinion confirming the exemption from the EMIR clearing obligation for certain Spanish pension schemes....more

Global Privacy & Cybersecurity Update Vol. 13

by Jones Day on

On December 28, 2016, the New York Department of Financial Services ("DFS") released a revised version of a proposed regulation that would require banks, insurance companies, and other financial services institutions...more

Spanish Parliament approved a non-binding motion for the Government to join the UPC system

by Hogan Lovells on

The Spanish Parliament voted earlier this week in favor of a motion (i.e. Non-Legislative Proposition –NLP) aimed at getting the Government to reconsider its position and take the necessary steps for Spain to join the Unitary...more

Spain: The Draft Insurance Distribution Act

by Hogan Lovells on

On 16 February 2017, the Spanish Insurance Regulator (the ”DGSFP”) submitted to the interested parties the final Draft of the Insurance Distribution Act (the ”ALDS”), which implements in Spain the Directive 2016/97 of the...more

Spanish Ministry of Justice Launches Public Consultation on GDPR

by Alston & Bird on

On February 7, 2017, the Spanish Ministry of Justice launched a public consultation as a preliminary step before the drafting of a new bill implementing the General Data Protection Regulation (“GDPR”). The press release...more

International Product Liability Review - Issue 65

by Hogan Lovells on

The International Product Liability Review provides quality updates and comment from around the world on legal developments in the field of product liability and product safety. Please see full Publication below for more...more

European Securities and Markets Authority Opines on Exemption for Spanish-Based Pension Schemes From the Clearing Obligation

by Shearman & Sterling LLP on

The European Securities and Markets Authority published an Opinion on Spanish-based pension schemes that are to be exempted from the clearing obligation under the European Market Infrastructure Regulation. The Opinion was...more

Spanish DPA Issues GDPR Guidelines

by Alston & Bird on

On January 26, 2017, the Spanish data protection authority (“AEPD”) published three guidance papers on the implementation of the general data protection regulation (“GDPR”). Although the guidance is primarily directed at...more

Environment: The Year Ahead

by Latham & Watkins LLP on

The year ahead presents a series of challenges and opportunities for the development of environmental law across Europe. Notably, the Paris Agreement came into effect on 4 November 2016 and is now binding upon the signatory...more

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