Following the publication of Law 15/2017 of 3 May (the “Law”) in May 2017 – that foresees the prohibition of bearer securities as part of the international recommendations to make company ownership more transparent (as a means of fighting money laundering and the financing of terrorism) – Decree-Law 123/2017 of 25 September (the “Regulation”) was published in September 2017. It establishes the procedure for the conversion of bearer securities into nominative securities.
The Portuguese government has recentlybeen very active approvingnew legal measures that relate to the corporate word. Most of these measures were outlinedin the Capitalisation Programme (Progama Capitalizar) that was approved by the Government lastyear.
Under Spanish law the status of a company executive officer who holds the position of general manager, or of senior executive (“alto directivo” in Spanish) and, at the same time, is a member of the board of directors of the company that employs them, can be confusing for foreign investors.
The judgement of the European Court of Justice (ECJ) in case C-682/15 (the "Berlioz" case), handed down within the framework of a preliminary ruling referral by the Luxembourg Administrative Court, was published on 16 May 2017.
In a recent decision by the Spanish High Court, dated 8 March 2017, the court concluded that severances paid for dismissal or termination of senior executive employment relationships could be totally or partially exempt from taxation for personal income tax (“PIT”) purposes.