Law 22/2003, regarding insolvency, has been a hallmark piece of legislation in terms of legal doctrine, precedence and legislation, both with regards to its application and its various modifications, which have adapted to Spanish economic realities. It aimed to systematise and modernise the existing insolvency laws, but the economic context has changed drastically.
The Portuguese Stock Exchange Commission has issued new regulations concerning equity investment and financing in relation to crowdfunding. These regulations are not in force yet as new regulations concerning its criminal regime are required for that purpose. These rules will contribute to the increased use of crowdfunding as a financial tool. Crowdfunding can be useful for the financing of new projects and ideas, which are still critical in the Portuguese market, especially for start–ups.
Europe is in the midst of economic, political and social turmoil. Brexit, the migrant crisis, the sovereign debt crisis and anti-European Union (EU) parties winning support in several countries bringing uncertainty. Despite the presence of political strategies capable of defending the European project, there is a business perspective that should be considered.
On 23 June the British will have their say on whether or not to remain in the European Union ("EU"). In the event the referendum is won by the leave camp and the UK withdraws from the EU (what is popularly termed Brexit), it will raise several key questions for markets such as that of financial services, where Community rules and the European supervisory authorities play a vital role.
In 2015, the Portuguese Parliament passed Law no. 18/2015, which reviewed the legal framework of venture capital and established, for the first time, the rules of social entrepreneurship and specialised alternative investment in Portugal, by partially transposing Directives no. 2011/61/EU and 2013/14/EU, and assuring the enforcement of EU Regulations no. 345/2013 and 346/2013 in the Portuguese legal system.
The enhanced due diligence measures required for non-face-to-face transactions under the Spanish Anti-Money Laundering (AML) regulations are not suitable for all types of business relationships or transactions, and may create additional hurdles for the obliged subject, since (i) not all the customers have the electronic signature or (ii) the customer’s first payment does not always take place at the beginning of the relationship, let alone the hard copy of identification documents which totally distorts the nature of online transactions.
The Portuguese government recently enacted Directive 2013/30/EU of the European Parliament and of the Council of 12 June 2013 on the safety of offshore oil and gas operations and amended Directive 2004/35/EC regarding environmental liability.