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Reforms to Spanish insolvency law - Herbert Smith Freehills

Act 9/2015, of 25 May, regarding urgent measures on insolvency, entered into force in Spain on 27 May, 2015, thus concluding the process of giving Royal Decree Law 11/2014, of 5 September, the status of an Act. That Royal Decree Law, approved in September 2014, made considerable changes to the former Spanish Insolvency Act 22/2003, of 9 July (the "Insolvency Act").


Two judgments on cancelling investment product contracts - Squire Patton Boggs

As a result of the financial crisis and the losses derived from investments, as well as certain poor banking practices, invalidity actions against investment products contracted by consumers with banks have proliferated widely. Usually, the actions for annulment have been based on the error of consent as well as on the violation of the rules of the Securities Market Act and the General Law on Consumers and Users


New ruling on licensing for construction projects - pbbr

The recently published Government Ruling nr. 113/2015, dated 22 April, identifies the elements needed for instructions related to several procedures foreseen in the legal framework for the licensing of urban and construction operations – notably construction, reconstruction, modification, conservation, demolition or infrastructure works, or other urban procedures, such as plot divisions. The legal framework (the RJUE) corresponds to Decree-Law nr. 555/99, as amended on numerous occasions – most recently in September 2014 – which came into force in January 2015.


New CJEU ruling on collective redundancies - Bird & Bird

The Court of Justice of the European Union (CJEU) has issued an important ruling, dated 13 May, 2015, regarding the collision between Spanish legislation on collective redundancies and the contents of Directive (EC) 98/59 on the approximation of the laws of the Member States relating to collective redundancies(hereinafter, the "Directive 98/59").


New single environmental licensing regime - VdA

Following the conclusion, in May 2014, of the Programme of Economic and Financial Assistance (involving the International Monetary Fund, the European Commission and the European Central Bank), the Portuguese Government launched the ´Green Growth Strategy´ and recently approved the ´Green Growth Commitment´, which aims to link economic growth with responsible and sustainable economic behaviour.


New act aims to foster greater corporate transparency - Roca Junyent

On 3 December, 2014, Law 31/2014 (the ‘Act’), which modifies the Corporate Enterprises Act to improve corporate governance was approved. The Act, which was published in the Official State Gazette on 4 December, became effective – with the exception of the specific instructions for certain precepts of its transitional provision – on 24 December, 2014. One of its main objectives is to foster transparency in corporate enterprises and improvements in corporate governance. In this way, the legislator tries to generate value in companies, improve economic efficiency, and strengthen the confidence of the investors.


New code aims to harmonise governance guidelines - Roca Junyent

On 24 February 2015, the Spanish National Securities Market Commission, Comisión Nacional del Mercado de Valores (CNMV), published the new Unified Good Governance Code for listed companies, drafted by a group of experts created especially for this purpose. The objective of the code is to harmonise and update the recommendations in the Olivencia and Aldama reports and the 2006 code of good governance for listed companies, as well as make additional recommendations deemed necessary.


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