Act 22/2014 of 12 November, published in the Spanish Official Journal on 13 November, regulates private investment entities (ECR), collective investment entities of a closed-ended type (EICC) and managers of collective investment entities of a closed ended type (SGEIC), and amends the Collective Investment Schemes Act 35/2003 of 4 November.
As part of the Europe 2020 strategy, the “Horizon 2020 - Framework Programme for Research and Innovation”, establishes European Union research and innovation funding for 2014-2020. Since its launch by the European Commission, the framework has been considered one of the EU key tools aimed at financial stabilisation, economic and competitive growth, sustainable development and climate action. Horizon 2020 focuses resources on three different fields of action: excellent science; industrial leadership; and societal challenges.
The draft bill on personal income tax, Impuesto sobre la Renta de las Personas Físicas (IRPF), and non-resident income tax, Impuesto sobre la Renta de No Residentes (IRNR), is going through the Senate of Spain and is expected to take effect – except for a few specific elements – from 1 January, 2015.
The Portuguese Government has adopted Decree-Law No 157/2014, of 24 October, which establishes a new national legal framework for credit institutions. This new Act amounts to an important and far-reaching revision of the existing rules for financial activities in Portugal, including revising the Portuguese Securities Code, which regulates the capital markets.
The new remuneration regime for cleantech energy resources set forth on Royal Decree 413/2014, – which has granted operators long awaited legal certainty – has brought a great deal of M&A and restructuring opportunities for clients.
Portugal has been adjusting its personal income tax regime and is now one of the front-runners to benefit from the worldwide increase in personal mobility and the dislocation of high-net-worth individuals.