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 […]
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
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 (
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
The recent outburst of mis-selling claims filed by financial products consumers against banks due to deceptive sale of certain financial products represents an important legacy of the global financial crisis. This litigation increase has taken
The current crisis that Europe and Portugal are facing is not only the result of macroeconomic changes, but also a consequence of long time wrongful social and economic choices. The Portuguese structural difficulties, mainly in
As is widely known, Spanish and Portuguese lending institutions are facing a severe liquidity crisis. Unfortunately, this is occurring at a time when an enormous amount of corporate debt is maturing.
The European Parliament and Council have finally approved the common rules on short selling and credit default swaps: Regulation (EU) No 236/2012 of the European Parliament and of the Council of March 14th, 2012.
Since 2008, financial regulation is materially affecting banking sector globally, and Spain is not isolated from this trend.
The Spanish Government has now announced the timetable and concession framework for the privatisation of Spain’s two largest airports, Madrid Barajas and Barcelona El Prat.The airports operator AENA Aeropuertos (Aena) is now set
