Financial Regulatory

Our Financial Regulatory Area has broad experience advising regulatory aspects of financial institutions supervised by the Bank of Spain (BoS), the Spanish National Securities Market Commission (CNMV) and the General Directorate of Insurance and Pension Funds (DGSFP).

Examples of that are credit institutions, listed companies, insurance companies, investment services companies, collective investment undertaking and venture capital management companies and other regulated entities.

Our advice includes preparing queries and responses to requests for information by supervisory bodies, as well as assistance in inspection procedures in disciplinary proceedings initiated by such bodies.

We perform a detailed review of all domestic and European regulation being prepared, as well as of all criteria issued by the European supervisory bodies (European Central Bank, EBA, ESMA, EIOPA). That way our clients know beforehand the impact future regulations will have on their activity.
We give training courses and informative talks on regulatory updates that entail additional obligations for companies.
We work closely with international and European firms, which allows us to provide advice on financial regulations and their impact in various countries.

Areas of action

1. Creation of companies subject to supervision by the CNMV, BoS and DGSFP. Companies domiciled in Spain, branches and companies freely providing services.

2. Codes of conduct which companies are subject to ensure protection of investors, policyholders and depositors of credit institutions.

— Due diligence obligations, transparency
— Conflicts of interest
— Design and sale of financial products
— Reporting requirements to clients (notices)
— Evaluation of the suitability and appropriateness of clients
— Staff compensation
— Independent advice, incentives
— Management and execution of client orders
— Staff training

3. Solvency rules for companies

— Structure and needs of regulatory capital
— Impact of company transactions on regulatory capital
— Assistance with preparing recovery and resolution plans of credit institutions and investment services companies in recovery and resolution processes

4. Market

— Market abuse: dissemination of privileged information, dissemination of other important information, notification of suspicious transactions
— Advice on the preparation of financial information, non-financial information and corporate information to be sent to supervisory bodies
— Opinions on accounting criteria that must be applied by companies

5. Company transactions

— Regulatory advice on capital increases, structural modifications, takeover bids, stock market and BME Growth flotations, issuances of debt or securitisation funds

6. Sustainability and Corporate Governance

— Advising financial institutions on how to report on the pre-contractual documentation given to investors, on annual reports and on websites, on the integration of sustainability risks in their activity (Regulation (EU) on sustainability‐related disclosures in the financial services sector)

— Advice on compliance with corporate governance regulations, particularly on good governance codes of listed companies. Integration of sustainability policies on boards of directors and preparation of non-financial information. Advising Auditing Committees.

7. Fintech

Application of new Technologies in the financial industry, in particular assistance with and presentation of sandbox projects established by the Digital Transformation Law 7/2020.

8. Assistance with proceedings with regulators and supervisory bodies and sending of information

— Requests for information, queries, inspections, disciplinary proceedings
— Notification of significant shareholdings

See team

Key Contacts

Ana María Martínez-Pina

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