Insights

• The CJEU concludes that the consequences of non-compliance with the obligation to file “Form 720” are contrary to the free movement of capital

  3 February 2022

  The CJEU has concluded that the consequences of the Spanish legislation governing the obligation of tax residents in Spain to declare their assets or rights situated abroad – “Form 720” – are not compatible with EU law

  Javier Vinuesa Magnet

  Pilar Álvarez Barbeito

• Inside Information and Quarterly Financial Statements: CNMV Communication of 13 October 2021

  18 October 2021

  The CNMV notes in this communication that, although there are no closed periods in respect of the voluntary publication by issuers of the quarterly financial report, this report may contain inside information, in which case the Market Abuse Regulation applies

  Reyes Palá Laguna

• Radio spectrum (700 MHz band) auctioned for 5G technology development in Spain

  1 June 2021

  Publication of Order ETD/534/2021, of 26 May, approving the technical specifications and the terms and criteria for award by auction of concessions for the non-shared use of the radio spectrum in the 700 MHz band and giving notice of the relevant auction

  Ana I. Mendoza Losana

• Forthcoming award of up to 40-year radio spectrum licences for 5G networks

  19 May 2021

  State-owned property concession period extension: Royal Decree-law 7/2021 (RDL 7/2021) allows the award of licences to use the radio spectrum for a minimum period of twenty years, extendable up to a maximum of forty years

  Ana I. Mendoza Losana

• New legislation affecting the restructuring of ICO –guaranteed loans– basic principles

  15 March 2021

  The Government has defined certain parameters for the restructuring of ICO-guaranteed facilities, which are hereby described. Details should be decided later by the Cabinet of Ministers

  Miguel Lamo de Espinosa Abarca

• Enforceability of UK judgments in Spain following the EU-UK Trade and Cooperation Agreement

  18 January 2021

  UK judgments handed down in proceedings initiated after 31 December 2020 will no longer be recognised in Spain in application of European legislation, but in application of domestic rules and regulations. In the case of judgments which have hitherto fallen within the scope of the Brussels I bis Regulation, the International Legal Cooperation in Civil Matters Act (Ley 29/2015, de 30 de julio, de cooperación jurídica internacional en materia civil) will have to be applied.

  Elisa Torralba Mendiola

• Administrative liability of the members of a listed company’s audit committee for serious errors or inaccuracies in the audited annual accounts

  13 November 2020

  The Supreme Court's judgment of 8 October 2020 confirms the administrative liability of Audit Committee members for the inaccuracy or lack of veracity of consolidated annual accounts that have been externally audited

  Reyes Palá Laguna

• The CNMC publishes compliance programme assessment criteria for the purposes of mitigation of liability in the event of investigation and of avoidance of the prohibition of contracting with the public administration

  16 June 2020

  The Spanish Markets and Competition Authority has published a "Guide to competition compliance programmes".

  Ricardo Alonso Soto

• Amendment of the proposed allocation of profits by listed companies following the situation caused by COVID-19 (new Art. 41 RDL 8/2020)

  8 April 2020

  Royal Decree-law 11/2020 amends Art. 41 of Royal Decree-law 8/2020 to include a new third sub-article on the possibility of amending the proposed allocation of profits contained in the 2019 annual accounts.

  Reyes Palá Laguna