The recently approved Business Finance Promotion Act reforms, among other things, the legal regime governing securitisation in Spain with a view to increasing the transparency, quality and simplicity of securitisation and bringing the Spanish legal system closer to that of its European neighbours
Yesterday saw the publication in the Official State Gazette of the Business Finance Promotion Act (Ley de fomento de la financiación empresarial) which, enters into force today, 29 April 2015.
Among other things, the Act carries out a substantial reform of the legal regime governing securitisation in Spain. This Client Briefing aims to briefly explain the changes that the Act introduces in this area, which is based on three pilars:
·It addresses the regulatory dispersion existing in Spain
·It seeks to bring the Spanish legal regime closer to that of other European countries and to that end makes the operation of the funds more flexible
It strengthens the requirements in terms of transparency and investor protection
José Manuel Cuenca
Partner, Capital Markets
Eduardo García
Partner, Capital Markets
Carlos Pérez y Jesús Quesada, Capital Markets
Source: http://www.cliffordchance.com/briefings/2015/04/new_developmentsonsecuritisationinspain.html
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