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By Florentino Carreño
Following a process taking more than one year, the new Collective Investment Institutions Regulation (subsequently the "Regulation"), intended to modernize the Spanish industry, was approved on November 4, 2005.
In Spain, Savings Banks are subject to the same regulatory treatment as other credit companies, insofar as their operations are concerned. However, as for their configuration, Saving Banks present a number of particularities, such as the obligation to allocate a high percentage of the profits they generate to financing social projects (the reason being their status of not-for-profit organizations) and their regional roots. These justify the existence of differences in their legal framework.
By Florentino Carreño
Law 19/2003, published in the Spanish Official Gazette dated 5th July 2003, includes in its Third Additional Disposition the normative that, amending Spanish Law 13/1985 on investment coefficients, equity and information obligation of financial intermediaries, rules preferred securities under Spanish legislation
By Florentino Carreño
Due to the increase of the number of banking contracts signed in Spain, there has been an important development in the general conditions used in these contracts, specially regarding the protection given to consumers of banking services.
By Florentino Carreño
Banking industry in Spain represents, in relation to the size of the Spanish economy as a whole, a quite large sector which has increasingly grown during the last 10-15 years, prompted, amongst others, by a few remarkable mergers between some of the largest banks in the late nineties, and a progressive investment policy of such entities abroad, specially in South America, where major Spanish banks have consolidated their positions at the head of important banking markets.
By Florentino Carreño
On July 5, 2003, Law 19/2003 on the legal system governing capital movements and financial transactions with other countries and on certain measures for preventing money laundering (the "Law") was published in the Official Gazette.
By Jorge Llevat, Jorge Llevat
By Emil Castro, Emil Castro