Garrigues Newsletter nº 27
New Legislation in Spain and Portugal
LEGISLATION
1. SPAIN
1.1 Labor & Employment
1.1.1 Urgent measures to reform the labor market
1.2 Tax
1.2.1 Important tax news
1.3 Corporate
1.3.1 Simplification of the reporting and documentation requirements for mergers
and divisions at enterprises
1.3.2 Mortgage reform: protection of low-income debtors
1.3.3 Temporary suspension of premiums for new special-regime facilities
1.4 Capital Markets
1.4.1 Financial Industry Reform
1.4.2 Requirements and procedure for application for government guarantees for
credit institutions’ debt issues, to help credit institutions gain access to the
capital markets
1.4.3 Changes to certain financial regulations on the powers of the European
Supervisory Authorities
1.5 Shipping
1.5.1 Changes to the vessel traffic monitoring and information system
COURT CASES AND RULINGS
1. SPAIN
1.1 Tax
1.1.1 New slant in supreme court judgment on permanent establishments
1.1.2 View of Directorate-General of Taxes on services provided between Spanish
and Danish companies
1.2 Corporate
1.2.1 Data protection: supreme court judgment of February 8, 2012
1.3 Labor & Employment
1.3.1 Being excluded from application or interpretation committees is not a
breach of labor union freedom
1.4 Restructuring & Insolvency
1.4.1 Opening of the assessment section in insolvency proceedings following the
insolvency law reform
1.5 Antitrust
1.5.1 The CNC fines two companies for breach of their notification duty
regarding a merger in the automotive component stamping industry
1.5.2 Penalty for abuse of a dominant position
1.5.3 The CNC fines several cement companies over €11 million in total for
taking part in a cartel
1.6 Environment
1.6.1 Restrictions on setting maximum emissions values in a comprehensive
environmental permit
1.7 Shipping
1.7.1 The Supreme Court confirms that the pirates who participated in the
hijacking of the Alakrana fishing vessel are not terrorists
OTHER NEWS
1. SPAIN
1.1 Capital Markets
1.1.1 Decision of the Spanish National Securities Market Commission to lift the
precautionary ban on creating or increasing net short positions on Spanish
shares in the financial industry
1.1.2 New changes to the rules on notification of cross-border economic
transactions
1.1.3 Changes to public and confidential financial reporting rules and financial
statement formats
1.2 Corporate
1.2.1 Conditions for the new debt transactions of autonomous communities that
apply for the ICO-CCAA 2012 direct facility
1.3 Tax
1.3.1 Modifications to the mutual assistance framework
EU News
1. FAVORABLE OPINION FROM EUROPEAN ECONOMIC AND SOCIAL
COMMITTEE ON PROPOSED DIRECTIVE ON COMMON CONSOLIDATED
CORPORATE TAX BASE
2. CODIFICATION OF THE LEGISLATIVE FRAMEWORK ON THE ASSESSMENT
OF THE ENVIRONMENTAL EFFECTS OF CERTAIN PUBLIC AND PRIVATE
PROJECTS
Garrigues in the News
1. GARRIGUES, BEST SPANISH LAW FIRM TO WORK FOR IN SPAIN
2. GARRIGUES PICKS UP AWARDS FOR BEST PROJECT FINANCE DEALS
3. GARRIGUES PUBLISHES A GUIDE TO THE LABOR MARKET REFORM