Mercantil
COVID-19: Approval of measures in relation to non-residential leases
The Official State Bulletin of December 23, 2020 carried notice of Royal Decree-Law 35/2020, of December 22, 2020, on urgent measures to support the tourism and hotel industries and trade and in relation to tax matters (RDL 35/2020), articles 1 through 6 of which include certain measures affecting non-residential lease agreements.COVID-19: Review of the year that changed everything and trends for 2021
2020 has been a year like no other. The world health emergency caused by the spread of COVID-19 and the resulting declaration of a state of emergency (lockdown) in Spain in March 2020 brought an unprecedented whirl of legislative activity. Companies have now been placed in an uncertain scenario where decision-making is the key to the future survival of their businesses. Over these months the Garrigues Special COVID-19 team have tried to provide answers to many of the questions that have arisen in the new context. Now that this traumatic 2020 is drawing to an end, we review and look back on the main legal matters of the year, from every angle of business law, while looking towards 2021 and picking out the most important trends to watch in the new year.Digital Services Act: The European Commission proposes a new regulatory framework for the Internet
The European Commission has just published its proposal to regulate digital services in two texts which even it considers ambitious: the Proposal for a Regulation on Digital Markets (analyzed here) and the Proposal on a Regulation for Digital Services (DSA) which we address below. In forthcoming articles, we will take a close look at the many changes that lie ahead. Today, by way of introduction, we provide a summary of the main obligations (and rights) contained in the Proposal for a Regulation on Digital Services.Digital Markets Act: The European Commission proposes the creation of new rules aimed at large platforms
Together with the proposal for a Digital Services Act (see here), the European Commission has proposed a new regulatory regime applicable to certain platforms that provide digital services (Digital Markets Act, or DMA). The approval of these rules will involve substantial changes in the business models of a number of companies and will have a significant impact on how competition plays out in digital markets.Cross-border bank mergers in Europe (II): The unique peculiar features of the law in each country
Keeping our legal sight on the obstacles or difficulties for cross-border mergers which we started looking at in the previous article in this series, we cannot overlook that the laws of every state retain their own peculiar characteristics, a few of which are deep rooted although little known beyond their borders, which may place boulders in the path that are hard or impossible to move round.COVID-19: Extension of the term for the granting of ICO guarantee facilities relating to commercial paper notes traded on MARF and increase of the market capitalization threshold determining the obligation to list shares on a regulated market
Royal Decree-Law 34/2020, of November 17, 2020, on urgent measures to support business solvency and the energy sector, and on tax matters (RDL 34/2020), published in the Official State Gazette (BOE) on 18 November 2020, further extends the term for the granting of ICO guarantee facilities relating to commercial paper notes traded on the Spanish Alternative Fixed Income Market (MARF) and introduces amendments to the Spanish Securities Market Law.COVID-19: Remote attendance at meetings of corporate bodies extended until December 31, 2021
The November 18, 2020 edition of the Official State Gazette (BOE) published Royal Decree-Law 34/2020, of November 17, 2020, on urgent measures to support the solvency of businesses and support the energy sector, as well as in the tax field. Approved measures include an extension until December 31, 2021 of remote attendance at meetings of the corporate bodies of capital companies (defined as all those governed by Legislative Royal Decree 1/2010, of July 2, 2010), civil-law partnerships (sociedad civil), cooperative companies, associations and foundations.COVID-19: The suspension regime for direct foreign investments in Spain is amended further
Royal Decree-Law 34/2020, of November 17, 2020, on urgent measures to support the solvency of businesses and support the energy sector, and in the tax field (“RDL 34/2020”) published in the Official State Gazette (BOE) on November 18, 2020, broadens the suspension regime to include investments from the European Union or European Free Trade Association countries and amends certain components of the suspension of the deregulation regime for other direct foreign investments. The new legislation will come into force on November 19, 2010.Cross-border bank mergers in Europe (I): Why are they not here yet?
There has been much talk about cross-border bank mergers in Europe, but so far none have happened or appear to be imminent. A few years ago Garrigues recommended that banks watch out for them in the future. Now the European supervisors are calling for them to be carried out and even trying to make them easier. But for the time being the bank concentration process is still taking place within each member state. This is currently being seen in Italy, with the acquisition of UBI Banca by Intesa Sanpaolo, and in Spain, with the merger of Caixabank and Bankia. It is not happening across borders. In this series of three articles we will try to identify and reflect on a number of legal factors that may partly explain this situation.