Corporate&Commercial Newsletter July 2014

Law 10/2014 of 26 June, on the organisation, supervision and solvency of credit institutions was published in Spain’s Official State Gazette on 27 June. The purpose of Law 10/2014 is to continue adapting the Spanish legal system to the new provisions of the Directive 2013/36/EU and Regulation 575/2013. It combines the existing rules relating to the process for the authorisation of credit institutions, the performance of activities in other states, the acquisition of significant holdings and the rules governing the suitability of the senior management and the limits to the positions which may be held at the same time by the senior management. New provisions relating to corporate governance and remuneration policies have also been added.