Spain was lauded for its regulatory regime (by The Economist, among others) when the financial crisis first broke. Rules against off-balance sheet vehicles protected the country’s banks from America’s subprime bust. A system of “dynamic provisioning” allowed them to put money aside for expected losses before they started to be incurred. A peer review of Spain by the Financial Stability Board, published yesterday, repeats some of this praise.

The Ministry of Justice recently drafted new legislation to amend the Insolvency Law.

Welcome to the fifth edition of this publication which has been compiled by the Salans Global Corporate Group comprising experienced lawyers from each of our 22 offices. Previous editions have dealt with: the establishment of companies and partnerships in key jurisdictions; the use of warranties in international acquisitions; the issue and transfer of securities in key jurisdictions;and governmental approvals and third party consents in corporate transactions.