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Effects of Brexit: Challenges and Opportunities for the Spanish Economy

The Spanish Government has assembled a team of legal experts to draft a Guide to promote investment in Spain post Brexit. The Guide is a Code comprising all the legal requirements concerning the financial markets. This includes commercial and taxation laws, aiming at attracting companies from the City of London who after Brexit are likely to need to relocate part of their business to an EU Member State.

Among the experts is Alfonso Martínez-Echevarría, a senior legal adviser to a Spanish top law firm who are also associates of Citizens advice Spain. Alfonso is Full Professor of Commercial Law and Director of the Institute of Financial Markets Law at University CEU San Pablo in Madrid. He has been in charge of selecting the most relevant Spanish legislation and exposing it following a systematic approach.

The document, entitled “Code of Markets, Entities and Financial Operations” is available online and unifies wide areas of the law such as: Securities market, Companies Registry, Land Registry, Auditing, Public offers of Acquisition, Companies Law, Regulation of Capital, Companies and Succession, Banking supervision, regulation, and Distribution of financial products.

Some Spanish newspapers such as ABC and Expansion have published articles on this online Code and interviewed Alfonso on the advantages of relocating into Spain, at least part of the business now conducted in London, in order to keep the European passport for financial services.

Although the aim of the publication of this Code is to make Madrid as appealing as Paris or Frankfurt to big financial companies in the post-Brexit context, the extensive work done will also be of benefit to law firms which have always maintained a clear pro-consumer outlook in the financial, banking, commercial, and real estate sectors of the Spanish economy.

Author: Miguel Checa Martínez
Senior Legal Adviser

Please note: The information provided is based upon our understanding of current legislation. It is not legal advice but is provided freely to enable you to be properly informed. We recommend that if you are considering taking action, you should seek professional advice.

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