European Legislation of Financial Services

- Second Council Directive 77/91/EEC of 13 December 1976 on coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent

[Spanish] - [German] - [Italian] - [Greek] - [French]

- First Council Directive 77/780/EEC of 12 December 1977 on the coordination of the laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Council Directive 88/220/EEC of 22 March 1988 amending, as regards the investment policies of certain UCITS, Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investments in transferable securities (UCITS)

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Council Directive 88/627/EEC of 12 December 1988 on the information to be published when a major holding in a listed company is acquired or disposed of

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Council Directive 89/592/EEC of 13 November 1989 coordinating regulations on insider dealing

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Council Directive 89/647/EEC of 18 December 1989 on a solvency ratio for credit institutions

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Council Directive 92/121/EEC of 21 December 1992 on the monitoring and control of large exposures of credit institutions

[Spanish] - [ German] - [Italian] - [Greek] - [French]

- Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Commission Directive 94/7/EC of 15 March 1994 adapting Council Directive 89/647/EEC on a solvency ratio for credit institutions as regards the technical definition of 'multilateral development banks' (Text with EEA relevance)

[Spanish] - [German] - [Italian] - [Greek] - [French]

- European Parliament and Council Directive 95/26/EC of 29 June 1995 amending Directives 77/780/EEC and 89/646/EEC in the field of credit institutions, Directives 73/239/EEC and 92/49/EEC in the field of non- life insurance, Directives 79/267/EEC and 92/96/EEC in the field of life assurance, Directive 93/22/EEC in the field of investment firms and Directive 85/611/EEC in the field of undertakings for collective investment in transferable securities (Ucits), with a view to reinforcing prudential supervision

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Common position (EC) No 22/2000, adopted by the Council on 28 February 2000, with a view to adopting a Directive 2000/.../EC of the European Parliament and of the Council, of ... on certain legal aspects of information society services, in particular electronic commerce, in the internal market

::PDF::

[Spanish]

- Directive 2000/31/EC of the European Parliament and of the Council of 8 June 2000 on certain legal aspects of information society services, in particular electronic commerce, in the Internal Market ('Directive on electronic commerce')

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Directive 2000/34/EC of the European Parliament and of the Council of 22 June 2000 amending Council Directive 93/104/EC concerning certain aspects of the organisation of working time to cover sectors and activities excluded from that Directive

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Directive 2001/107/EC of the European Parliament and of the Council of 21 January 2002 amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) with a view to regulating management companies and simplified brochures

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services and amending Council Directive 90/619/EEC and Directives 97/7/EC and 98/27/EC

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse)

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the brochures to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC (Text with EEA relevance)

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Commission Directive 2003/124/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation (Text with EEA relevance)

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest (Text with EEA relevance)

[Spanish] - [German] - [Italian] - [Greek] - [French]

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Directive 2004/25/EC of the European Parliament and of the Council of 21 april 2004 on takeover bids (Text with EEA relevance)

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Commission Directive 2004/72/EC of 29 April 2004 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers' transactions and the notification of suspicious transactions (Text with EEA relevance)

[Spanish] - [German] - [Italian] - [Greek] - [French]

- 2001/527/EC: Commission Decision of 6 June 2001 establishing the Committee of European Securities Regulators (Text with EEA relevance) (notified under document number C(2001) 1501)

[Spanish] - [German] - [Italian] - [Greek] - [French]

- 2001/528/EC: Commission Decision of 6 June 2001 establishing the European Securities Committee (Text with EEA relevance) (notified under document number C(2001) 1493)

[Spanish] - [German] - [Italian] - [Greek] - [French]

- Green paper on European Union Consumer Protection, COM/2001/0531 final

[Spanish]

- Communication from the Commission - Follow-up Communication to the Green Paper on EU Consumer Protection, COM/2002/0289 final

[Spanish]

- Communication from the Commission to the European Parliament, the Council,the Economic and Social Committee and the Committee of the Regions - Consumer Policy Strategy 2002-2006, COM/2002/0208 final

[Spanish]

- 2003/165/EC: Council Decision of 18 February 2003 concerning the establishment of the Financial Services Committee

[Spanish] - [German] - [Italian] - [Greek] - [French]

Spanish Legislation of Financial Services

- Law 24/1988, of 28 July 1988, of Stock Market (modified by Law 37/1998, of 16 November 1998).

- Law 26/ 1988 of 29 July 1998, of discipline and intervention of the credit institutions.

- Law 22/93, of 29 December 1993, of fiscal measures, reform of the legal regime of the public function and protection by unemployment. Special rates for such categories.

- Law 13/1994 of 1 June 1994, of autonomy of the Bank of Spain.

- Law 9/1999, of 12 April, about the juridical regime of bank transfers between Member States of the European Union

- Law 44/2002, of 22 November, of measures of reform of financial system.

- Law 19/2003, of 4 July, of the juridical regime of capital movement and economic transactions abroad, and of determined measures of prevention of money laundering.

- Law 26/2003 of 17 July, that modifies the Law 24/1988, of 28 July, of Stock Market and the rewritten text of Law of Limited Liability Companies approved by the legislative royal decree 1564/1989 of 22 December, with the purpose of reinforce the transparency of quoting Limited Liability Companies.

- Law 35/2003 of 4 November. Collective Investment Organizations.

- Royal Decree 664/1990, of 25 May, about participation shares of Saving Banks.

- Royal Decree 1393/1990, of 2 November, that approves the Regulations of the Law 46/1984, of 26 December, that regulates Collective Investment Organizations.

- Royal Decree 377/1991, of 15 March, about communication of significant shares in quoting companies and of the adquisition of them by their own shares.

- Royal Decree 1197/1991, of 26 July, of the regime of share offerse.

- Royal Decree 1814/1991, of 20 December, that regulates the stock market of futures and options (modified by the R.D. 2590/1998, of 7 December, about modification of the juridical regime of the stock market).

- Royal Decree 291/1992, of 27 March, of share issuing and offers (modified by the Royal Decree 2590/1998 of 7 December, of modifications of the juridical regime of the stock market and by the Royal Decree 705/2002, of 19 July that regulates the authourization of the national debt issuing by city corporations).

- Royal Decree 629/1993, of 3 May, of behaviour rules in the stock market and compulsory registers.

- Royal Decree 1732/1998, of 31 July, of applicable rates over activities and services supplied by the Spanish Comisión Nacional del Mercado de Valores.

- Royal Decree 215 /1999, of 5 February, that modifies the regulations of Pension Plans and Funds, of Companies Tax, Value Added Tax and other taxation rules.

- Royal Decree 867/2001, of 20 July, of the Juridial Regime of Investment Service Companies.

- Order of 26 July of 1989 that developes the article 86 of the Stock Market Law.

- Order of 20 December of 1990 that developes partially the Regulation of the Law 46/1984, of 26 December, that regulates the Collective Investment Institutions, enabling the Comisión Nacional del Mercado de Valores to set arrangements of information and accountability rules of the Collective Investment Institutions.

- Order of 18 January of 1991 about public periodical information of the institutions that issue equities that quote in the Stock Market.

- Order of 26 February of 1991 of investments of Collective Investment Institutions on Mortgage market equities.

- Order of 23 April of 1991 that developes the Royal Decree 377/1991 about communication of significant shares in quoting companies and of the adquisition of them by their own shares.

- Order of 31 July of 1991 about loan transfer of equities by the Collective Investment Institutions and regime of company assets, of accounts information of the Firms that manage Collective Investment Institutions.

- Ministerial Order of 5 December of 1991, of special stock market operations.

- Ministerial Order of 30 July of 1992 about the accuracy of functions and obligation of depositaries, statement of account and significant shares in Collective Investment Institutions.

- Order of 18 December of 1992 about Equities issuing by non-residents.

- Order of 11 May of 1993, that approves the modification of the Regulation of the Market of fixed-interest bonds, of the Association of Brokers of Financial Assets (AIAF) and their statutes.

- Order of 12 July of 1993, of informative prospectuss and other developments of the Royal Decree 291/1992, of 27 March, of issuing and Share Offers.

- Order of 24 September of 1993, of funds and real state investment institutions (repealled partially by the RD 845/1999 of 21 May).

- Order of 14 June 1995, that approves the compulsory form of informative document of the Limited Liability Companies in relation with operations performed over their own shares.

- Ministerial Order of 25 October of 1995, of partial development of the Royal Decree 629/1993, of 3 May, of behaviour rules in the stock market and compulsory registers.

- Order of 23 April of 1997, that specifies determined aspects regarding with safety measures, in observance of the Regulation of private security.

- Order of 23 April of 1998, that modifies the Order of 12 July of 1993, of informative prospectuss and other developments of the Royal Decree 291/1992, of 27 March, of issuing and Share Offers.

- Order of 4 June of 1998, that regulates determined aspects of the tax collection that represents a right of theTreasury.

- Order of 28 May of 1999, that develops the article 25 of the Law 24/1988, of 28 July, of the Stock Market.

- Order of 7 October of 1999 of development of the general behaviour code and regulations in investment portfolio management.

- Ministerial Order of 16 November of 2000 that develops the Law 9/1999, of 12 April, juridical regime of the bank transfer between member States of the European Union.

- Order of 18 April of 2001 of explanatory prospectuss, quarterly reports and information obligations of the Collective Investment Institutions.

- Order of 14 November of 2001, that enables the CNMV (Comisión Nacional del Mercado de Valores) to dictate regulations that develop the Royal Decree 948/2001, of 3 August, of System of indemnity of investors.

- Order of 11 December of 2001 that modifies the Order of 4 June of 1998, that regulates determined determined aspects of the tax collection that represents a right of theTreasury.

- Order HAC/729/2003, of 28 March, that stablish the assumptions and general conditions for payment by telematic way ot the taxes that represent resources of the State General Administration and their Public Bodies.

- Circular 5/1989, of 25 October, of the CNMV (Comisión Nacional del Mercado de Valores), of communication and spreading of informations regarding with Equities Companies.

- Circular 9/1989, of 20 December, of the CNMV (Comisión Nacional del Mercado de Valores), of auditing of Equities Companies.

- Circular 8/1990, of 27 December, of the CNMV (Comisión Nacional del Mercado de Valores), of the determination of liquidation value of the Securities Investment Funds and operating rates and investment limits of the Collective Investment Institutions.

- Circular 1/1991, of 23 January, of the CNMV (Comisión Nacional del Mercado de Valores), of the contents of quarterly reports of Collective Investments Institutions to their partners and shareholders.

- Circular 2/1991 of 24 April, of the CNMV (Comisión Nacional del Mercado de Valores), that approves the model of communication of significant shares in quoting companies and of the adquisition of them by their own shares.

- Circular 3/1991, of the CNMV (Comisión Nacional del Mercado de Valores), of 18 December, of special stock market operations..

- Circular 2/1992, of 15 July, of the CNMV (Comisión Nacional del Mercado de Valores), of accountancy rules, reserved and public forms of the financial statements, statistical information and annual accounts of public character of the Societies that governs the official markets of futures and options. .

- Circular 2/1993, of 3 of March of 1993, of the CNMV (Comisión Nacional del Mercado de Valores), of information of foreign Collective Investment Institutions that have registered at the CNMB the prospectus that offers their participations or shares.

- Circular 3/1993, of 29 December, of the CNMV (Comisión Nacional del Mercado de Valores), about the register of operations and order justification files.

- Circular 2/1994, of 16 March, of the CNMV (Comisión Nacional del Mercado de Valores) that approves the model of informative prospectus for the mortgage securities funds constitution.

- Circular 3/1994, of 8 June, of the CNMV (Comisión Nacional del Mercado de Valores), that modifies the models of periodical public information of institutions that issue equities that quote at the Stock Market.

- Circular 4/1994, of 14 December 1994, of the CNMV (Comisión Nacional del Mercado de Valores) , about accountancy rules, information obligation, determination of the liquidation value and rates of investment, operations and behaviours at the real state valuation of the Companies and Funds of Real State Investment.

- Circular 3/1997, of 29 de julio, of the CNMV (Comisión Nacional del Mercado de Valores) , about obligationso of information to partners and shareholders of Collective Investment Institutions of financial character and determined developments of the Ministerial Order of 10 June of 1997 of operations of these institutions in derivative products. ( modified by the Circular 1/2001 of 18 April, of the CNMV, of models of explanatory prospectuss of the collective investment institutions)..

- Circular 4/1997, of 26 November, of the CNMV (Comisión Nacional del Mercado de Valores), of criteria of valuation and conditions of collective investment in non quoting securites, (modified by the Circular 1/2001 of 18 April, of the CNMV, of models of explanatory prospectuss of the collective investment institutions).

- Circular 3/1998, of 22 September of the CNMV (Comisión Nacional del Mercado de Valores), of operations and derivative products of the Collective Investment (Modified by the Circular 1/2001 of 18 April, of the CNMV of models of explanatory prospectuss of collective investment institutions).

- Circular 5/1998, of 4 November, of the CNMV (Comisión Nacional del Mercado de Valores), of representatives of Equities Companies and Portfolio Managing Companies.

- Circular 2/1999, of 22 April, of the CNMV (Comisión Nacional del Mercado de Valores), that approves determined models of prospectuss that are used in issuing or share offers.

- Circular 2/2000, of 30 May, of the CNMV (Comisión Nacional del Mercado de Valores), of standardized models of typical contracts of discretionary and individualised management of investment portfolio and other developments of the ministerial order of 7 October of 1999 of development of the general code of behaviour and behaviour rules in the management of investment portfolio.

- Circular 4/2000, of 2 August, of the CNMV (Comisión Nacional del Mercado de Valores), that stablishes the model of Communications of Option Rights and the Remuneration Systems for Managers and Executives in quoting companies.

- Circular 1/2001, of 1 May, of the CNMV (Comisión Nacional del Mercado de Valores) of models of explanatory prospectuss of the Collective Investment Institutions.

- Circular 6/2002, of 20 November, of the Bank of Spain. Information about agents of credit institutions and agreements held to the regular supply of financial services.

- Circular 2/2002, of 27 November, of the CNMV (Comisión Nacional del Mercado de Valores), that modifies the Circular 3/1994, of 8 June, that modifies the models of periodical public information of institutions that issue securities that quote at the stock market.

- Technical regulation 1/1998, of 16 December, of the CNMV (Comisión Nacional del Mercado de Valores), of its functions of codification of quoting equities and other products of financial nature, abour the codes structure.

- Internal regulation of the Bank of Spain. Resolution of 28 March of 2000, of the Board of the Bank of Spain, that approves the internal regulations of the Bank of Spain.