The IEB has prepared the report “Six regulatory changes that mark the legislative roadmap for 2022”, in which legal experts from the faculty analyze the evolution of various areas and issues that are marking the current legal situation in Spain and that will be the subject of reflection and knowledge in the coming months, such as sustainability, crypto assets, commercial companies for one euro, the reform of the concept of disability, the new Pension Law and floor clauses.

Professors Jesús Mardomingo, José María Viñals, Alejandro Rosillo, Ramón Hernández and Jesús Pérez; give their vision through a compendium of articles to highlight the importance of these six legislative changes in their respective fields:

1. Sustainability: “Green MiFID comes to intensify in the players of the investment services industry the sensitivity of their activity when it comes to collecting the preferences of their clients, now including those related to sustainability, environment and governance (ESG). And it does so by establishing new obligations”, says Jesús Mardomingo, director of the IEB Sustainability and Innovation Area.

2. Trading companies for one euro: “Well, it seems that the classic concept of limited liability company has been distorted in an “involuntary” way. Not in vain, if the partners have to respond with their personal assets – even up to an amount “x” – the concept of liability “limited” to the capital contributed or committed to contribute would be eliminated “de facto”, explains Alejandro Rosillo, Professor of Law and Business Administration degrees at IEB.

3. Crypto assets: “In 2013, Spain was the first European country to seize bitcoins. It was then that justice recognized the increasingly frequent fact that criminals carry out operations through crypto assets. […] FinTech companies currently face the challenges generated in terms of crimes in cyber space. Its new objective is to remodel the necessary compliance procedures to continue promoting innovation without abandoning its legal obligations. The vulnerability of this sector, in particular, materializes in its greatest strength, immediacy”, emphasizes José María Viñals Camallonga, professor of the Specialized Program in Blockchain and Digital Innovation at the IEB.

4. Floor clauses: “Several Courts have sentenced banks to return what was paid by floor clauses from the date of the loan, although in a previous process they have only been sentenced to return the amounts paid from May 9, 2013. […] It is foreseeable that, in the short term, claims of this type will increase significantly. The prosperity of these claims, however, must be carefully assessed in each case”, says Ramón Hernández, professor of the Master in Stock Exchange and Financial Markets at the IEB.

5. Pension Law: “The existing regulation regarding pension plans and funds should be promoted and improved, relying on direct negotiation between workers and companies, improving tax incentives and increasing competition in the management of these savings vehicles, facilitating pension plans pensions contact international pension fund managers so that they manage their employment pension plan”, says Jesús Pérez, professor of the IEB Financial Planning Management Program.

6. Fundamental Rights: The transformation of the concept of disability “has meant a transcendental change in our legal system […]. In a true “Social State” the real and not merely nominal integration of all the subjects that make it up, must be an inalienable objective, without the public powers being able to make excuses”, emphasizes Alejandro Rosillo, professor of the degrees of Law and ADE of the IEB.

Consult the legal monograph of the IEB.