Spain updates its laws to comply with pending EU rules

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1. Amends the payments and securities settlement law to align the definition of finality and irrevocability of transfer orders with the European securities settlement platform TARGET2-Securities, which the Spanish central securities depository joins in September 2017, and to regulate the effect of insolvency proceedings on guarantees in payment systems.
2. Allows the securities market supervisor to suspend voting rights attached to shares when the company has failed to report significant share acquisitions.
3. Adds a new title to the Competition Act governing how to claim damages caused by practices that restrict competition: violators must pay compensation, full compensation is recognized, and damage claims expire after five years.
4. Regulates access to evidence in civil procedure for these cases: the court may order the defendant or a third party to disclose relevant evidence, with proportionality limits and protection of confidential information, and provides for fines if access is obstructed.
5. Strengthens the traceability of human cells and tissues through a single European code, and requires imports to go through authorized tissue establishments, with written agreements with third-country suppliers and periodic inspections.
6. Strengthens control over workers posted to Spain: the company must report the posting electronically before it starts, keep documentation available at the workplace, and the recognition and collection in Spain of sanctions imposed by other States is regulated.
7. Classifies as minor or serious violations the breaches of posting notification and documentation duties, as well as failing to guarantee posted workers the Spanish working conditions.
8. Requires the business to refund consumer payments, including delivery costs, within a maximum of 14 calendar days from contract withdrawal, using the same payment method and at no cost to the consumer.

Who it affects

• Companies posting workers to Spain from another country: They must report the posting electronically before it starts, keep documentation at the workplace, and face sanctions if they fail to comply.
• Consumers: If they withdraw from a contract, they get all their money back within 14 days at no cost, through the same payment method.
• Businesses and individuals harmed by anticompetitive practices: They have clear rules to claim damages and mechanisms to access evidence.
• Tissue banks and importers of cells and tissues: They must apply the single European code, obtain authorization to import, and undergo inspections.
• Entities and participants in payment and securities systems: The rules on finality of orders and on guarantees in case of insolvency are adjusted.

Words worth knowing

Desistimiento (withdrawal)

The consumer's decision to cancel a contract, for example a distance purchase, within the legal deadline.

Desplazamiento de trabajadores (posting of workers)

When a company sends its workers to provide services temporarily in another country.

Cártel (cartel)

A secret agreement between competing companies to fix prices, share markets or limit competition.

Sobrecoste (overcharge)

The difference between the price actually paid and the price that would have existed without the competition violation.

Fuentes de prueba (sources of evidence)

Items or documents that can serve as the basis for taking evidence in a trial.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries