Bill would align several Spanish laws with EU directives

Automatic summary, not yet reviewed

1. The bill would strengthen the powers of the National Markets and Competition Commission (CNMC) to investigate cartels and abuses: more cooperation duties, interviews, broader inspections and revised fines, to comply with the EU ECN+ directive.
2. It would tighten anti-money laundering rules: virtual currency exchangers and electronic wallet custodians would have to register, and a central Register of Beneficial Owners would be created at the Ministry of Justice with limited public access.
3. It would adapt banking rules to EU solvency and resolution directives: new approval rules for financial holding companies, dividend limits for banks that fail capital buffer requirements, and changes to the shareholder exit right linked to missing dividends.
4. It would extend the duration of radio spectrum licenses: a minimum of 20 years, with a possible extension of 5 to 20 more, to give security to 5G investments, especially in the 700 MHz band.
5. It would reform VAT on electronic commerce: new rules for distance sales within the EU, removal of the exemption for imports under 22 euros, and three one-stop-shop schemes to declare VAT in a single member state.
6. It would improve the rights of workers posted to Spain: after 12 months of posting (18 if justified), almost all Spanish labor law would apply to them, and rules on housing, travel expenses and chained posting by temp agencies would be regulated.
7. It would broaden who can request prevention or repair of environmental damage: any natural or legal person affected or potentially affected, not only those with standing as an interested party.
8. It would strengthen consumer protection for goods and digital content: a 3-year warranty period for goods, a presumption that defects existed during the first 2 years, spare parts and repair service for 10 years, and new rules for contracts where consumers pay with their personal data.

Who it affects

• Companies investigated for anticompetitive practices: They would face more cooperation duties toward the CNMC and broader inspections and fines.
• Crypto and digital wallet operators: They would have to register with the Bank of Spain and comply with anti-money laundering rules.
• Consumers who shop online: They would get longer warranties on goods and new protection when paying with personal data.
• Workers posted to Spain from other EU countries: Postings longer than 12 months would bring almost all Spanish labor law into play for them.
• Telecommunications operators: They could get longer spectrum licenses, giving more security to their 5G investments.

Words worth knowing

Directiva europea (EU directive)

An EU rule that requires each member country to adapt its laws to reach a common goal.

Blanqueo de capitales (money laundering)

Giving a legal appearance to money that comes from criminal activity.

Titular real (beneficial owner)

The natural person who ultimately owns or controls a company, even if someone else is listed.

Ventanilla única (one-stop shop, VAT)

A system that lets a business declare and pay VAT for the whole EU in a single country.

Desplazamiento de trabajadores (posting of workers)

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

It summarizes the text as it was introduced. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries