tag:blogger.com,1999:blog-20817942176450944792024-03-08T19:30:10.516+01:00CORPORATE GOVERNANCE, SOCIAL RESPONSABILITY AND MORE...Corporate governance, social responsability and commercial law. News and materials. Unknownnoreply@blogger.comBlogger52125tag:blogger.com,1999:blog-2081794217645094479.post-76731386187061183632022-01-13T20:41:00.002+01:002022-01-13T20:41:43.998+01:00<p> <span style="background-color: white; color: #1f1f1f; font-family: "Google Sans Text", Roboto, "Helvetica Neue", Helvetica, sans-serif; font-size: 14px;">'</span><code style="background-color: white; color: #198639; font-family: monospace, monospace; font-size: 14px;">cookieOptions</code><span style="background-color: white; color: #1f1f1f; font-family: "Google Sans Text", Roboto, "Helvetica Neue", Helvetica, sans-serif; font-size: 14px;"> = {...};</span></p>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-72724485501649433182018-02-11T20:16:00.003+01:002022-01-13T20:42:39.189+01:00Fondos de inversión. Anotaciones<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "times new roman" , "serif";"><br /></span></div>
<div class="MsoNormal" style="line-height: normal;">
</div>
<ul style="text-align: left;">
<li><b>Inversión indirecta y fondos de inversión</b></li>
<li>Se
ha distinguido entre inversión directa, es decir, la adquisición de acciones en
los mercados regulados, y la inversión indirecta mediante la configuración de
patrimonios conjuntos a partir de aportantes diversos . Y, dentro de esta
última se diferencian los <b style="font-family: "Times New Roman", serif;">modelos
corporativos</b><span style="font-family: "times new roman" , serif;">, como la Sociedad de Inversión de Capital Variable o SICAV
(una Sociedad de capital variable para posibilitar una continua inversión y
liquidación de la inversión ), y un modelo que podemos denominar </span><b style="font-family: "Times New Roman", serif;">personalista o “fiduciario”,</b><span style="font-family: "times new roman" , serif;"> el de los fondos de
inversión, en el que las aportaciones de los inversores forman un patrimonio
variable formado con activos distintos. Se disocia la titularidad del
patrimonio y su gestión. Ese patrimonio se confía a una Entidad Depositaria
(ED) sobre la que recaen deberes de vigilancia, administración y gestión sobre
la gestora y que ejecuta las órdenes de administración y disposición de la
entidad encargada de la gestión profesional, la Sociedad Gestora (SG). </span><span style="font-family: "times new roman" , serif;"> </span><span style="font-family: "times new roman" , serif;">La autonomía del Fondo de Inversión implica
que el patrimonio de inversión sólo venga afectado a la satisfacción de las
deudas que se deriven de obligaciones que contraigan en el ejercicio de sus
funciones como tal. Así, la garantía patrimonial de los acreedores de las obligaciones
del FI queda exclusivamente limitada al patrimonio personal del FI.</span></li>
<li><span style="font-family: "times new roman" , serif;"><div class="MsoNormal" style="line-height: normal;">
<span style="font-family: "Times New Roman","serif";"> </span><span style="font-family: "Times New Roman", serif;">En
España dice el art. 3.1 de la Ley 35/2003 que los FI son patrimonios separados
sin personalidad jurídica, pertenecientes a una pluralidad de inversores. En
virtud del art. 5.1 de la misma, la condición de partícipe se adquiere mediante
la realización de la aportación al patrimonio común. La participación es cada
parte alícuota en que se divide el patrimonio del fondo (Art 7.1 ). El FI es un
conjunto de bienes de naturaleza jurídica heterogénea con una función
instrumental a la inversión. No existe una organización personificada alrededor
de un patrimonio objetivamente destinado a un fin. Por el contrario, estamos
más bien ante un objeto , un bien patrimonial unitario integrado por diferentes
bienes económicos de inversión (o derechos evaluables en dinero), que son los
elementos de los que se servirán la SG y la ED para el desarrollo de la
inversión colectiva. En cuanto a su administración, está excluida la representación
orgánica</span></div>
</span></li>
</ul>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-68034582324713249052017-05-15T13:06:00.004+02:002017-05-15T13:06:52.802+02:00ISDA's AGM. FSB General Secretary on Derivatives Markets reform<div dir="ltr" style="text-align: left;" trbidi="on">
At the ISDA's AGM , 10th May 2017, the General Secretary of FSB delivered a talk on the prospectives and needs for a future global reform on derivative markets.(Download <a href="http://www.fsb.org/wp-content/uploads/Andresen-ISDA-Reforming-derivatves-markets-a-stocktake.pdf" target="_blank">here</a>)<br />
<br />
<br />
Whilst at international level, post crisis policy reforms are almost complete (Central Counter Parties resilience, recovery and resolution, it is now time to assess the effects and effectiveness of the reforms.<br />
<br />
Among the works that lie ahead data collection by Trade Repositories is a fundamental issue. As is it known, the FBS is developing governance options for <b>Unique Product Identifier (UPI)</b> , <b>Unique Transaction Identifier (UTI) </b>and other data
elements.<br />
<br />
Post crisis reforms have resulted in <b>more CCPs offering the services of clearing of OTC derivatives, </b>also on a cross-border basis. Also,there has been developments in risk-control post-trade services (such as portfolio reconciliation, compression and valuation
services, as well as better documentation practices).<br />
<br />
In relation with main market structures, the crisis and reform brought increased rates of participation in central
clearing. But also CCP clearing members are imposing very high revenue thresholds and/or imposing requirements related to testing of leveraged rations among others. <b>Such new conditions can be unsurmountable barriers to smaller firms. </b>Other aspects that require attention from the public authorities are related to market fragmentation, for instance its impact on liquidity and trading costs and other consequences still to be fully identified<br />
<br />
<br />
<ul style="text-align: left;">
<li><a href="http://www2.isda.org/" target="_blank">ISDA</a></li>
<li>About<a href="http://mercadosyfinanzas10.blogspot.com.es/2015/02/isda-international-swaps-and.html" target="_blank"> ISDA </a>(Spanish)</li>
</ul>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-58163600641754104852017-03-30T18:25:00.002+02:002017-04-01T19:14:22.969+02:00* HAIRCUTS IN SECURITIES FINANCING. ESMA<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<br />
<span style="background-color: white; color: #292c32; font-family: , "helvetica" , "arial" , sans-serif; font-size: 16px;"><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32015R2365&from=en" target="_blank">EU Regulation on Transparency of Securities Financing Transactions and of Reuse </a></span><span style="background-color: white; color: #292c32; font-family: , "helvetica" , "arial" , sans-serif; font-size: 16px;"> aims at reducing financial stability risks . Within its development ESMA has published a <a href="https://www.esma.europa.eu/sites/default/files/library/esma50-165-279_report_on_trends_risks_and_vulnerabilities_no._1_2017_2.pdf#page=52" target="_blank">research paper</a> about Trends, Risks and Vulnerabilities (on shadow banking) We extract this paragraph related to descuentos (haircuts) in SFT </span><br />
<span style="background-color: white; color: #292c32; font-family: , "helvetica" , "arial" , sans-serif; font-size: 16px;"><br /></span>
<br />
<div style="text-align: justify;">
<i><span style="background-color: white; color: #292c32; font-family: , "helvetica" , "arial" , sans-serif; font-size: 16px;">"</span>Securities financing transactions (SFTs), which include
mainly repurchase agrements (repos) and securities lending, involve the temporary exchange of cash
or securities against collateral. EU SFT markets are very large, with the value of collateral used in SFTs
amounting to several trillions of euros. To cover for risks related to the characteristics of the collateral
and counterparty creditworthiness, a discount known as a haircut is usually applied to the value of
collateral. Haircuts are helpful risk management tools, but haircut levels are also part of the negotiation
between counterparties trading bilaterally. Haircuts may thus change over time to reflect the evolution
of market conditions, and can contribute to procyclicality and financial instability by reinforcing asset
price movements. </i></div>
<div style="text-align: justify;">
<i><span style="background-color: white; color: #292c32; font-family: , "helvetica" , "arial" , sans-serif; font-size: 16px;"><br /></span></i></div>
<div style="text-align: justify;">
<i><span style="background-color: white; color: #292c32; font-family: , "helvetica" , "arial" , sans-serif; font-size: 16px;">"</span><span style="text-align: left;">Haircuts are often, but not systematically, used
as a pricing mechanism following internal
discussions between the credit (or risk)
department and trading desks. In securities
lending markets, some entities rely on haircut
grids pre-determined internally, from which
traders can deviate up to a certain percentage,
but the tolerance band for such deviations
depends on the characteristics of the collateral
and the entity’s risk appetite. Collateral and counterparty analysis are the two
key components used to determine haircuts.
Counterparty credit risk plays a role prior to the
transaction, in deciding whether or not to trade,
and during negotiation on the terms of the trade.
Factors considered in the counterparty analysis
include creditworthiness, exposures and
concentration. Factors considered in the
collateral analysis include historical volatility of
the asset, residual maturity, market risk, wrongway
risk, currency mismatch, and asset class (for
tri-party repos). Other minor factors may also
influence haircuts, including for example the type
of collateral ownership (title transfer versus
collateral pledge).
Following the internal risk assessment, trading
desks usually engage in negotiations with their
counterparty, which often include haircuts.
Haircuts are one of the price components,
together with repo rates or securities lending
fees, that traders may use to strike a deal.</span><span style="background-color: white; color: #292c32; font-family: , "helvetica" , "arial" , sans-serif; font-size: 16px;">"</span></i></div>
<br />
<ul style="text-align: left;">
<li><span style="color: #292c32; font-family: , "helvetica" , "arial" , sans-serif;"><a href="https://www.esma.europa.eu/press-news/esma-news/esma-discusses-haircuts-in-eu-securities-financing-transactions" target="_blank">More </a>, at ESMA's site</span></li>
</ul>
<br />
<br /></div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-33465973782044260452016-06-07T09:04:00.002+02:002016-06-07T09:13:41.848+02:00SUPERVISORY BENCHMARKING<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
T<strong style="background-color: white; border: 0px; color: #303a40; font-family: arial, tahoma, helvetica, sans-serif; font-size: 12px; font-stretch: inherit; line-height: 20.4px; margin: 0px; padding: 0px; vertical-align: baseline;">he European Banking Authority (EBA) published a D<a href="http://www.eba.europa.eu/documents/10180/1481538/EBA+DC+156+%28Decision+on+Data+for+Supervisory+Benchmarking%29.pdf" target="_blank">ecision on data for supervisory benchmarking.</a> It comes after the publication of the amended technical standards on benchmarking of internal approaches and requires Competent Authorities to submit data for the 2016 benchmarking exercise, focusing on High Default Portfolios and with reference to end-2015 data.</strong></div>
<div style="text-align: justify;">
</div>
<ul>
<li><span style="background-color: white; color: #303a40; font-family: "arial" , "tahoma" , "helvetica" , sans-serif; font-size: 12px; line-height: 20.4px;"><i>Data submitted to the EBA according to this Decision</i> shall be covered by the EU law
framework of professional secrecy and confidentiality as applicable to the EBA. Access to this
data shall be provided in conformity with the EBA Regulation.</span></li>
<li><span style="background-color: white; color: #303a40; font-family: "arial" , "tahoma" , "helvetica" , sans-serif; font-size: 12px; line-height: 20.4px;">This Decision is without prejudice to the EBA’s power (Article 35 of the EBA
Regulation) to request the competent authorities to submit other data or data from institutions </span></li>
</ul>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-27179172313586488312016-05-07T14:27:00.001+02:002016-05-08T23:40:29.720+02:00NEW EU DATA PROTECTION REGULATION<div dir="ltr" style="text-align: left;" trbidi="on">
After a long pre legislative process the EU General Data protection Regulation was published on the 4th may<br />
<div style="text-align: justify;">
<span style="background-color: white; border: 0px; color: #444444; font-family: "lucida grande" , "lucida sans unicode" , "lucida sans" , "arial" , sans-serif; font-size: 12.8px; line-height: 16.64px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" xmlns="http://www.w3.org/1999/xhtml"><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2016.119.01.0001.01.ENG&toc=OJ:L:2016:119:TOC" target="_blank">Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (Text with EEA relevance)</a></span></div>
<div style="text-align: justify;">
</div>
<ul>
<li><span style="background-color: white; color: #444444; line-height: 20.8px;">The right to the protection of personal data is not an absolute right but framed in relation to its function in society and be balanced against other fundamental rights, in accordance with the principle of proportionality. </span></li>
<li><span style="background-color: white; color: #444444; line-height: 20.8px;">This Regulation is set to respect the EU Charter of Fundamental Rights as enshrined in the Treaties, in particular:</span></li>
<ul>
<li><span style="background-color: white; color: #444444; line-height: 20.8px;"> the respect for private and family life, home and communications, </span></li>
<li><span style="background-color: white; color: #444444; line-height: 20.8px;">the protection of personal data, freedom of thought, conscience and religion, freedom of expression and information, </span></li>
<li><span style="background-color: white; color: #444444; line-height: 20.8px;">the freedom to conduct a business, </span></li>
<li><span style="background-color: white; color: #444444; line-height: 20.8px;">the right to an effective remedy and to a fair trial, </span></li>
<li><span style="background-color: white; color: #444444; line-height: 20.8px;">cultural, religious and linguistic diversity.</span></li>
</ul>
<li><span style="color: #444444;"><span style="line-height: 20.8px;"><a href="http://noticias.juridicas.com/actualidad/noticias/11050-contenido-y-novedades-del-reglamento-general-de-proteccion-de-datos-de-la-ue-reglamento-ue-2016-679-de-27-de-abril-de-2016/" target="_blank">See comment (Spanish, Noticias jurídicas)</a></span></span></li>
</ul>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-10041279704772816222016-05-03T14:33:00.000+02:002016-05-07T14:52:27.913+02:00* INFORMATION TO BE KEPT AND ORGANISATIONAL REQUIREMENTS UNDER MIFID II<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
On the 27th April the Council of the EU made public its <a href="http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CONSIL:ST_8356_2016_ADD_1&qid=1462278144137&from=ES" target="_blank">ANNEXES to the COMMISSION DELEGATED REGULATION</a>supplementing Directive 2014/65/EU of the European Parliament and of
the Council as regards organisational requirements and operating
conditions for investment firms and defined terms for the purpose of that
Directive</div>
<br />
<ul style="text-align: left;">
<li>Minimum list of records to be kept by investment firms depending upon the nature of their activities</li>
<li>Identified costs that should form part of the costs to be disclosed to the clients</li>
<li>All costs and associated charges related to the financial instrument that should form part
of the amount to be disclosed</li>
<li>Requirement for operators of trading venues to immediately inform their national competent
authority</li>
<li>Signals that may indicate abusive behaviour under Regulation (EU) No 596/2014</li>
<li>Record keeping of client orders and decision to deal</li>
<li>Record keeping of transactions and order processing </li>
</ul>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-21669393796377318092016-04-29T10:21:00.002+02:002016-04-29T11:14:34.204+02:00* HST . Occassional Paper FCA_ UK<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
<span style="background-color: white; color: #333333; font-family: "verdana" , "arial" , "helvetica"; font-size: 12px; line-height: 18px;"><b>High-frequency traders (HFTs) have received a mixed reaction from academics and practitioners with some people underlining their role as liquidity providers and others highlighting the problems that they could bring to the market.</b></span></div>
<ul style="text-align: left;">
<li class="MsoNormal" style="background: white; line-height: 20.15pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-justify: inter-ideograph;"><b><span style="font-family: "times new roman" , serif; font-size: 10.0pt;"><span style="color: windowtext;"><a href="http://www.fca.org.uk/news/occasional-paper-no-16">Occasional Paper No. 16: Are high-frequency
traders anticipating the order flow? Cross-venue evidence from the UK
market</a></span></span></b></li>
</ul>
<div style="text-align: justify;">
<span style="background-color: white; color: #333333; font-family: "verdana" , "arial" , "helvetica"; font-size: 12px; line-height: 18px;"><br /></span></div>
<div style="text-align: justify;">
<span style="background-color: white; color: #333333; font-family: "verdana" , "arial" , "helvetica"; font-size: 12px; line-height: 18px;">From summary: Do HFTs exploit their small (milliseconds) latency advantages to anticipate orders arriving in very quick succession at different trading venues from other market participants?. </span><span style="background-color: white; color: #333333; font-family: "verdana" , "arial" , "helvetica"; font-size: 12px; line-height: 18px;">The regulatory EU set-up makes it more difficult to predict where orders will be routed, compared to the US market?</span></div>
<div style="background-color: white; color: #333333; font-family: 'Book Antiqua', Palatino, serif; font-size: 1.4em; font-weight: 200; line-height: 1.2em; margin: 10px 0px; text-align: left;">
</div>
<h3>
</h3>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-39543507226632473042016-04-27T12:07:00.002+02:002016-04-27T13:33:07.122+02:00EU. Parliament and ECB to study virtual currencies, whilst Luxembourg grants first distributed ledger technology<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
The European Parliament’s Economic and Monetary Affairs Committee voted last week in favor of creating a task force to study
and regulate virtual currencies such as bitcoin with the aim of
preventing their use by money launderers and terrorist groups. </div>
<div style="text-align: justify;">
Also, the European Central Bank has begun experimenting with "distributed
ledger technology," the platform underpinning the bitcoin digital
currency, an official said Monday, cautioning that the technology’s
“far-reaching” ramifications require more investigation.</div>
<div style="text-align: justify;">
Further, <a href="https://www.bitstamp.net/" target="_blank">Bitstamp</a>
announced that Luxembourg has granted it a payment institution license,
making the company the first nationally licensed Bitcoin exchange in
the world. With <span class="s1">the European Union’s “passport” that</span><span class="s2"> allows financial services providers legally established in one member state to operate in others, </span>Bitstamp, the <a href="http://data.bitcoinity.org/markets/exchanges/USD/30d#rank_desc" target="_blank">third-largest Bitcoin exchange</a>,
will also be able to operate across all 28 European Union countries. The
license starts operativity on July 1, from Luxembourg </div>
<br />
Background article <a href="http://www.europarl.europa.eu/news/en/news-room/20160126STO11514/Virtual-currencies-what-are-the-risks-and-benefits" target="_blank">here; </a>and<a href="https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemesen.pdf" target="_blank"> here </a></div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-14203416885968723912016-04-20T15:28:00.000+02:002016-04-27T12:16:45.707+02:00Bank Recovery and Resolution Directive. Data disclosure (summaries / collective data)<div dir="ltr" style="text-align: left;" trbidi="on">
<b style="background-color: white; border: 0px; color: #303a40; font-family: arial, tahoma, helvetica, sans-serif; font-size: 12px; font-stretch: inherit; line-height: 20.4px; margin: 0px; padding: 0px; vertical-align: baseline;">The European Banking Authority (EBA) published its Guidelines defining how confidential information collected under the Bank Recovery and Resolution Directive (BRRD) should be disclosed in summary or collective form without identifying individual institutions or relevant entities.</b><br />
<span style="background-color: white; border: 0px; color: #303a40; font-family: "arial" , "tahoma" , "helvetica" , sans-serif; font-size: 12px; font-stretch: inherit; line-height: 20.4px; margin: 0px; padding: 0px; vertical-align: baseline;"><br /></span>
<br />
<ul style="text-align: left;">
<li><span style="line-height: 20.4px;">To access the guidelines, </span><a href="http://www.eba.europa.eu/regulation-and-policy/recovery-and-resolution/guidelines-on-how-information-should-be-provided-under-the-brrd" style="line-height: 20.4px;" target="_blank">see here</a></li>
<li><span style="background-color: transparent;">Final report, </span><a href="http://www.eba.europa.eu/documents/10180/1441885/EBA-GL-2016-03+%28Final+report+on+GL+on+the+provision+of+information+in+summary+or+collective+form+for+the+purposes+of+Article+84%283%29%20of+BRRD.pdf" style="background-color: transparent;" target="_blank">here</a></li>
</ul>
<br /><ul style="text-align: left;">
</ul>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-79178689577033894092016-04-19T12:38:00.000+02:002016-04-29T11:15:01.035+02:00* Remuneration policies and recent USA and EU documents<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
In USA the Federal Deposit Insurance Corp., the Office of the Comptroller of
the Currency and the Federal Housing Finance Agency on Tuesday became
the latest U.S. financial regulators to put forward proposals that would
limit incentive compensation for senior bank executives, traders and
other employees.<span style="font-weight: normal;"> </span>Part of a six-agency rule first unveiled last
week in a bid to restrict excessive risk-taking that many say helped
contribute to the 2008 financial crisis, Tuesday's proposal by the FDIC
and OCC likewise enacts Section 956 of the 2010 Dodd-Frank Act<br />
<br />
Meanwhile, ESMA guidelines on remuneration policies (UCITS / AIFMD) <span style="font-weight: normal;">...Article 14a(4) of Directive 2009/65/EC (“UCITS Directive”), as amended by Directive
2014/91/EU (“UCITS V Directive”) provides that ESMA shall issue guidelines addressed to
competent authorities or financial market participants concerning the application of the
remuneration principles set out under Article 14b of the UCITS Directive (“UCITS
Remuneration Guidelines”)...<a href="https://www.esma.europa.eu/sites/default/files/library/2016-411_final_report_on_guidelines_on_sound_remuneration_policies_under_the_ucits_directive_and_aifmd.pdf" target="_blank">.See ESMA Guidelines on sound remuneration policies under the UCITS Directiveand AIFMD. 31.03.2016</a></span><br />
<br />
<br />
<ul>
<li><h3>
Also:<a href="https://www.esma.europa.eu/file/17245/download?token=kBfilald" style="background-color: white; box-sizing: border-box; color: #3b3d91; display: inline-block; font-family: Ubuntu-regular, Helvetica, Arial, sans-serif; font-size: 1.2rem; line-height: 1.2; margin-top: 0.5rem; outline: none; padding: 0px 0px 0px 2.6rem; position: relative; text-align: left; text-decoration: none; text-transform: uppercase; word-break: break-all; word-wrap: break-word;" type="application/pdf; length=158445">LETTER_TO_EUROPEAN_COMMISSION_EUROPEAN_COUNCIL_AND_EUROPEAN_PARLIAMENT_ON_THE_PROPORTIONALITY_PRINCIPLE_AND_REMUNERATION_RULES_IN_THE_FINANCIAL_SECTOR.<span style="color: #292c32;">pdf</span></a><span class="file" style="box-sizing: border-box;"><span class="file-size" style="box-sizing: border-box; color: #292c32; display: block; padding: 0px 0px 0px 2.7rem; width: 266.328px;">(154.73 KB)</span><span class="file-size" style="box-sizing: border-box; color: #292c32; display: block; padding: 0px 0px 0px 2.7rem; width: 266.328px;"> </span><span class="file-size" style="box-sizing: border-box; color: #292c32; display: block; padding: 0px 0px 0px 2.7rem; width: 266.328px;"> </span></span></h3>
<h3>
<span class="file" style="box-sizing: border-box;"><span class="file-size" style="box-sizing: border-box; color: #292c32; display: block; padding: 0px 0px 0px 2.7rem; width: 266.328px;"> </span></span></h3>
</li>
</ul>
</div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-15516757525857601722016-04-19T10:26:00.001+02:002016-04-29T11:14:21.861+02:00* Credit conditions. Financing securities and OTC transactions. Quarterly results<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="background-color: white; color: #191919; font-family: "droid_sans" , "verdana" , "helvetica" , sans-serif; font-size: 16px; line-height: 22.4px;">The SESFOD survey is conducted four times a year and covers changes in credit terms and conditions over the three-month reference periods ending in February, May, August and November. The March 2016 survey collected qualitative information on changes between December 2015 and February 2016. The results are based on responses from a panel of 28 large banks, comprising 14 euro area banks and 14 banks with head offices outside the euro area.</span><br />
<span style="background-color: white; color: #191919; font-family: "droid_sans" , "verdana" , "helvetica" , sans-serif; font-size: 16px; line-height: 22.4px;"><br /></span>
<br />
<div class="ecb-pressContentPubDate" style="background-color: white; border: 0px; box-sizing: border-box; color: #191919; font-family: droid_sans, Verdana, Helvetica, sans-serif; font-size: 16px; line-height: 22.4px; margin: 0px 0px 13px; padding: 0px;">
EUCentral Bank has published: .... </div>
<div class="ecb-pressContentPubDate" style="background-color: white; border: 0px; box-sizing: border-box; color: #191919; font-family: droid_sans, Verdana, Helvetica, sans-serif; font-size: 16px; line-height: 22.4px; margin: 0px 0px 13px; padding: 0px;">
<i>18 April 2016</i></div>
<ul style="background-color: white; border: 0px; box-sizing: border-box; color: #191919; font-family: droid_sans, Verdana, Helvetica, sans-serif; font-size: 16px; line-height: 22.4px; margin: 20px 0px 20px 13px; padding: 0px;">
<li style="border: 0px; box-sizing: border-box; list-style-type: none; margin: 0px 0px 10px 15px; padding: 0px;"><i>Less favourable credit terms for counterparties across the entire spectrum of securities financing and OTC derivatives transaction types.</i></li>
<li style="border: 0px; box-sizing: border-box; list-style-type: none; margin: 0px 0px 10px 15px; padding: 0px;"><i>Less favourable non-price credit terms being offered in securities financing transactions but at the same time more favourable financing rates for many types of collateral.</i></li>
</ul>
<div style="background-color: white; border: 0px; box-sizing: border-box; color: #191919; font-family: droid_sans, Verdana, Helvetica, sans-serif; font-size: 16px; line-height: 22.4px; padding: 0px;">
<i>Overall credit terms offered to counterparties across the entire spectrum of securities financing and OTC derivatives transaction types became less favourable during the three-month reference period ending in February 2016. The tightening of credit terms was most pronounced for counterparties which are hedge funds and non-financial corporations. Credit terms are expected to tighten somewhat further over the next review period (i.e. between March and May 2016). </i><a href="https://www.ecb.europa.eu/press/pr/date/2016/html/pr160418.en.html" target="_blank">More</a></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-38575460372220534592016-04-15T11:31:00.002+02:002016-04-19T10:23:40.501+02:00MARKET ABUSE. DIRECTORS AND OFFICERS . NOTIFICATIONS<div dir="ltr" style="text-align: left;" trbidi="on">
<div data-mce-style="text-align: justify;" style="color: #555555; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 18px; margin-bottom: 20px; text-align: justify;">
<strong>El DOUE 5.04. 2016 publica el <a data-mce-href="http://www.boe.es/diario_boe/txt.php?id=DOUE-L-2016-80622" href="http://www.boe.es/diario_boe/txt.php?id=DOUE-L-2016-80622" style="color: #1fb3dd;" target="_blank">Reglamento de Ejecución (UE) 2016/523 </a>de la Comisión, de 10 de marzo de 2016 establece las normas técnicas relativas al formato y la plantilla para la notificación y la publicación de las operaciones realizadas por directivos de conformidad con el Reglamento (UE) nº 596/2014 del Parlamento Europeo y del Consejo.</strong></div>
<ul style="color: #555555; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 18px; list-style: square; margin: 0px 0px 18px 1.5em; padding: 0px;">
<li>Además de en el Reglamento desarrollado, trae base en los proyectos de normas técnicas de ejecución presentados por la Autoridad Europea de Valores y Mercados a la Comisión, así como en las previas consultas públicas de estas instituciones.</li>
<li data-mce-style="text-align: justify;" style="text-align: justify;">El Reglamento del que se da noticia establece la plantilla que ha de cumplimentarse y remitirse electrónicamente para comunicar a las autoridades supervisoras de mercados, las operaciones que hayan realizado las personas con responsabilidades de dirección y/o las estrechamente vinculadas con ellas.</li>
<li data-mce-style="text-align: justify;" style="text-align: justify;">Se presentan las operaciones individualmente y de forma agregada.</li>
<li data-mce-style="text-align: justify;" style="text-align: justify;">La información agregada indicará el volumen de operaciones de la misma naturaleza sobre los mismos instrumentos financieros realizadas en el mismo día de negociación y en el mismo centro de negociación, o fuera de un centro de negociación, indicando el precio medio ponderado por volumen. Sin embargo, no se permite agregar ni compensar entre sí operaciones de distinta naturaleza.</li>
<li data-mce-style="text-align: justify;" style="text-align: justify;">La información y plantillas se trasmitirá de modo electrónico seguro medios electrónicos por medios que garanticen la recepción completa, íntegra y confidencial</li>
</ul>
<div data-mce-style="text-align: justify;" style="color: #555555; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 18px; text-align: justify;">
<br /></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-18159532027145333352016-04-10T17:43:00.002+02:002016-04-10T17:44:41.467+02:00PATENTS AND HIGH SPEED TRADING<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="entry" style="background: rgb(255, 255, 255); border: 0px; color: #555555; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 20.4px; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="background: transparent; border: 0px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">
REPRODUCIMOS DESDE<a href="http://blogs.unileon.es/mercantil/patentes-y-gobernanza-descentralizada-de-operaciones-financieras/" target="_blank"> DerMerUle</a></div>
<div style="background: transparent; border: 0px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">
Con los cambios de hábitos por parte de los consumidores de productos y servicios bancarios, cada vez más orientados a recurrir a las transacciones on line, la tecnología de apoyo a estas operaciones se ha convertido en instrumento fundamental, no sólo desde la perspectiva de desarrollo tecnológico o incluso para el derecho de patentes. Al contrario, hoy es un elemento central para la propia gobernanza de las entidades (también bancarias), de sus productos, y de la relación con sus clientes. Y, se apoya en tecnología “blockchain” utilizada, por ejemplo, la industria del “bitcoin”</div>
<div style="background: transparent; border: 0px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">
Nos hacemos eco de la actualidad en este terreno (ver los enlaces más abajo) a raíz de que “patent trolls” consiguieron patentar a su nombre determinados procedimientos de seguridad en la oferta de servicios financieros <em style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">online</em> que se estaban utilizando (con rasgos similares) por intermediarios pero también por las propias entidades (que las protegían en su caracterización individual y concreta mediante la técnica del secreto comercial). Obtenida la titularidad de aquellas patentes, los reconocidos titulares ( los trolls) reclamaron contra los bancos por violación de aquellos títulos.</div>
<div style="background: transparent; border: 0px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">
Hoy en día, son las propias entidades, incluyendo el Bank of America, Bank of England o consorcios de bancos (como el constituido en torno a R3- Fintech por más de 30 <a href="http://blogs.unileon.es/mercantil/files/2015/12/IMG_20150927_135304266_HDR.jpg" rel="attachment wp-att-2658" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><img alt="IMG_20150927_135304266_HDR" class=" wp-image-2658 alignleft" src="http://blogs.unileon.es/mercantil/files/2015/12/IMG_20150927_135304266_HDR-169x300.jpg" height="304" style="background: transparent; border: none; display: inline; float: left; margin: 0px 7px 2px 0px; outline: 0px; padding: 4px; vertical-align: baseline;" width="175" /></a>entidades entre las que se encuentran Barclays, BMO Financial Group, Credit Suisse, Commonwealth Bank of Australia, HSBC, Natixis, Royal Bank of Scotland, TD Bank, UBS, UniCredit, Wells Fargo) las que están solicitando este tipo de patente (<a href="http://appft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=0&f=S&l=50&TERM1=cryptocurrency&FIELD1=TTL&co1=AND&TERM2=&FIELD2=&d=PG01" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Ver solicitudes de patentes sobre procesos y criptotecnología, US Patent Office)</a>.</div>
<div style="background: transparent; border: 0px; margin-bottom: 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
La tecnología Blockchain opera (perdón por esta “mega-simplificación”) a modo de enorme libro contable que registra cada operación y almacena la información recibida de una red descentralizada.</div>
<div style="background: transparent; border: 0px; margin-bottom: 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
Ver</div>
<ul style="background: transparent; border: 0px; list-style: square; margin: 0px 0px 18px 1.5em; outline: 0px; padding: 0px; vertical-align: baseline;">
<li style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a href="http://thenetwork.berkeleylawblogs.org/2016/03/02/wall-street-races-to-secure-fintech-patents/" rel="bookmark" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" title="Permanent Link: Wall Street Races to Secure FinTech Patents">Wall Street Races to Secure FinTech Patents</a></li>
<li style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a href="http://www.cnbc.com/2016/01/28/bank-of-america-is-going-big-on-blockchain-plans-to-file-20-patents.html" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Bank of America is going big on block chain</a> (CBN video)</li>
<li style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a href="http://www.cnbc.com/2015/12/31/blockchain-what-the-big-banks-say-about-the-tech.html" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Why Block chain can change everithing</a> (CBN video y referencias de diversos bancos e intermediarios)</li>
<li style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div class="article-headline ng-binding ng-scope" style="background: transparent; border: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<a href="http://www.forbes.com/sites/rogeraitken/2016/03/10/bitcoin-3-0-tech-bitshares-built-on-decentralized-conglomerate-platform-surges/#54211dca39f8" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Bitcoin, The Blockchain And The Future Of ‘Decentralized’ Conglomerates</a></div>
</li>
<li style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Informe sobre <a href="http://www.aciworldwide.com/-/media/files/collateral/banks-retailers-and-fintech---reimagining-payments-relationships--the-fintech-perspective.pdf" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Fintech y su influencia sobre el modelo de gestión de pagos en las entidades bancarias</a> (Oliver Wyman)</li>
<li style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> Más:<ul style="background: transparent; border: 0px; list-style: square; margin: 0px 0px 0px 1.5em; outline: 0px; padding: 0px; vertical-align: baseline;">
<li style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a href="http://www.coindesk.com/bank-of-america-cryptocurrency-wire-transfer-patent/" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Sobre solicitudes del Bank of America</a></li>
<li style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a href="http://repository.law.umich.edu/cgi/viewcontent.cgi?article=1239&context=mlr" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Understanding and regulating… (Michigan Law Review, 2016)</a></li>
</ul>
</li>
</ul>
</div>
<div class="postmetadata" style="background: rgb(255, 255, 255); border-bottom-color: rgb(228, 228, 228); border-bottom-style: solid; border-top-color: rgb(228, 228, 228); border-top-style: solid; border-width: 1px 0px; clear: left; color: #888888; font-family: Georgia, times, serif; font-size: 12px; line-height: 20.4px; margin-bottom: 10px; margin-top: 10px; outline: 0px; overflow: hidden; padding: 3px 0px; vertical-align: baseline;">
<span class="tags" style="background: transparent; border: 0px; float: left; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Etiquetas: <a href="http://blogs.unileon.es/mercantil/tag/gobierno-corporativo/" rel="tag" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Gobierno Corporativo</a>, <a href="http://blogs.unileon.es/mercantil/tag/inversion/" rel="tag" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Inversión</a>, <a href="http://blogs.unileon.es/mercantil/tag/patentes/" rel="tag" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Patentes</a>, <a href="http://blogs.unileon.es/mercantil/tag/derechos-de-autor-y-afines/" rel="tag" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Propiedad Intelectual</a>, <a href="http://blogs.unileon.es/mercantil/tag/servicios-financieros/" rel="tag" style="background: transparent; border: 0px; color: #1fb3dd; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Servicios financieros</a></span> </div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-29431046138662238552016-04-10T17:40:00.003+02:002016-04-10T17:40:55.586+02:00HST , AND MIFID II<div dir="ltr" style="text-align: left;" trbidi="on">
<div data-mce-style="text-align: justify;" style="color: #555555; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 18px; margin-bottom: 20px; text-align: justify;">
<strong>Si el HST y la electronificación crecientes son realidades que vienen impactando en los mercados, los controles normativos y supervisores constituyen retos actuales de compleja solución. </strong>Alguna de sus consecuencias ya las destacábamos en anteriores entradillas <a data-mce-href="http://blogs.unileon.es/mercantil/hst-negociacion-a-alta-velocidad-spoofing-primeras-condenas/" href="http://blogs.unileon.es/mercantil/hst-negociacion-a-alta-velocidad-spoofing-primeras-condenas/" style="color: #1fb3dd;" target="_blank">aquí</a> y<a data-mce-href="http://blogs.unileon.es/mercantil/patentes-y-gobernanza-descentralizada-de-operaciones-financieras/" href="http://blogs.unileon.es/mercantil/patentes-y-gobernanza-descentralizada-de-operaciones-financieras/" style="color: #1fb3dd;" target="_blank"> aquí,</a> en particular por sus manifestaciones en EEUU donde algunos sus efectos particularmente evidentes en los mercados de valores (por ejemplo el<a data-mce-href="https://www.sec.gov/news/studies/2010/marketevents-report.pdf" href="https://www.sec.gov/news/studies/2010/marketevents-report.pdf" style="color: #1fb3dd;" target="_blank"> 6.05.2010</a>) fueron analizados por el supervisor, y condenados por los tribunales.</div>
<ul style="color: #555555; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 18px; list-style: square; margin: 0px 0px 18px 1.5em; padding: 0px;">
<li data-mce-style="text-align: justify;" style="text-align: justify;">Una de las perspectivas del nuevo panorama la constituye el desequilibrio entre rapidez en la ejecución, y dificultad del análisis a <em>posteriori</em>, al menos hasta que se configuren mecanismos técnicamente seguros de fijación y trazabilidad de órdenes inteligentes automatizadas; así como respuestas jurídicamente solventes de supervisión, control y , en su caso, eficaz sanción.</li>
<li data-mce-style="text-align: justify;" style="text-align: justify;"><a data-mce-href="http://blogs.unileon.es/mercantil/files/2015/09/IMG_20150322_134415433.jpg" href="http://blogs.unileon.es/mercantil/files/2015/09/IMG_20150322_134415433.jpg" rel="attachment wp-att-1885" style="color: #1fb3dd;"><img alt="IMG_20150322_134415433" class=" wp-image-1885 alignright" data-mce-src="http://blogs.unileon.es/mercantil/files/2015/09/IMG_20150322_134415433-169x300.jpg" height="129" src="http://blogs.unileon.es/mercantil/files/2015/09/IMG_20150322_134415433-169x300.jpg" style="display: inline; float: right; height: auto; margin: 0px 0px 2px 7px; max-width: 100%; padding: 4px;" width="77" /></a>En el ámbito Europeo, estamos a espera de la plena vigencia del sistema MiFID II, algunas de cuyas previsiones <a data-mce-href="http://www.boletininternacionalcnmv.es/ficha.php?menu_id=1&jera_id=127&cont_id=154" href="http://www.boletininternacionalcnmv.es/ficha.php?menu_id=1&jera_id=127&cont_id=154" style="color: #1fb3dd;" target="_blank">de reforma</a> reducirán la afectación de manipulación de mercado mediante técnicas patológicas de HST, por ejemplo estableciendo <strong>controles sobre las infraestructuras</strong> o controles <strong>previos de los algoritmos</strong> de negociación; introduciendo “<strong>cortafuegos” cuantitativos (precios, volúmenes) y técnicos</strong> en las órdenes de HST, para evitar su propagación infinita que perjudique al mercado y también medidas para garantizar la liquidez mediante acuerdos entre los operadores. La Autoridad Europea de Mercados y Valores, ESMA, realizó su <a data-mce-href="http://es.fundspeople.com/news/esma-investiga-la-influencia-de-la-negociacion-de-alta-frecuencia-en-el-mercado-europeo-de-renta-variable" href="http://es.fundspeople.com/news/esma-investiga-la-influencia-de-la-negociacion-de-alta-frecuencia-en-el-mercado-europeo-de-renta-variable" style="color: #1fb3dd;" target="_blank">primer informe sobre HST</a> en Europa y actualmente reúne <a data-mce-href="https://www.esma.europa.eu/press-news/esma-news/esma-calls-market-data-experts-join-stakeholder-panel" href="https://www.esma.europa.eu/press-news/esma-news/esma-calls-market-data-experts-join-stakeholder-panel" style="color: #1fb3dd;" target="_blank"> expertos</a> técnicos para contribuir a la redacción de la normativa de 2 , 3 y 4 nivel necesaria para completar este importante aspecto del nuevo sistema MIFID II.</li>
<li data-mce-style="text-align: justify;" style="text-align: justify;">A nivel de los Estados de la UE, los <a data-mce-href="http://www.ft.com/intl/cms/s/0/04944696-c9d9-11e5-a8ef-ea66e967dd44.html#axzz45EvrXa2t" href="http://www.ft.com/intl/cms/s/0/04944696-c9d9-11e5-a8ef-ea66e967dd44.html#axzz45EvrXa2t" style="color: #1fb3dd;" target="_blank">organismos gestores de mercados</a> se están movilizando y algunos supervisores nacionales (como la <a data-mce-href="https://www.fca.org.uk/news/electronification-of-trading" href="https://www.fca.org.uk/news/electronification-of-trading" style="color: #1fb3dd;" target="_blank">FCA</a> o el Consejo de Supervisión del Banco de Inglaterra ) se están adelantando en la definición de efectos reconocibles en la UE (por ejemplo sobre los precios de <a data-mce-href="https://www.fca.org.uk/static/documents/newsletters/market-watch-46.pdf" href="https://www.fca.org.uk/static/documents/newsletters/market-watch-46.pdf" style="color: #1fb3dd;" target="_blank">HSBC</a> en enero 2014) , además de configurando los detalles y normas técnicas y sancionadoras. Destacan las disposiciones "<a data-mce-href="https://www.fca.org.uk/news/accountability-rules-for-wholesale-traders" href="https://www.fca.org.uk/news/accountability-rules-for-wholesale-traders" style="color: #1fb3dd;" target="_blank">claw back</a>" por periodos de hasta 10 años de la FCA. También la <a data-mce-href="http://www.cnmv.es/DocPortal/Publicaciones/Mercados/Mercados_I_Trimestre_2015.pdf" href="http://www.cnmv.es/DocPortal/Publicaciones/Mercados/Mercados_I_Trimestre_2015.pdf" style="color: #1fb3dd;" target="_blank">CNMV </a>entre nosotros está inmersa en el <a data-mce-href="http://www.cnmv.es/DocPortal/Publicaciones/Boletin/QBII2011_weben.PDF" href="http://www.cnmv.es/DocPortal/Publicaciones/Boletin/QBII2011_weben.PDF" style="color: #1fb3dd;" target="_blank">análisis</a> y búsqueda de soluciones; <a data-mce-href="http://www.cnmv.es/DocPortal/Publicaciones/MONOGRAFIAS/DT50_web.pdf" href="http://www.cnmv.es/DocPortal/Publicaciones/MONOGRAFIAS/DT50_web.pdf" style="color: #1fb3dd;" target="_blank">auspiciando</a> o <a data-mce-href="http://www.cnmv.es/docportal/publicaciones/monografias/monografian39web.pdf" href="http://www.cnmv.es/docportal/publicaciones/monografias/monografian39web.pdf" style="color: #1fb3dd;" target="_blank">patrocinando</a> los primeros trabajos en este ámbito, augurando regulación inminente, pese a algunos <a data-mce-href="http://www.libremercado.com/2014-05-08/por-que-y-como-la-cnmv-no-debe-regular-el-trading-de-alta-frecuencia-1276517846/" href="http://www.libremercado.com/2014-05-08/por-que-y-como-la-cnmv-no-debe-regular-el-trading-de-alta-frecuencia-1276517846/" style="color: #1fb3dd;" target="_blank">comentarios de críticos</a>.</li>
</ul>
<div data-mce-style="text-align: justify;" style="color: #555555; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 18px; margin-bottom: 20px; text-align: justify;">
Ver también,</div>
<ul style="color: #555555; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 18px; list-style: square; margin: 0px 0px 18px 1.5em; padding: 0px;">
<li data-mce-style="text-align: justify;" style="text-align: justify;"><a data-mce-href="https://www.bolsasymercados.es/ing/inf_legal/gobierno/informeRSC/2008/RSC08_cap2_eng.pdf" href="https://www.bolsasymercados.es/ing/inf_legal/gobierno/informeRSC/2008/RSC08_cap2_eng.pdf" style="color: #1fb3dd;" target="_blank">BME</a> (2008)</li>
<li data-mce-style="text-align: justify;" style="text-align: justify;"><a data-mce-href="http://www.cuatrecasas.com/media_repository/docs/esp/la_denominada_negociacion_automatizada_de_alta_frecuencia_(high_frequency_trading)._revista_de_derecho_del_mercado_de_valores_n_12_2013_(enero-junio)._316.pdf" href="http://www.cuatrecasas.com/media_repository/docs/esp/la_denominada_negociacion_automatizada_de_alta_frecuencia_(high_frequency_trading)._revista_de_derecho_del_mercado_de_valores_n_12_2013_(enero-junio)._316.pdf" style="color: #1fb3dd;" target="_blank">Cuatrecasas Gonzalvez Pereira</a> sobre HST (2013)</li>
<li data-mce-style="text-align: justify;" style="text-align: justify;"><a data-mce-href="http://www.freshfields.com/uploadedFiles/SiteWide/Knowledge/Market%20abuse%20news%20spring%202013.pdf" href="http://www.freshfields.com/uploadedFiles/SiteWide/Knowledge/Market%20abuse%20news%20spring%202013.pdf" style="color: #1fb3dd;" target="_blank">Freshfield Bruckhaus Deringuer</a> (2013)</li>
</ul>
<div data-mce-style="text-align: justify;" style="color: #555555; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 18px; text-align: justify;">
<br /></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-3539896401909919282015-10-24T00:11:00.000+02:002015-10-24T00:29:57.568+02:00Private investor protection in Germany<div dir="ltr" style="text-align: left;" trbidi="on">
The Private Investor
Protection Act (<i>Kleinanlegerschutzgesetz</i>) of 3rd July 2015 reinforces private investors protection when they invest in products and
instruments outside regulated markets.<br />
<br />
The new act<br />
<ul style="text-align: left;">
<li>widens the scope of information to be
included in sales prospectuses (<i>Verkaufsprospekt</i>) for
instruments regulated by the German Capital Investment Act
(<i>Vermögensanlagegesetz</i>), such as non-securities and
non-fund investments,</li>
<li>introduces a prospectus requirement for the
marketing of subordinated loans (<i>Nachrangdarlehen</i>) and
profit-participating loans (<i>partiarisches Darlehen</i>) to the
public, with an exception made for internet crowd-funding
up to a value of €2.5 million, </li>
<li> introduces a minimum term of an
investment product of 24 months, </li>
<li> sets a maximum validity of the
sales prospectus of 12 months, </li>
<li> creates a much stricter regulation of
the (public) advertising of the investments in assets and an
obligation of issuers to draft annual financial statements (if
not already required by other laws). </li>
<li> expands BaFin´s power to intervene in market practice
through the possibility of "shaming" (<i>ie </i>making public a breach due to marketing an offer without having
published a sales prospectus in advance), as well as an extended
authorisation for BaFin to examine an offeror´s financial
accounting.</li>
</ul>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-71303108091857410112015-10-11T09:21:00.002+02:002015-10-11T11:08:20.038+02:00Recalling: EU Transfer of Company Seat (de facto)<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
European Court of Justice established some principles of law in the context
of freedom of establishment and the transfer of a
company’s de facto head office to other member states that have had a
strong impact on national regulation of legal conflicts (incorporation
theory v., seat theory). As a result of the leading cases in this context companies can <i>de facto</i> transfer their head office to the member state of their choice.
</div>
<div style="text-align: justify;">
<br /></div>
<ul style="text-align: justify;">
<li>The state to which the company moves its head office is not allowed
to limit this transfer. </li>
<li>Exceptionally there can be restrictions on the
possibility of transferring the de facto head office, but they have to
be in line with the strict requirements of freedom of establishment</li>
<li>The state in which the
company was founded still has the power to lay down certain conditions
on the emigration of a company (Daily Mail doctrine). </li>
</ul>
<div style="text-align: justify;">
As a result
of these decisions there has been growing interest in setting up companies registered in
one member state but with their head office in another member state, usually known as letterbox companies.</div>
<div class="attribute-header">
<ul style="text-align: left;">
<li style="text-align: justify;">
<b>Daily Mail (Case 81/87, 27 September 1988).</b><i><b> </b>Daily Mail</i> was a tax-law case. Daily Mail plc wanted to move
its factual head office (tax residence) to the Netherlands because for tax reasonns, though it planned
also to remain a company subject to UK company law. The UK Treasury
Department refused permission for the transfer of seat, which is
necessary under UK law.
<a href="https://www.blogger.com/null" id="eztoc9532_0_0_1" name="eztoc9532_0_0_1"></a> Daily Mail referred the question to the ECJ,
whether the Treaty preclude a member state from
obstructing the transfer of the de facto head office from a member
state.The ECJ concluded that this issue falls outside the scope of
the Treaty provisions on freedom of establishment. The ECJ added <i>obiter dictum</i> some comments and this judgment was confirmed by the Cartesio decision. See<a href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:61987J0081:EN:NOT" target="_blank"> Judgment of the ECJ</a> </li>
</ul>
</div>
<ul style="text-align: left;">
<li style="text-align: justify;"><b>Centros (Case C-212/97, 9 March 1999)</b>. Two citizens from Danemark incorporated Centros Ltd under UK company law. The company traded only in Denmark. The founders stated that
they had established Centros under UK company law solely to avoid the
minimum capitalisation requirement for Danish limited liability
companies. The Danish commercial registry considered this to be an
unlawful circumvention of the Danish minimum capitalisation rules and so
refused to register the company’s branch office in Denmark . This question was referred to the ECJ: compatibility (or not) with
freedom of establishment of the refusal to register a branch of a
lawfully founded company that has its registered office in another
member state, but in which the company does not itself carry on any
business. The ECJ ruled that
under frredom of establishment <i>Member States cannot discriminate against this company on the grounds that it was formed in
accordance with the law of another member state in which it has its
registered office but does not carry on any business.</i> Further, States are not authorised to restrict freedom of establishment on the ground of
protecting creditors or preventing fraud if there are other ways of
countering such risks. In this leading
case the ECJ took quite a liberal approach in the context of company
rights. Moreover, the Court considers the conditions governing abuses of
EC law restrictive.</li>
<li style="text-align: justify;"><b>Überseering (Case C-208/00, 5 November 2002)</b> All the directors of
Überseering BV, a limited liability company organised under Dutch law,
were resident in Germany. The German courts decided that, owing to the
location of the company’s principal office, German corporate laws apply
to the company and it could not litigate as a "purported" Ducht entity. The Überseering BV case reached the ECJ. In the judgment, the ECJ ruled that it was <b>incompatible </b>with
the freedom of establishment for a
member state to deny legal capacity (and standing to sue or be sued in
courts) to a company formed in a Member State which moves its central
place of administration to another Member State. Against the
expectations the recommendation of the
Advocate General, the ECJ also held that <b>where a</b><b> company
incorporated in another Member State exercises its freedom of
establishment in another Member State, that other Member State is
required to recognise the</b><b> company’s legal capacity</b> (and capacity to be a party to legal proceedings) which it enjoys under the laws of its state of incorporation. This ECJ judgment means that a company incorporated in a EU Member State
is entitled to rely on the principle of freedom of establishment to
contest any refusal by a host state to recognise it as a legal entity
with the capacity to enter into contracts and be a party to legal
proceedings. As a matter of German law, this decision signals the end of
the current practice whereby the legal capacity of foreign incorporated
companies is not recognised, where the effective seat of administration
is in Germany <a href="http://www.worker-participation.eu/content/download/2394/39253/file/%C3%9Cberseering.pdf">Überseering.pdf.</a><b> </b></li>
<li style="text-align: justify;"><b>Inspire Art (Case C-167/01; 30 September 2003)</b>. A Dutch Businessman established the company Inspire Art Ltd under the laws of
England and Wales and requested the registration of the company’s Dutch
branch office at the commercial registry in the Netherlands. The
registry decided that specific Dutch rules for foreign
entities registered in the Netherlands applied. As a
consequence, Inspire Art Ltd would have been required, <i>inter alia</i>,
to use a company name indicating its foreign origin, and comply with
the minimum capitalisation rules for Dutch limited liability companies. The ECJ decided in favour of freedom of
establishment by holding that rules submitting pseudo-foreign companies
to the company law of the host state were inadmissible. It laid down
that a foreign company is not only to be respected as a legal entity
having the right to be a party to legal proceedings, but rather has to
be respected as such, that is, as a foreign company that is subject to
the company law of its state of incorporation. Any adjustment to the
company law of the host state is, hence, not compatible with European
law.<b> </b><a href="http://www.worker-participation.eu/content/download/2395/39258/file/Insipre%20Art.pdf">Insipre Art.pdf</a> </li>
<li><div style="text-align: justify;">
<b>Cadbury Schweppes (Case C-196/04, 12 September 2006)</b>. The <i>Cadbury Schweppes</i>
group had established two subsidiaries in Ireland so that
profits related to the internal financing activities of the <i>Cadbury Schweppes</i>
group might benefit from the more favourable Irish tax regime. In the
view of the national court, the subsidiaries were incorporated in
Ireland in order not to fall within the application of certain UK tax
provisions on exchange transactions and the national tax authorities
demanded the corporation tax, <i>Cadbury Schweppes</i> appealed. In the end the relevant UK court referred the case to the ECJ to clarify the EC law implications.
The question referred to the ECJ was whether freedom of establishment
precludes national tax legislation, under certain conditions, from
imposing a charge upon a parent company on the profits made in a foreign
subsidiary. The ECJ
indicates that it is necessary to examine the behaviour of a taxpayer
who incorporates a company in another member state in light of the aim
of freedom of establishment <i>in order to assess </i>whether the behaviour at
stake is a mere exercise of freedom of establishment or a legal abuse.
So, national measures restricting freedom of establishment
may be justified where they specifically relate to wholly artificial
arrangements aimed at circumventing application of the legislation of
the member state concerned.The ECJ considered that <i>freedom of
establishment requires a stable and continuing basis in the economic
life of a member state other than the state of origin.</i>Therefore a
company cannot invoke freedom of establishment in another member state
for the sole purpose of benefiting from more advantageous legislation
unless the establishment in the other member state is intended to carry
on genuine economic activity. According to the ECJ a restriction of
freedom of establishment is therefore possible in cases of a ‘letterbox’
or ‘front’ subsidiary.The ECJ seems to move away from <i>Centros</i>,
where the company founders set up a company that had never engaged in
any economic activity in its founding state and was aimed solely at
avoiding Danish company law <a href="http://www.worker-participation.eu/content/download/2396/39263/file/Cadbury%20Schweppes.pdf">Cadbury Schweppes.pdf.</a><b> </b></div>
<b> </b></li>
<li><b>Cartesio (Case C-210/06, 16 December 2008).</b> Cartesio is a Hungarian limited partnership whose application for
registration of the transfer of its seat to Italy <i>(only de facto</i>) was rejected by the
Hungarian Court of Registration as Cartesio intended continuing to operate under
Hungarian company law. The refusal to register de de facto transfer was referred to the ECJ, to determine whether
Articles 43 and 48 EC Treaty preclude a member state from imposing an
outright ban on a company incorporated under its legislation
transferring its de facto head office to another member state without
having to be wound up in Hungary first, and to have the seat transfer
entered in the Hungarian Company Register. Cartesio case is to a considerable extent similar to the ECJ’s <i>Daily Mail</i> Decision, since it also raises the question of the transfer abroad of the de facto head office.<b> </b>The
Court did not overrule its ‘Daily Mail’ decision, which allows member
states to restrict the transfer of the central administration of a
company abroad. On the contrary, the ECJ reaffirmed its Daily Mail
doctrine: ‘<i>Articles 43 EC
and 48 EC are to be interpreted as not precluding legislation of a
Member State under which a company incorporated under the law of that
Member State may not transfer its seat to another Member State whilst
retaining its status as a company governed by the law of the Member
State of incorporation</i>.’ In an obiter dictum
it was stated that freedom of establishment also covers the possibility of a
company converting itself into a company governed by the law of another
member state – which is de facto the transfer of the registered office
(para 111–113). This announcement contrasts with a statement in the same
judgment, some paragraphs previously, in which the Court says: ‘<i>It
should be pointed out, moreover, that the Court also reached that
conclusion on the basis of the wording of Article 48 of the EEC Treaty
... the question whether – and, if so, how – the registered office</i> (<i>siège statutaire</i>) or real seat (<i>siège réel</i>)
of a company incorporated under national law may be transferred from
one Member State to another as problems which are not resolved by the
rules concerning the right of establishment, but which must be dealt
with by future legislation or conventions’ (para 108). As a result, the
consequences of this obiter dictum for board-level participation rules
have not been finally clarified. However, there are good reasons for
saying that the obiter dictum applies only if national law completely
forbids any kind of transfer of seat to another member state. As long as
one form of transfer is allowed under national law, Art. 43 and 48 EC
do not apply<a href="http://www.worker-participation.eu/content/download/2397/39268/file/Cartesio.pdf">. Cartesio.pdf</a>
<div class="border-ml">
<div class="border-mr">
<div class="border-mc float-break">
<div class="content-view-full">
<div class="class-folder">
<div class="content-view-children">
</div>
</div>
</div>
</div>
</div>
</div>
<div style="text-align: justify;">
<br /></div>
<b></b><br />
<br />
<a href="http://www.worker-participation.eu/Company-Law-and-CG/ECJ-Case-Law" rel="nofollow" target="_blank">More </a><br />
<br /><a href="http://www.worker-participation.eu/content/download/2394/39253/file/%C3%9Cberseering.pdf"></a> </li>
</ul>
<h5>
</h5>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-45172611483050186332015-10-06T23:38:00.002+02:002015-10-06T23:38:53.196+02:00<div dir="ltr" style="text-align: left;" trbidi="on">
<h2 style="background-color: white; color: #555555; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 16.3636px; margin-bottom: 20px; text-align: justify;">
SPANISH SUPERVISOR PUBLISHES REVIEW ON CORPORATE GOVERNANCE REPORTS OF IBEX COMPANIES AND SPANISH QUOTED RETRIBUTIONS TO DIRECTORS</h2>
<div data-mce-style="text-align: justify;" style="background-color: white; color: #555555; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 16.3636px; margin-bottom: 20px; text-align: justify;">
<a data-mce-href="http://www.cnmv.es/Portal/verDoc.axd?t={b7cf08ed-b059-45f2-af32-a88a0ba04e8a}" href="http://www.cnmv.es/Portal/verDoc.axd?t={b7cf08ed-b059-45f2-af32-a88a0ba04e8a}" style="color: #1fb3dd;" target="_blank">Publicado el informe de la CNMV sobre gobierno corporativo de sociedades cotizadas</a>, correspondientes a 2014,es decir, a los informes que aún no están actualizados al CUBG de 2015.</div>
<ul style="background-color: white; color: #555555; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 16.3636px; list-style: square; margin: 0px 0px 18px 1.5em; padding: 0px;">
<li data-mce-style="text-align: justify;" style="text-align: justify;">La web de la CNMV destaca que se están siguiendo un 85,4% de las recomendaciones; se ha alcanzado el 16,7% de diversidad de género en los consejeros del Ibex 35; que 12 sociedades cumplen el 100% de las recomendaciones.</li>
<li data-mce-style="text-align: justify;" style="text-align: justify;">Muestra también un incremento en el capital flotante de las cotizadas para alcanzar el 42,9%</li>
<li data-mce-style="text-align: justify;" style="text-align: justify;">En cuanto a los informes de retribuciones destaca la subida e n las retribuciones medias para alcanzar los318.000 €, un 11,6% más<div>
que en 2013. Las retribuciones fijas medias constituyen más del 50% para los consejeros de las cotizadas que no forman parte del Ibex 35, si bien no superan ese porcentaje en las del índice IB35. La nota de la CNMV indica que el nivel de responsabilidad es el criterio más utilizado para fijar la contraprestación percibida por los administradores.</div>
</li>
</ul>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-84662398285768374112015-05-12T20:14:00.000+02:002015-05-12T20:32:27.732+02:00<div dir="ltr" style="text-align: left;" trbidi="on">
<!--[if gte mso 9]><xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
</o:OfficeDocumentSettings>
</xml><![endif]--><br />
<!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:DoNotShowComments/>
<w:HyphenationZone>21</w:HyphenationZone>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>ES</w:LidThemeOther>
<w:LidThemeAsian>X-NONE</w:LidThemeAsian>
<w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
</w:Compatibility>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="false"
DefSemiHidden="false" DefQFormat="false" DefPriority="99"
LatentStyleCount="371">
<w:LsdException Locked="false" Priority="0" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 9"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 9"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="header"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footer"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index heading"/>
<w:LsdException Locked="false" Priority="35" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope return"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 6"/>
</w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Tabla normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin-top:0cm;
mso-para-margin-right:0cm;
mso-para-margin-bottom:8.0pt;
mso-para-margin-left:0cm;
line-height:107%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri",sans-serif;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-fareast-language:EN-US;}
</style>
<![endif]-->
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"><b>Liability of company directors. Individual action
concurring with cause of dissolution (qualified losses) and bankruptcy declared. Dismissed. </b>Judgment (Appeal) of the Court of Barcelona (s. 15th) of April 7, 2015 .</span></div>
<br />
<ol style="text-align: left;">
<li><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">The claim against
III,SL “a company with limited liability” and its manager, was brought<span style="mso-spacerun: yes;"> </span>for damages allegedly caused by IIISL and is
Director, as they did not promote the dissolution and liquidation of the
company for undercapitalization (arts. 236, 241, 363. 1 e / and 367 of the
Companies Act <span style="mso-spacerun: yes;"> </span>(LSC).</span></li>
<li><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">The judgment of first instance
was decided for the plaintiff</span></li>
<li><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">The Director’s appeal was founded
on (i) the irrelevance of the First Instance Decision based on the provisions
of art. 105 LSRL and 51a of the Bankruptcy Act (LC) and (ii) the non-existence
of the conditions that can found an “individual action for damages”</span></li>
<li><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"><b>The first plea is based on the
incompatibility (in terms of Article 51bis LC) of the action for not promoting
dissolution and liquidation, with the bankruptcy situation (IIISL voluntary bankruptcy
was declared on November 27 2012 by the Commercial Court (7) at Barcelona. </b>The First
Instance Court had been required to suspend the ordinary process, but did not
do it. The TS(as already stated by STS of June 20, 2013, acknowledged such
incompatibility and rejected the first bases of the appeal <span style="mso-spacerun: yes;"> </span></span></li>
<li><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">Art 51bis LC establishes that
upon declaration of the “concurso” leading to bankruptcy proceedings initiated
before the bankruptcy declaration against the directors of corporations upon
allegations that they had breached the duties imposed on them when there is a “cause
for dissolution”, shall be suspended.</span></li>
<li><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">The “so called individual
action” to demand liability from Directors is not affected by bankruptcy, but
the action of responsibility for “failing to promote dissolution” is affected.</span></li>
<li><b><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span></b><span lang="EN" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"><b>In terms of “individual action”
for damages brought against the appellant</b>, in its application, the plaintiff
stated that the administrator urged supplying, whilst he knew of the under
capitalization of the defendant company. The Director ought to have promoted timely
dissolution and liquidation thus avoiding the disappearance of the debtor
company and the non-payment of the debt to the plaintiff. The aim of Art. 241
of the LSC (individual liability action) is to restore the individual assets of
the shareholders or third parties who have been directly damaged by an act or
omission attributable to the Director. It is an action for damages to which the
company's creditors are entitled and which requires a behavior or facts, acts
or omissions - of managers lacking due diligence leading to injury. The injured
plaintiff must prove a precise and direct causal link between such an act
(omission, etc.) and the harmful result<b style="mso-bidi-font-weight: normal;">.
Such direct causation was not evidenced.</b> This leads to the dismissal of individual
action for damages brought against the appellant</span><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"></span></li>
</ol>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-3879199745320598632015-04-18T21:03:00.001+02:002015-04-18T21:05:41.389+02:00<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="file:///E:/parablog/google799a2becd01795ba.html" target="_blank">google799a2becd01795ba.html</a></div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-19312303567375271782015-04-18T20:11:00.000+02:002015-04-18T20:41:46.529+02:00D&O, unserved claims, Duty to Defend<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: Calibri;"><strong>Among the
challenges to D&O policies coverage it is to be able to asses whether
certain acts do amount or not to to a claims that triggers the duty of the insurer to
defend.</strong> <o:p></o:p></span></span></div>
<ul style="text-align: left;">
<li><div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: Calibri;">A recent
USA case shows an extreme situation where, even though the claim had been filed
(and was pending a “reflection legal period granted to Government to decide
whether to join the plaintiff), such filing was not considered to be a Claims “first
made”. The case delivers an interpretation revlevant to D&O policies, in relation with filed claims which have not yet been served upon the defendant-insured.</span></span></div>
</li>
<ul>
<li><div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span lang="EN-US" style="font-family: Symbol; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: Calibri;">The
USA <span style="mso-spacerun: yes;"> </span>federal </span></span><a href="http://en.wikipedia.org/wiki/False_Claims_Act"><span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="color: blue; font-family: Calibri;">False Claims Act</span></span></a><span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: Calibri;"> imposes liability on those who breach public
sector laws (government) and allows third-parties to bring so-called <b style="mso-bidi-font-weight: normal;"><i>qui tam actions</i></b>, liability
claims under the FCA; so that the third-party can receive a portion of the
recovery (if the Qui Tam Action is successful) . –As the Qui Tam is filed it
remains sealed for at least sixty days (unserved on the defendant ) to allow
the Public Authorities to decide if they also oursue the Action or if they
decline to do so) . As a result <span style="mso-spacerun: yes;"> </span>there is
sometime a time lag between the date the <i>qui tam</i> action complaint is
filed and the date it is served on the defendant. This present a challenge for
D&O insurance. </span></span></div>
</li>
</ul>
</ul>
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: Calibri;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
For more information, please
see the excellent comment in <a href="http://feeds.lexblog.com/thedandodiary" target="_blank">D&O Diary</a>, "<a class="__feedview__feedItemUnreadTitleLink" href="http://feeds.lexblog.com/~r/thedandodiary/~3/1-5RYPefCL8/">Management
Liability Insurance: If a Qui Tam Action is a Claim, When is it “First
Made”?</a>, 08 April 2015, 13:12:26, by Kevin LaCroix) <strong>about the 3<sup><span style="font-size: x-small;">rd</span></sup> April 2015 Decision of a
Northern District of California Judge: As the qui tam had not been served, it did not amount to a “first claim”
in the sense of “First made claims inD&O Policies” ,so the insurer is under
no obligation to advance defense expenses.</strong></div>
</span><ul style="text-align: left;"></ul>
</span><ul style="text-align: left;"></ul>
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: Calibri;">
</span><div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 10pt 36pt; mso-list: l0 level1 lfo1; text-align: left; text-indent: -18pt;">
<br /></div>
</span><br />
<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 10pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
</div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-18577358865739176112015-04-02T18:26:00.001+02:002015-04-18T21:17:15.866+02:00Board of Directors. Board, Board Members. Code of corporate governance of Spain. 2015<div dir="ltr" style="text-align: left;" trbidi="on">
<strong style="background-color: #f2f2f2; box-sizing: border-box; color: #5f5f5f; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 24px;"></strong><br />
<div>
<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
</div>
<ol>
<li><b style="line-height: 18pt;"><span lang="EN-US" style="background: #F2F2F2; font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">Large part of the changes in the Good Corporate
Governance Code relate to the board of directors and its specialised
committees, to improve its efficient functioning and to favour the
participation and dedication of its members:</span></b></li>
</ol>
<br />
<div class="MsoNormal" style="background: white; line-height: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span lang="EN-US" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: 'Times New Roman', serif;">I Meeting of the Board.-</span></b><span lang="EN-US" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: 'Times New Roman', serif;"> </span><span lang="EN-US" style="background: #F2F2F2; font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">It is
recommended that the board meets at least <b>eight times a year.</b> </span><b><span lang="EN-US" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: 'Times New Roman', serif;"> <o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: white; line-height: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span lang="EN-US" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: 'Times New Roman', serif;">II Board Members<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="background: white; line-height: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: -18.0pt;">
</div>
<ol>
<li><b style="line-height: 18pt; text-indent: -18pt;"><span lang="EN-US" style="background: #F2F2F2; font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">Non attendance</span></b><span lang="EN-US" style="background: rgb(242, 242, 242); font-family: 'Times New Roman', serif; line-height: 18pt; text-indent: -18pt;">.- If a director does not attend a meeting, it
is recommended that he or she confers representation <b>with precise voting instructions</b>. </span></li>
<li><b style="line-height: 18pt; text-indent: -18pt;"><span lang="EN-US" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: 'Times New Roman', serif;">Gender diversity</span></b><span lang="EN-US" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: 'Times New Roman', serif; line-height: 18pt; text-indent: -18pt;"> is encouraged, promoting the objective that in
2020 the number of women directors represents at least 30% of the members of
the board of directors.</span></li>
<li><b style="line-height: 18pt; text-indent: -18pt;"><span lang="EN-US" style="background: #F2F2F2; font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">Independent </span></b><span lang="EN-US" style="background: rgb(242, 242, 242); font-family: 'Times New Roman', serif; line-height: 18pt; text-indent: -18pt;">directors are recommended to reach at least half
of the total number of directors (or only a third in companies that do not have
a high capitalisation or companies with one or various shareholders who jointly
control more that 30% of the share capital). </span></li>
<li><b style="line-height: 18pt; text-indent: -18pt;"><span lang="EN-US" style="background: #F2F2F2; font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">Coordinating Director</span></b><span lang="EN-US" style="background: rgb(242, 242, 242); font-family: 'Times New Roman', serif; line-height: 18pt; text-indent: -18pt;">. The functions of the coordinating director
ares extended with respect to those regulated by the Companies Act. He or she
ought to be charged with keeping contact with investors and shareholders to
learn about their opinions and concerns regarding the company's corporate
governance.</span></li>
<li><b style="line-height: 18pt; text-indent: -18pt;"><span lang="EN-US" style="background: #F2F2F2; font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">Conflicts of interests.</span></b><span lang="EN-US" style="background: rgb(242, 242, 242); font-family: 'Times New Roman', serif; line-height: 18pt; text-indent: -18pt;"> </span><span lang="EN-US" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: 'Times New Roman', serif; line-height: 18pt; text-indent: -18pt;">It is recommended that
companies publish on their websites any information on the remunerated
activities performed by their directors, whatever their nature.</span></li>
<li><b style="line-height: 18pt; text-indent: -18pt;"><span lang="EN-US" style="background: #F2F2F2; font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">Remunerations.</span></b></li>
</ol>
<!--[if !supportLists]--><br />
<div class="MsoListParagraphCxSpMiddle" style="background: white; line-height: 18.0pt; margin-left: 72.0pt; mso-add-space: auto; mso-list: l1 level2 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="EN-US" style="font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">a.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-US" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: 'Times New Roman', serif;">Some recommendations are included towards there
being a balance between the need to remunerate the directors' talent and
dedication and promoting corporate sustainability and profitability at long
term. </span><span lang="EN-US" style="background: #F2F2F2; font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">It is recommended that <b>the contract with the executive director includes the possibility that
the company may claim reimbursement of the variable components of the
remuneration</b> when payment is not in line with performance conditions or
when they have been paid in view of data that is later proved to be inaccurate.</span><span lang="EN-US" style="font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="background: white; line-height: 18.0pt; margin-left: 72.0pt; mso-add-space: auto; mso-list: l1 level2 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="EN-US" style="font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">b.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-US" style="background: #F2F2F2; font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">In relation to the termination compensation, it
is recommended that a quantitative limit is established equal to the total
annual remuneration for two years, and also that the compensation is not paid
until the company has verified that the director has accomplished the
established performance criteria.</span><span lang="EN-US" style="font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span lang="EN-US" style="background: #F2F2F2; font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">III Board Structure. Commissions and Units<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="background: white; line-height: 18.0pt; margin-bottom: 12.0pt; margin-left: 36.0pt; margin-right: 0cm; margin-top: 12.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
</div>
<ol>
<li><b style="line-height: 18pt; text-indent: -18pt;"><span lang="EN-US" style="background: #F2F2F2; font-family: "Times New Roman","serif"; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">Internal risk control and management unit. </span></b><span lang="EN-US" style="background: rgb(242, 242, 242); font-family: 'Times New Roman', serif; line-height: 18pt; text-indent: -18pt;">The Code recommends its creation</span><span lang="EN-US" style="background: rgb(242, 242, 242); font-family: 'Times New Roman', serif; line-height: 18pt; text-indent: -18pt;"> under the supervision of the audit committee to the correct functioning of
the company's risk control and management systems and monitor compliance of the
policy defined by the Board.</span></li>
<li><b style="line-height: 18pt; text-indent: -18pt;"><span lang="EN-US" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: 'Times New Roman', serif;">Nomination and remuneration committee</span></b><span lang="EN-US" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: 'Times New Roman', serif; line-height: 18pt; text-indent: -18pt;">, due to the
importance given to the selection of directors and the plurality of technical
considerations to be taken into account when establishing their remuneration
systems, in high capitalization companies <b>it
is recommended that two separate committees be created, one for remunerations
and the other for nominations</b>,</span></li>
</ol>
<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
</div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-17863367713856866812015-04-02T18:09:00.002+02:002015-04-18T21:17:59.342+02:00CSR in the Corporate Governance Code of Spain. February 2015<div dir="ltr" style="text-align: left;" trbidi="on">
<b><a href="https://www.cnmv.es/DocPortal/Publicaciones/CodigoGov/Codigo_buen_gobierno.pdf" target="_blank">Corporate <span id="goog_171854293"></span><span id="goog_171854294"></span>Governance Code in Spain. New version, February 2015</a></b><br />
<br />
<ul style="text-align: left;">
<li><strong style="background-color: #f2f2f2; box-sizing: border-box; color: #5f5f5f; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 24px;">On 24 February 2015 the regulatory body of the Spanish Stock Market (<em style="box-sizing: border-box;">Comisión Nacional del Mercado de Valores, CNMV</em>) published the new Unified Code on Good Corporate Governance for listed companies which substitutes the previous version from 2006, partly amended in 2013. </strong></li>
<li><strong style="background-color: #f2f2f2; box-sizing: border-box; color: #5f5f5f; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 24px;">The CNMV had the support and assistance from the Committee of Experts on corporate governance created by agreement of the Council of Ministers on 10 May 2013 that also worked in drafting the Law 31/2014, published on 4 December 2014 and which amended the Companies Act in matters of corporate governance.</strong></li>
<li><span style="background-color: white; color: #5f5f5f; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 24px;">The new Good Corporate Governance Code excludes some recommendations of the previous Code as they have already been incorporated in a binding regulation. It only includes matters subject to the principle of "comply or explain".</span></li>
<li><span style="background-color: white; color: #5f5f5f; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 24px;"><strong style="background-color: #f2f2f2; box-sizing: border-box; line-height: 24px;"><div style="background-color: white; box-sizing: border-box; line-height: 24px; margin-bottom: 1em; margin-top: 1em;">
One of the fundamental changes in this Good Corporate Governance Code is the inclusion of recommendations related to the policy of corporate social responsibility, a matter that in recent years has aroused particular interest and awareness within and beyond our borders. This is why, for the first time, it is recommended that companies examine the impact their activity has on society and the minimum recommended content of the corporate social responsibility policy is established. Moreover, it is recommended that the company informs (whether in its management report or in a separate document) about matters related to corporate social responsibility.</div>
</strong></span></li>
</ul>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-84796155510485525242015-03-01T23:24:00.002+01:002015-03-01T23:24:31.775+01:00NEW COMPANY ACT IN SPAIN (2014). DIRECTORS DUTIES. <div dir="ltr" style="text-align: left;" trbidi="on">
<!--[if gte mso 9]><xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
</o:OfficeDocumentSettings>
</xml><![endif]--><br />
<!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:HyphenationZone>21</w:HyphenationZone>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>ES</w:LidThemeOther>
<w:LidThemeAsian>X-NONE</w:LidThemeAsian>
<w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
</w:Compatibility>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="267">
<w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
</w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Tabla normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin-top:0cm;
mso-para-margin-right:0cm;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0cm;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-fareast-language:EN-US;}
</style>
<![endif]-->
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt; text-align: justify;">
<span lang="EN-US" style="font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">NEW COMPANY
ACT IN SPAIN (2014). DIRECTORS DUTIES. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt; text-align: justify;">
<span lang="EN-US" style="font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">The
amendments to the Revised Text of the Corporations Act (LSC), approved by Royal
Legislative Decree 1/2010 of July 2, introduced by Law 31/2014 affect Directors’
duties, as it follows</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt; text-align: justify;">
<span lang="EN-US" style="font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">1.- The
reform provides important developments in the regulation of the legal status of
the directors (functions, duties, liabilities and remuneration) </span></div>
<pre style="text-align: justify;"><span lang="EN-US" style="mso-ansi-language: EN-US;"> </span></pre>
<pre style="text-align: justify;"><span lang="EN-US" style="mso-ansi-language: EN-US;">2.- Thus, in the case of the duty of care, the comprehensive reform of the general statement ("directors must perform and discharge <span style="mso-spacerun: yes;"> </span>the duties imposed by the laws and statutes with the diligence of a prudent businessman, (...)"). Diligence in performing the duties should be assessed according to the functions assigned to each member of the board, thus taking into account the division of functions therein. (Article 225.1 LSC). The 2014 reform includes a duty to dedicate time in accordance with the position of each director (Article 225.2 LSC) as well as the duty to demand and the right to obtain from the company the information necessary (Article 225.3 LSC) </span></pre>
<pre style="text-align: justify;"><span lang="EN-US" style="mso-ansi-language: EN-US;"> </span></pre>
<pre style="text-align: justify;"><span lang="EN-US" style="mso-ansi-language: EN-US;">3.- As for the duty of loyalty the Reform Act 31/2014 reinforces its regime expressly stating that it is mandatory: "The rules governing the duty of loyalty and liability for its violation are mandatory. Statutory provisions restricting this duty will be void (Article 230.1 LSC). It also</span></pre>
<pre style="text-align: justify;"><span lang="EN-US" style="mso-ansi-language: EN-US;"> </span></pre>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 10.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: ES;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">Reformulates the definition of generic duty:
"Managers must hold their position with the loyalty of a faithful
representative, acting in good faith and in the best interest of society"
(Article 227.1 LSC).</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: Symbol; font-size: 10.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: ES;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">Increases the detail in the definition of unfair
behavior, completing the previous catalogue (especially on conflicts of
interest), and dividing the content of the preceding Articles 227-230 and 232
LSC into two groups: </span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 72.0pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l0 level2 lfo1; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Courier New"; mso-fareast-language: ES;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">i) obligations derived from the basic duty of
loyalty (new Article 228 LSC) and </span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 72.0pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l0 level2 lfo1; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Courier New"; mso-fareast-language: ES;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">ii) the duty to avoid conflicts of interest (new
Article 229 LSC):</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt; text-align: justify;">
<span lang="EN-US" style="font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES;">The former
include the traditional duty of secrecy, abstaining from voting in cases of
conflict of interest and acting independently without interference from third
parties. The later refer to the duty not to take advantage of business
opportunities of the Company and not to compete with the company.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt; text-align: justify;">
<br /></div>
<pre style="text-align: justify;"><span lang="EN-US" style="mso-ansi-language: EN-US;">The reform regulates dispensation from the obligations associated with the duty of loyalty (Article 230.2 LSC)in relation with conflicts of interests the waiver may be granted by the board, provided that it is safe for the company's assets , it takes place at market conditions, and with transparency. However, in the most relevant cases listed in Article 230.2 LSC, this is authorizing Directors to perform competing activities (it can only be waived when it is not expected to harm the Company) or the expected damage would be compensated by providing benefits obtained (Article 230.3 LSC). This waiver is granted by express and separate agreement of the general meeting. The duty of loyalty extends to de facto directors managers (art. 236.3 LSC).</span></pre>
<pre style="text-align: justify;"><span lang="EN-US" style="mso-ansi-language: EN-US;"> </span></pre>
<pre style="text-align: justify;"><span lang="EN-US" style="mso-ansi-language: EN-US;">The scope of the penalty for breach of duty of loyalty is extended because not only will bring the obligation to compensate the damage to the Company but also there would be an obligation to give back to the Company any unjust enrichment obtained (Article 227.2 LSC).</span></pre>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2081794217645094479.post-70854734285546253732015-02-03T16:04:00.001+01:002015-04-02T17:44:10.007+02:00 Case C‑172/13, JUDGMENT OF THE ECJ (Grand Chamber). Groups of Companies 3 February 2015<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="C19Centre" style="border: 0px; color: #444444; font-family: Arial; font-size: 12.8000001907349px; line-height: 16.6399993896484px; margin: 10px 35px 10px 45px; outline: 0px; padding: 0px; text-align: center; vertical-align: baseline;">
<br /></div>
<div class="C71Indicateur" style="border: 0px; color: #444444; font-family: Arial; font-size: 12.8000001907349px; line-height: 16.6399993896484px; margin: 10px 35px 10px 45px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
</div>
<ul style="text-align: left;">
<li><span style="font-size: 12.8000001907349px; line-height: 16.6399993896484px;"><a href="http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:62013CJ0172" target="_blank"> Case C‑172/13</a>.- (Failure of a Member State to fulfil obligations — Article 49 TFEU — Article 31 of the EEA Agreement — Corporation tax — Groups of companies — Group relief — Transfer of losses sustained by a non-resident subsidiary — Conditions —</span><b style="font-size: 12.8000001907349px; line-height: 16.6399993896484px;"> Date to be used for determining whether the losses of the non-resident subsidiary are definitive)</b></li>
</ul>
<br />
<div class="C02AlineaAltA" style="border: 0px; color: #444444; font-family: Arial; font-size: 12.8000001907349px; line-height: 16.6399993896484px; margin: 10px 35px 10px 45px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
<br /></div>
</div>
Unknownnoreply@blogger.com