The new spanish Companies Act

Until 2010, the spanish legal system did not have a unique law to regulate corporations. The enactment of the Real Decreto Legislativo 1/2010, de 2 de julio, por el que se aprueba el texto refundido de la Ley de Sociedades de Capital  supposed the repeal of the Corporations Act –Real Decreto Legislativo 1564/1989, de 22 de diciembre, por el que se aprueba el texto refundido de la Ley de Sociedades Anónimas-, the Limited Liability Company Act –Ley 2/1995, de 23 de marzo, de Sociedades de Responsabilidad Limitada-, the provisions related to limited partnerships with share capital from the Comercial Code and the Title X of the Securities Market Act regarding quoted companies. All these previous acts have beed restated in a single text which you may download here.

This new spanish companies act is the result of harmonising, regularising and clarifying all the previous acts. It now containes the general legal framework for this kind of institutions, except for the regulations governing structural modifications, which will remain under the also recent recent Companies Structural Modifications Act (Ley 3/2009, de 3 de abril, sobre modificaciones estructurales de las sociedades mercantiles).

Although this act seems to bring major changes in the legal framework regarding spanish companies the reality is that only minor changes have been made. The law itself tells us that it’s just a provisional text while we are walking towards the spanish Corporations Code.

Please, feel free to contact me should you have any questions regarding spanish corporate laws!