GA_P advises on the financing granted to Club Atlético de Madrid

Supreme Court Judgment no. 919/2016 of 16 June is groundbreaking in two respects: first, in holding that unit-holders are parties to a contract between the commonhold association and a third party; and second, in holding that this contract is linked to the loan agreements concluded by a bank with said unit-holders.

The first ruling to actually apply the business judgment rule in the determination of a claim in relation to liability.

The fiduciary nature of the managed investment relationship supports the view that the bank should be liable for the loss of the pledged item because there would not have been such loss had the client’s order been executed prior to the bank’s resolution — but not for the reason given in the judgment.

The Court of Justice of the European Union (Fourth Chamber), in its judgment of 1 August 2025, case C-665/23, IL v. Veracash SAS, concludes that a payer is deprived of the right to reimbursement of the amount of an unauthorised transaction if he or she delayed in notifying his or her payment service provider of the unauthorised payment transaction, even though he or she did so within 13 months from the debit date. This interpretation of the Payment Services Directive is applicable in Spain (Art. 43 RDL 19/2018) and appears to be retained in the future Regulation on payment services.

The content of the Directive on credit servicers and credit purchasers, only of non-performing credit (NPC), has been transposed into Spanish law more than a year late. The Bill introduces the administrative regime for credit servicers and amends, among others, the Consumer Credit Act and the Real Estate Credit Agreements Act.

A few thoughts on Articles 7 through 10 of the Public Service of Justice (Efficiency Measures) Act 1/2025 of 2 January.

The reform of the Prospectus Regulation to facilitate access to funding through securities markets, especially by SMEs, is pending publication in the OJEU.

The regulation of bank restructurings is not favourable to consumers.

The recent adoption of the Corporate Sustainability Due Diligence Directive will lead to the adoption by large companies of a due diligence system. The basis for its design is an analysis of the risks that business activities may have a negative impact on the environment and human rights. The financial sector has been taking these issues into account for years.