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PUBLICATION
Administrative liability of the members of a listed company’s audit committee for serious errors or inaccuracies in the audited annual accounts
The Supreme Court’s judgment of 8 October 2020 confirms the administrative liability of Audit Committee members for the inaccuracy or lack of veracity of consolidated annual accounts that have been externally audited
PUBLICATION
Amendment of the legal regime of the organisation and operation of the National Electricity System (Portugal)
The public consultation regarding the long-awaited draft Decree-Law that revokes the legal regulations applicable to the activities of generation, transmission, distribution and supply of electricity and the organisation of electricity markets (the “Draft Decree-law”) is underway, and contributions may be submitted until 24 November 2021 through the Consultation – National Electricity System platform (consultalex.gov.pt).
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The Court of Justice of the European Union clarifies the impact on VAT of intra-group transfer pricing adjustments
The Court of Justice, in the Stellantis Portugal case, confirms that a transfer pricing adjustment intended to ensure a specific profit margin, even if certain repair or warranty costs are partially taken into account in its calculation, does not necessarily lead to the conclusion that there is an independent supply of services subject to value-added tax. The determining factors are the existence of a legal relationship involving reciprocal consideration and a direct link between the identifiable service and the consideration received.
¡NEW! 
Remedios García, Saturnina Moreno
Unanimous shareholders’ agreements and dividends in specie
The Supreme Court and the Madrid Provincial Court, following established legal doctrine, have reiterated that a party to a unanimous shareholders’ agreement acts in bad faith if he or she challenges a company resolution passed in compliance with said shareholders’ agreement. In this case, the shareholders’ agreement provided for the possibility of paying dividends in kind, and the contested resolution — which was passed by a majority at the shareholders’ meeting — transferred certain real estate properties to one of the shareholders (with his consent) in payment of the dividend due to him.
¡NEW!
Alberto Díaz
NGT plant patenting: betwixt and between regulatory continuity and expectations
The evolution of the concept of genetically modified organisms in the European Union in light of new genomic techniques (NGTs) is examined, along with the regulatory response that introduces a distinction between two categories of NGT plants, making the regime more flexible for those that can be considered equivalent to conventional plants. It also highlights that the institutional agreement reflected in the Council’s position represents a significant shift from the case law of the Court of Justice. Regarding patents, it highlights the absence of substantial changes, opting instead for a cautious approach based on transparency, monitoring, and possible future intervention.
3 days ago
Ángel García Vidal, Rais Amils
Voluntary takeover bids and squeeze-outs
The Judgment of the Court of Justice of the European Union (Fifth Chamber) of 13 May 2026 (Korfin and Sempiola v Slovnaft, Case C-225/25) clarifies the concept of a takeover bid for the purposes of Article 2 of the 2004 Takeover Bids Directive, such that an offer made to the holders of securities of a company with a view to acquiring all or some of those securities does not fall within the concept of a takeover bid where it is made by an offeror who already controls the offeree company. Consequently, based on that court’s interpretation of the Directive’s provisions, there is no right of squeeze-out in such voluntary takeover bids.
One week ago
Reyes Palá
An action for declaration of invalidity of an already-terminated franchise agreement is admissible
An action for declaration of invalidity of an agreement can almost always be brought, even if the agreement has been performed and terminated.
27 May, 2026
Ángel Carrasco
Severance pay is a claim against the insolvent estate – not an insolvency claim – if a pre-opening-of-insolvency-proceedings dismissal is ruled unfair post hoc
Notwithstanding a dismissal occurring before the opening of insolvency proceedings, if a court finding of unfairness and an employer decision to make a severance payment occur after, the dismissed employee’s claim must be deemed against the insolvent estate, even if the parties had reached a settlement, if such was reached also after.
26 May, 2026
Lourdes López
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