Ana Martínez-Pina «Sins that lead the Spanish Stock Market to irrelevance» | El Confidencial

Act 10/2025 reforms the regime governing financial institutions’ customer services and introduces a procedure for the submission, processing and resolution of complaints filed by their customers, including special provisions when such customers are consumers, such as a free helpline and the availability of channels that allow for personalised service to vulnerable consumers or people without access to certain basic financial services that are not defined in the new law.

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 Listing Act amends MiFID II and repeals the Admissions Directive.

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.

The European Parliament has approved in first reading the amendments to the Market Abuse Regulation in order to reduce administrative burdens for issuers and clarify some controversial issues in practice.