Miguel Lamo de Espinosa on the future of business and what is to come | El Confidencial

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.

These increasingly frequent practices raise numerous concerns regarding their legality under securities market law.

Introduction to the key aspects of the EU-UK Trade and Cooperation Agreement of 24 December 2020 and the corresponding Spanish Royal Decree Law 38/2020 of 30 December.