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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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Payment service providers’ rectification of unauthorised or incorrectly executed payment transactions: user obligations
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.
09 Oct, 2025 
Reyes Palá
How does a right to purchase or repurchase operate in relation to an insolvent estate?
For the first time in the Supreme Court: purchase rights in insolvency proceedings.
08 Oct, 2025
Ángel Carrasco
Contractual termination by mutual abandonment not claimed by any party?
The risks of applying the doctrine according to which a contract is deemed withdrawn from if neither party to the same appears to want it. Not only is this solution likely to be inconsistent with the parties’ claims, but it also wrongly rules out other civil law options the parties could pursue upon dismissal of the action for declaration of termination.
01 Oct, 2025
Ángel Carrasco
Court of Justice rules that lower courts may disregard decisions of higher courts that violate independence and impartiality
The Court of Justice ruling of 4 September 2025 (C-225/22) has declared that national courts may set aside decisions of higher courts that do not comply with the requirements of independence and impartiality derived from Article 19(1) of the Treaty on European Union and Article 47 of the Charter of Fundamental Rights of the European Union.
30 Sep, 2025
Blanca Lozano
Invalidity of agreements concluded by director in breach of duty of loyalty
In Judgment no. 142/2025 of 11 April, the Madrid Provincial Court (Twenty-Eighth Chamber) addressed two issues relating to the bringing of actions for declaration of invalidity of two sale and purchase agreements concluded by a company director in breach of his duty of loyalty. On the one hand, and in view of the specific circumstances, it ruled on whether the company could formally assume the role of claimant in the dispute. On the other hand, it ruled on the importance of the fact that the disputed transactions were beneficial to the company concerned and on the possibility of a ‘tacit’ dispensation.
29 Sep, 2025
Alberto Díaz
Prohibition of arbitration in the single energy market
The Agreement on the interpretation and application of the Energy Charter Treaty gives the force and effect of law to the case law of the Court of Justice of the European Union, according to which Article 26 of the Energy Charter Treaty does not and could not apply as a legal basis for intra-EU arbitration proceedings as a mechanism for the settlement of disputes between a contracting State and an investor of another contracting State.
25 Sep, 2025
Ana I. Mendoza
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