Marketing in Spain of financial instruments subject to English law: Judgment of the Supreme Court of 20 July 2017 (Roj: STS 3027/2017)

1. The judgment
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The Supreme Court has invalidated a clause of submission to English law included in a financial instrument classified as ‘high risk’ – specifically a structured note called ‘Nota Estructurada Autocancelable 3 bancos europeos abril 2013’ – acquired by an expert investor, despite the fact that such submission appeared in both the Base Prospectus and the Final Terms, to which the purchase order signed by the claimant explicitly referred, and the summary of the Base Prospectus published in the Spanish Securities Market Authority’s website. Moreover, the documents containing the submission to English law were available to the investor and publicly accessible…