Financial Regulation International
Spain
The impact of the implementation of the Prospectus Directive
Yolanda Azanza, José Manuel Cuenca, and Javier García de Enterría, Clifford Chance, Madrid
On 15 March 2005 Royal Decree-Law 5/2005 of 11 March (Real Decreto-Ley 5/2005,
de 11 de marzo, de reformas urgentes para el impulso a la productividad y para la mejora de la contratación pública
or RDL 5/2005) came into force. RDL 5/2005 partially implements the Prospectus Directive (PD) by amending the Spanish Securities
Market Act (Ley 24/1988,
de 28 de julio, del Mercado de Valores
or SMA). Yolanda Azanza, José Manuel Cuenca and Javier García de Enterría from Clifford Chance in Madrid discuss the details.