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A modification of the current fertiliser products regulation (Royal Decree 529/2023) has been published. This new Royal Decree 529/2023 improves the alignment of national regulations with Regulation (EU) 2019/1009 on EU fertiliser products to avoid tensions between these two regimes. The new regulation introduces provisions on certain mixtures of micronutrients, inorganic fertilisers based on ammonium nitrate and the criteria that sub-products must meet in order to be classified as such.

The Spanish Government has approved a new Royal Decree 666/2023 completing the regulatory framework for veterinary medicinal products. This regulation seeks to update the regulations governing veterinary medicinal products in accordance with current scientific advances and economic conditions. Among other considerations, it aims to improve the protection of animal health, the environment and the public health.

“Communication 1/2023, of 13 June on the criteria that shall govern the prohibition for companies that distort competition to enter into contracts with the public sector by the National Commission for Markets and Competition” (the “Communication”) has been approved. The Communication sets out the criteria that will guide the CNMC when determining the prohibition to contract with the Public Sector and the scope of the prohibition. The CNMC will follow the criteria set out in the Communication in its future infringement decisions.

The Government of Spain has approved the creation and operating regulation of the Ultimate Beneficial Ownership Registry, by means of Royal Decree 609/2023 of 11 July 2023, which was published today in the Official State Gazette. This registry is configured as a central and public registry, through which information on ultimate beneficial ownership of Spanish legal entities and other entities or structures without legal personality can be generally accessed.

The Spanish State Gazette published yesterday contains the Royal Decree 571/2023, of 4 July, on Foreign Investments which is intended to (i) update the procedure for declaring foreign investments for statistical and information purposes (both foreign investments in Spain and Spanish investments abroad); and (ii) develop certain features of Law 19/2003, of 4 July, on the legal regime of capital movements and foreign economic transactions and its implementing regulations, particularly with regard to the introduction of Article 7bis, relating to the suspension of the liberalization regime, in order to provide greater legal certainty to the authorization procedure, for the cases in which this is meant to be mandatory.

At the end of June 2023, the new Royal Decree 5/2023 was published, introducing various health and social measures. Among the different legislative changes that have taken place, the most important is the modification of the Law on Guarantees and Rational Use of Medicines and Medical Devices. From now on, the autonomous communities are allowed to establish measures for dispensing medicines and medical devices remotely if there are circumstances that justify it due to the situation of the patients.

On 13-15 June 2023, the European securitization industry gathered in Barcelona for the 27th edition of the Global ABS conference. With the expansion of market products on offer and updated regulation coming into force in the near term, there is expected to be plenty of opportunities and long-term growth for securitization as a funding tool. The Baker McKenzie securitization teams across Europe have put together the following ‘key takeaways’, based on our discussions with market participants, general sentiment and some excellent panel sessions.