Regulatory Alerts2012-11-16
Royal Decree 1559/2012 establishing the legal regime for asset management companies
The Spanish Ministry of Economy and Competitiveness issued Royal Decree 1559/2012 to establish the legal framework for asset management companies (AGCs) under the Banking Restructuring and Resolution Law. The decree defines the organization, objectives, and operational rules for AGCs, specifically detailing the creation and governance of SAREB, the primary vehicle for acquiring distressed assets from Spanish banks. It further regulates the transfer of specific asset categories, valuation methodologies, and the establishment of separate Bank Asset Funds (FABs) to facilitate the disposal of these assets.
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