Regulatory Alerts2012-03-24
Royal Decree-Law 10/2012 of 23 March, amending certain financial rules regarding the powers of the European Supervisory Authorities (Correction of Errors)
The Spanish State issued Royal Decree-Law 10/2012 to urgently transpose EU Directive 2010/78/EU, thereby adapting national financial regulations to the powers and cooperation requirements of the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority. This legislation establishes binding mediation mechanisms, mandatory consultation obligations, and joint decision-making procedures among supervisors to prevent regulatory arbitrage and ensure financial stability. Additionally, the decree modifies existing provisions related to the financing of payments to local government suppliers to facilitate immediate application and enhance legal certainty during the economic crisis.