Regulatory Alerts2011-04-12
Law 7/2011 of 11 April amending Law 41/1999 on payment and securities settlement systems and Royal Decree-Law 5/2005 on urgent productivity reforms
The Spanish State transposes Directive 2009/44/EC by amending Law 41/1999 to legally recognize interoperable payment and settlement systems and clarify the firmness of transfer orders. It simultaneously updates Royal Decree-Law 5/2005 to explicitly include credit rights as admissible financial collateral and refines definitions for financial guarantee agreements. The law generally enters into force on July 1, 2011, except for specific final provisions which take effect the day after publication.
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