Regulatory Alerts2013-12-28
Law 26/2013 of 27 December on Savings Banks and Banking Foundations (Correction of Errors)
The Spanish State enacted Law 26/2013 to establish a unified legal framework for savings banks and banking foundations following the financial crisis. The legislation mandates the professionalization of governance, restricts the size of savings banks to prevent systemic risk, and requires their transformation into banking foundations if they exceed permitted limits or cease direct financial activity. It further regulates banking foundations based on their level of control over credit institutions, imposing stricter governance, transparency, and financial planning obligations on those with significant or controlling stakes.
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