Regulatory Alerts2015-09-19
Resolution of 18 September 2015 by the Secretary of State for Treasury and Financial Policy amending Annex 3 of the Resolution of 31 July 2015 on financial prudence principles for autonomous communities and local entities
The Secretary of State for Treasury and Financial Policy issued this resolution to amend Annex 3 of the Resolution of 31 July 2015, updating the maximum spreads and financial conditions applicable to debt operations of Spain's autonomous communities and local entities. The amendment clarifies that the maximum spread for short-term debt operations instrumented via securities is determined case-by-case by the Secretary of State, replacing references to a superseded 2014 resolution. The updated annex establishes specific basis point spreads for various debt instruments, defines short-term operations as having a weighted average life of 12 months or less, and caps additional fees and late interest charges.
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