Top 100 articles
What is an EEC and How is it Used to Comply with Energy Savings Obligations?
EEC, or Energy Efficiency Certificate, is an electronic document that formally acknowledges an annual reduction in final energy consumption resulting from an energy efficiency measure
Tokenized Assets: From European Regulation to Their Integration into DeFi
Tokenized real-world assets (RWA) are financial or physical assets represented on the blockchain by tokens.
Drafting and Approval of a Company´s Annual Accounts: Differences, Competence and Legal Deadlines
Before addressing the distinction between drafting and approval, it is important to understand what the annual accounts are and what their purpose is.
Regulatory Differences between MiCA in the EU and the Genius Act in the US
The differences between MiCA and the Genius Act highlight tensions between sovereign control in the EU and liberalization in the US
The Digitalization of Notaries: Towards a Notary 4.0?
The shift towards digital notarial services began tentatively but has significantly accelerated in recent years, particularly following the COVID-19 pandemic.
Mergers by Absorption: A Practical Guide for Family-Owned Businesses
A merger by absorption is a corporate transaction whereby one company (the absorbing company) takes over another (the absorbed company), incorporating all its assets, liabilities, and legal rights
Mergers and Acquisitions in the Renewable Energy Sector: Legal and Regulatory Implications
From a legal standpoint, M&A transactions in the renewable energy sector follow the same basic structures as in other industries: share or asset purchases, mergers by absorption, non-cash contributions, joint…
Characteristics of an SPV in Energy Projects
An SPV is a legal entity created for a specific purpose, which operates independently from other companies. In the context of energy projects, an SPV is generally established to develop,…
EPC Contracts in the Energy Sector
An EPC contract is an agreement whereby a company (the contractor) commits to carrying out an engineering and construction project, taking responsibility for both the design and the procurement of…
10 Collaborations “ILP Abogados”
We are attaching some of our latest collaborations in case they are of interest to you. STAY UPDATED Subscribe to stay current on ILP Insights → 1.- EU Regulation 2020/852:…
Particularities of Due Diligence Procedures in the Energy Sector
Due diligence in the energy sector involves a detailed review of regulatory, financial, environmental, and technological aspects
CBAM: What is it and how do EU CBAM and UK CBAM differ?
The Carbon Border Adjustment Mechanism (CBAM) is a tool designed to combat carbon leakage, a phenomenon where companies relocate their production to countries with less stringent environmental regulations, undermining global…
Phases of Photovoltaic Energy Projects
Photovoltaic energy has gained significant prominence in the global energy landscape due to its ability to generate electricity in a clean and sustainable manner.
New RTS on Best Execution of Investment Firms under MiFID II
The European Securities and Markets Authority (ESMA) has recently presented regulatory technical standards on the order execution policies of investment firms under MiFID II.
MiFID II & Listing Act: Unraveling the New Paradigm in Research Payments and Its Impact on Best Execution
The Listing Act and amendments to MiFID II aim, among other objectives, to promote research and analysis on investment target companies, especially those with smaller market capitalization.
Post-Acquisition Non-Compete Clauses in M&A Transactions
Post-acquisition non-compete clauses in M&A transactions are crucial for protecting companies after an acquisition. This article explains what they are, their importance, and how they should be drafted to prevent…
EU Omnibus Package: Key Changes in Sustainability for Spanish Companies
Discover how the Omnibus Package simplifies sustainability regulations (CSRD, CSDDD, Taxonomy, CBAM) for Spanish companies.
EMIR 3: The Three Pillars Revolutionizing Derivatives Clearing in the EU
The entry into force of EMIR 3 on December 25, 2024, marks a turning point in the regulation of centralized clearing in the European Union.
The Howey Test: Defining Securities in the Age of Crypto
The Howey Test, a cornerstone of U.S. securities law, determines whether an investment constitutes a "security" subject to federal regulation.
Regulation (EU) 2023/2631: Harmonized Framework for Green Bonds
Regulation (EU) 2023/2631 establishes a harmonized framework for European green bonds (EuGB), aiming to enhance transparency, comparability, and credibility of these financial instruments
Operation and Maintenance (O&M) Contracts in Renewable Energy
Operation and Maintenance (O&M) contracts are key to the success of renewable energy projects. This article explains what they entail, their importance, and the legal aspects that energy sector companies…
From the Clean Development Mechanism (CDM) of the Kyoto Protocol to the Sustainable Development Mechanism of the Paris Agreement
The Sustainable Development Mechanism (SDM) under Article 6.4 of the Paris Agreement is designed to replace and improve upon the Clean Development Mechanism (CDM) of the Kyoto Protocol. This transition…
What is Green Financing and why is it important
Last updated: 5 August 2026. Quick answer. Green financing, also known as sustainable financing, refers to the allocation of financial resources to projects or activities that promote environmental sustainability, such…
Frequently Asked Questions about the Energy Efficiency Directive
The primary objective of the Directive is to create a framework for promoting energy efficiency within the European Union. It aims to eliminate market barriers and overcome deficiencies that hinder…
EMIR: A Regulatory Framework for OTC Derivatives
The European Market Infrastructure Regulation (EMIR) is a cornerstone of the European Union's financial legislation, designed to enhance transparency and stability in the over-the-counter (OTC) derivatives market. This regulation, conceived…
The Listing Act and the Prospectus Regulation: A Potent Mix to Revitalize European Capital Markets or an Overly Diluted Formula?
The Prospectus Regulation, along with its Delegated Regulations, marked a significant advancement in the harmonization and simplification of the information regime preceding the public offering of securities.
Central Counterparty Entity (ECC or CCP): Concept, Types, Alternatives, and Implications for Investors
Central Counterparty Entities are institutions that act as centralized counterparties in over-the-counter (OTC) derivatives transactions. Their primary function is to mitigate counterparty risk, which is the risk that one party…
Deciphering the Enigma: The Definitive Guide to Classifying Crypto-Assets According to ESMA. MiCA or MiFID 2?
On December 17, 2024, ESMA published a final report on criteria for classifying crypto-assets, ahead of the imminent entry into force of the MiCA regulation. Below is a brief guide…
What are the “flexible mechanisms” introduced by the Kyoto Protocol?
Articles 6, 12, and 17 of the Kyoto Protocol introduced the so-called "Flexible Mechanisms," which have since played a significant role in the fight against climate change
What are Carbon Credit Buffers and How Do They Operate in Relation to Emission Risks?
Carbon credit buffers are a crucial mechanism to reinforce the integrity and permanence of carbon credits, especially in projects involving land use, land-use change, and forestry (LULUCF). Let's explore how…
Navigating the Labyrinth: Unraveling Spain’s Complex Insolvency Proceedings
The structure of Insolvency Proceedings in Spain, inspired by Directive 2019/1023 (and therefore by the Anglo-Saxon Chapter 11 of the USA), is somewhat more complex, and it's worth taking a…
SPIN-OFFS: An Alternative to Mergers and Acquisitions
In a business context, a spin-off refers to the creation of a new company from a part or division of a parent company. It involves the separation of a division…
The 5 Most Common Mistakes in M&A Transactions and How to Avoid Them
Last updated: 5 August 2026. Quick answer. Mergers and acquisitions are key processes for business expansion and transformation, but their complexity can lead to costly mistakes resulting in financial losses,…
Build-up or Carve-out? Key Considerations for Choosing the Best Business Growth Strategy
A build-up involves the acquisition of several smaller companies, whether competitors or complementary businesses, within a set period of time, with the aim of consolidating the market and achieving synergies.…
Cross-Border M&A: Opportunities and Challenges in a Global Marketplace
cross-border mergers and acquisitions (M&A) have become a key strategy for corporate growth and expansion. Such transactions not only give companies access to new markets and resources, but also offer…
STXs: The evolution of STOs
Within the STO ecosystem, a new variant has emerged, the STXs (Security Token Exchanges), which offer companies an innovative alternative to traditional public offerings (IPOs).
Article 6 of the Paris Agreement: A Legal Analysis for Businesses and Individuals
ILP Abogados will analyze the legal implications of Article 6 of the Paris Agreement, signed in 2015, for companies and individuals
Tax Implications of Tokenization: Practical Guide
Tokenisation has emerged as a disruptive innovation in the financial and technological world. However, its tax implications can be complex and challenging to understand.
The Legal Impact of Digital Transformation on Traditional Businesses
Last updated: 5 August 2026. Quick answer. Digital transformation exposes traditional businesses to four main legal fronts. First, new digital regulations: companies must understand the local and international rules affecting…
Burn-Out and Runway What are they and why are they so relevant?
Burn out and runway are two important metrics for startups. Burn out measures the rate at which a startup spends its money, while runway measures how long a startup can…
What is ARR or MRR and why is it relevant to business?
ARR stands for Annual Recurring Revenue, which translates into Annual Recurring Revenue. ARR is a metric that measures the recurring revenue a company expects to earn in a year.
Difference between Enterprise Value and Equity Value and practical applications
Enterprise Value (EV) and Equity Value (EV) are two key concepts in company valuation, especially in the case of startups. Both are used to determine the value of a company,…
API, APP and WEB: Differences: The rise of APIs
An API (Application Programming Interface) is a set of definitions and protocols that allow software developers to create applications that communicate with other applications.
Offshore companies in Spain: Are they legal, what are the risks and benefits?
Offshore companies are legal in Spain. However, they are subject to a number of restrictions and obligations.
Legal Aspects of Smart Contracts and Regulation in Spain
Smart contracts are autonomous computer programmes that execute automatic agreements without the need for intermediaries.
Usufruct and usufructuary rights
Usufruct comes from the formula usufructus est ius alienis rebus utendi fruendi salva rerum substantia.
Contributions from shareholders that do not represent a capital increase
the contributions of the partners are not regulated in our Legal System. They are assets delivered by the partners acting as such, by virtue of operations not described in other…
Non-cash contributions
When we constitute a company or increase its capital, we can do so through non-monetary contributions. They can consist of movable or immovable property, credit rights, industrial property or companies,…
Pro Soluto vs Pro Solvendo
This article explains the main differences between “datio pro soluto and pro solvendo”. Mainly, its regulation and the differentiating criteria that jurisprudence has been setting
The different forms of mortgage cancellation
to cancel a mortgage there are three alternatives. Cancellation by consent of the creditor, by judicial declaration or by expiration.
Consequences of late payment according to the Supreme Court.
The 4th Section of the Contentious Chamber of the SC establishes an interpretation of Art. 8 of the Late Payment Law. It ruled that creditors will have the right to…
Procedural Exceptions: “Res judicata”
Res judicata is constituted as the direct consequence of the final judgment or resolution in a judicial proceeding.
Judicial Compensation
Kinds of Compensation: There is Legal Compensation, Conventional Compensation and Judicial Compensation. Here we present them.
Redhibitory action, hidden defects and different performance
What is the redhibitory action? Do all the hidden defects of an acquisition give the right to claim? What actions are there? When do they prescribe?
What is willful blindness?
deliberate ignorance constitutes a defense strategy based on the presumption of innocence. Athletes and businessmen have made it famous.
How become a Tax Advisor? Comparative Law in 15 countries
Last updated: 5 August 2026. Quick answer. There is no single route into the tax advisory profession: each jurisdiction sets its own combination of training, examinations and experience. This comparative…
Keys to the tax on financial transactions (Tobin Tax)
The keys to the FTT (financial transaction tax) must be known by securities purchasers and financial intermediaries. Mainly by the latter, since they will be the ones who, in general,…
Validity and limits on cookie consent
The validity and limits of the consent of cookies have recently been questioned by the CEPD. The CEPD, European Committee for Data Protection
What are SCCs or standard contract clauses?
The Standard Contractual Clauses (SCCs) on data protection allow international data transfers. Their use is established by Article 46 of the GDPR.
What is the Marketing Memorandum?
The Marketing Memorandum is an indispensable document for the cross-border distribution of investment funds. In the EU it is required before the distribution of a fund's units in another Member…
Short Positions: what it is and how it is regulated
short positions are very common in the investment field. Opponents argue that they are harmful because they have a purely speculative purpose.
The 10 steps of an acquisition (Mergers and Acquisitions)
Description of the 10 steps of an acquisition (Mergers and Acquisitions). It is a standard process. It is identical anywhere in the world.
Association, Foundation and Cooperative (CO-OP): Comparative table
Association, Foundation and Cooperative (CO-OP): Comparative table
Acid test or quick ratio
The acid test is linked to the company's ability to meet its payment obligations. A more demanding ratio than general liquidity
Article 160 f) When does the General Meeting decide?
In capital companies with highly atomized capital, there is a risk (strongly contrasted by reality) that the management body may have hijacked the Company. Article 160 LSC aims to cover…
Assessment of appropriateness and suitability
The assessment of appropriateness aims to know the experiences and financial knowledge of the client. The suitability assessment refers to some additional knowledge about those detected in the suitability test.
Refinancing Operations, subordinated debt of the Bank
Royal Decree 4/2014 amended the Bankruptcy Law in all matters affecting refinancing and restructuring of debt.
Prescription and Limitation: Differences. Deadlines. Explanatory table.
Prescription: Legal concept according to which the passage of time consolidates factual situations. It allows the extinction of rights (extinctive) or the acquisition of foreign property (release – usucapion)
Are Simulated contracts null and void?
Simulated contracts are bound to be declared void, regardless of their relative or absolute simulation character. The difference is that, in relative simulation, the simulated business will still be valid.…
Book Entry Securities Representation
The book entry regime has simplified the registration and accounting of securities traded on stock exchanges. The disappearance of paper for the representation of property has led to cost savings…
Securitization
Currently a booming financial technique, securitization saw its peak shortly before the 2008 Financial Crisis. After the Financial Crisis, it was clear that if used correctly, securitization would prove invaluable…
Loyalty shares
Strictly speaking, loyalty shares are new shares or holdings that the company grants to reward certain partners. The expression loyalty shares can also be used to describe all kinds of…
Sub-Custodian Agreement
the custodian or depositary of a collective investment scheme may delegate its functions to a sub-custodian. This will generally be the case for the custody of international securities. However, the…
Who is eligible to apply for a Bankruptcy Procedure?
In the bankruptcy there will be several people with standing to present a bankruptcy. These are included in article 3 of the Bankruptcy Law
The Spain-United States of America Double Taxation Treaty
Before this Treaty, American investors arrived in Spain through interposed structures (creation of holding companies in Holland or Luxembourg, EU countries with better tax conditions).
Actual Knowledge, Constructive Knowledge, Imputed Knowledge and To the Seller´s Knowledge in a Purchase Agreement
Actual Knowledge, Constructive Knowledge and Imputed Knowledge are long established legal concepts that are commonly used in SPAs (Sale and Purchase Agreements).
The Best OTC Market Brokers
Fidelity Investments, TD Ameritrade, Charles Schwab, Interactive Brokers, E*Trade… What is an OTC Market Broker? What about their Role, their usual schedule?
Fault and Deceit (Dolo and Culpa in Spanish Law)
Last updated: 28 July 2026. Quick answer. Spanish law distinguishes two grounds of contractual liability. Fault or negligence (culpa) is the omission of the diligence required by the nature of…
Differences between an Agency Agreement and a Distribution Agreement
The role of an agency contract and a distribution contract are fundamental in the sale of products, but not everyone knows the difference between them.
Corporate Law in Portugal
Last updated: 5 August 2026. Quick answer. Portuguese company law is governed principally by the Portuguese Companies Code (Decree-Law no. 262/86). Foreign investors usually choose between a branch (no separate…
The Basics of Brokers
Last updated: 5 August 2026. Quick answer. A broker in capital markets is an agent who executes buy and sell orders on behalf of clients — individuals or companies such…
The 10 Key Steps of Mergers and Acquisitions in How to Sell a Company
The process of selling a company or an acquisition involves much more than agreeing on a price. There are several hundred aspects to negotiate. And if one refuses to agree…
The essential Corporate Law in Denmark
Last updated: 5 August 2026. Quick answer. As outlined in this collaboration drafted by KLAR Advokater for the E-IURE Compendium, Danish law offers a range of legal entities, from small…
Corporate Law in Ukraine
Last updated: 5 August 2026. Quick answer. This overview of Ukrainian corporate law, drafted by Arzinger law firm, describes a system undergoing significant reform aimed at liberalising the activities of…
Should a fraudulent debtor be equally responsible to the negligent debtor?
Should a fraudulent debtor be equally responsible to the negligent debtor? What differentiates them? How do you establish causation to damages that to be compensated?
Rebus sic Stantibus or Pacta sunt Servanda
Last updated: 5 August 2026. Quick answer. Pacta sunt servanda means that agreements must be kept: contracts must be fulfilled even when conditions have changed. Rebus sic stantibus, literally things…
How to Draft an Info-Memo
An informational memorandum (info-memo) is a document that highlights the most important aspects and opportunities that your investment offers. How to draft an info-memo?
What is cash pooling? Pros and Cons of the “Single Box”
Cash pooling is a system by which a company or group of companies concentrates or centralizes their balances in order to obtain a global net position, either in a current…
Emphasis of Matter Paragraphs. Unqualified Opinion
What happens when the Auditor incorporates the four horsemen of the apocalypse: Emphasis of Matter paragraphs, qualified opinion, adverse opinion, and disclaimer of opinion?
How long should you keep the documents of your Spanish company?
Last updated: 5 August 2026. Quick answer. As a general rule, Article 30 of the Spanish Commercial Code obliges businesses to keep their books, correspondence and supporting documentation for six…
The essential Corporate Law in Canada
Last updated: 5 August 2026. Quick answer. As described in this collaboration drafted by HazloLaw Business Lawyers for the E-Iure network, commercial activities in Canada may be carried on through…
The Essential Corporate Law in Spain (2)
The Essential Corporate Law in Spain (2). Corporate governance.
Corporate Income Tax in Portugal
These are the highlights if you want to know Corporate Income Tax in Portugal. This entry was drafted by Sousa Machado, Ferreira Da Costa.
Real Estate in Denmark
Last updated: 5 August 2026. Quick answer. This overview of real estate in Denmark was drafted by KLAR Advokater, a member of the E-Iure network, as step-by-step guidance rather than…
The Essential Corporate Law in France
These are the highlights if you want to know more about the essential Corporate Law in France. This entry was drafted by PECH DE LACLAUSE, BATHMANABANE & ASSOCIÉS. Link to…
The Essential Corporate Law in Hong Kong
Last updated: 28 July 2026. Quick answer. Hong Kong company law is governed by the Companies Ordinance (Cap. 622), in force since March 2014, while winding-up and prospectus matters remain…
What is a Ratchet? Example of a Ratchet and the difference with the Bonus
Last updated: 28 July 2026. Quick answer. A ratchet is an extraordinary incentive that a financial investor grants to the management team of an investee company, payable when the investor…
The Essential Corporate Law in Spain (1)
These are the highlights if you want to know the essential of Corporate Law in Spain. This entry was drafted by “ILP Abogados” for “E-IURE COMPENDIUM” 2018. Link to e-IURE Network. Regulations and…
The Impairment Test: What is it? How to do it? Why?
Conventional Wisdom says large corporations accounting are built from the bottom to the top. All starts with P&L ... and the accounting "flows". But how is it possible? Cash is…
Is it legal to record a conversation? Under what circumstances?
The act of recording a conversation does not escape these new faculties. Whether as a simple record, or as an eventual means of proof, the truth is that even today…
