Competition law is affecting more and more sectors of the Spanish economy, including sophisticated capital markets transactions such as securitisations. Industry-specific watchdogs in the telecommunications and electricity sectors are proving themselves to be independent entities, genuinely seeking within their powers to ensure that effective competition is maintained within their industries. Although the Spanish government has given the green light to the securitisation, the transaction may have to be postponed until the European Commission has decided whether to authorise the transaction under the EU state aid rules.

Francisco Cantos
Freshfields
Madrid