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Economy

- July 28, 2023 -

The Permanent Deputation of the Congress of Deputies has validated this Wednesday the decree of aid for the war crisis in Ukraine without any vote against and the abstention of Vox and Ciudadanos.

This extension will allow the extension until December 31 of measures already adopted in areas such as transport or housing, as well as the continuation of support for the reconstruction of the island of La Palma and the transposition of a package of European directives.

27.06.2023 - Approved in council of ministers

29.06.2023 - Published in BOE (Official State Gazette)

26.07.2023 - Validated by the Permanent Deputation

According to the present Royal Decree-Law published in the Official State Gazette of June 29, 2023, the following measures will be implemented:

SEE THE DOCUMENT OF MEASURES

- October 27, 2022 -

The Create and Grow Act is one of the main reforms of the Recovery, Transformation and Resilience Plan and aims to boost the creation of businesses and facilitate their growth and expansion.

Creating a company will be easier and faster.
A Limited Liability Company can be incorporated with a share capital of 1 euro (previously 3,000 euros) and can be incorporated telematically, reducing time and costs.

Favor business growth.
The regulatory framework is improved by simplifying existing legislation and streamlining procedures.

Fight against late payment.
The main action is to promote the use of electronic invoices, making it mandatory to issue and send them.

Financial support for business growth.
Measures to improve alternative financing instruments to banking such as crowfunding, participatory financing, collective investment or venture capital.

- July 22, 2022 -

Order CUD/673/2022, of July 13, announcing the procedure for the adhesion of entities to the Bono Cultural Joven 2022 program.

The BOE has published the Ministerial Order announcing the procedure for the adhesion of entities to the Bono Cultural Joven 2022 program. This is a necessary first step to provide young people with cultural products and services, for whom the voucher is expected to be activated in a few weeks.

The Ministry of Culture and Sports has opened the deadline for companies and cultural entities to register for the Bono Cultural Joven through the website www.bonoculturajoven.gob.es.

The voucher will only work in the establishments and companies that are part of the program. Young people will be able to use the voucher, wherever they are, when it is activated in a few weeks.

Likewise, in order for the 210 million euros to effectively reach the cultural sectors, spread throughout the country, we are looking for entities and companies in the cultural sector throughout Spain to apply for membership (the entire cultural fabric of our country, both public and private, theaters, festivals, movie theaters, museums, bookstores, music stores, etc.).

Regulation & Public Policy

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- June 16, 2022 -

The Council of Ministers has approved the draft Law on the Prevention of Food Losses and Food Waste, the first regulation on this matter to be enacted in Spain.

The purpose of this law is to prevent and reduce food losses and wastage by all actors in the food chain; to establish a hierarchy of priorities; to facilitate food donation and contribute to meeting the food needs of the most vulnerable population; with the overall aim of achieving more sustainable production and consumption; and to raise awareness, train and mobilize all actors in the chain in proper food management, without prejudice to the necessary guarantees of food safety.

The Bill consists of 19 articles, structured in six chapters:

Chapter I. General Provisions (Articles 1 to 5):

It first incorporates the object of the law. In addition to establishing the definitions of the concepts applicable to the law, it regulates the guiding principles, such as efficiency in the use of resources or the promotion of food donation, with special emphasis on collaboration between public administrations. Excluded from the scope of application of this law are the activities of withdrawal of products due to crisis management measures in the Operational Programs for Fruits and Vegetables, banana withdrawals under the Community Program to Support Agricultural Productions in the Canary Islands (POSEI), and other measures under the Community Program to Support Agricultural Productions in the Canary Islands (POSEI), or other measures under some crisis prevention and management or market regulation mechanism provided for in Community legislation, since the producer organizations have, among the crisis management measures, mechanisms for withdrawing the product from the market that practically coincide with the objectives set out in this law.

Chapter II. Obligations of the agents of the food chain (Articles 6 to 10):

It regulates the obligations of the agents of the food chain, establishing a list of issues that all the agents must bear in mind, so that it operates as a common substrate for their activities. This list is completed in specific aspects with obligations aimed at specific activities in order to improve the working of the system ratione materiae.

Thus, for example, it can be highlighted as a horizontal obligation for all agents to apply to food losses and food waste the hierarchy of priorities of this law in any of the links of the food chain in which they are generated under their control and adopt appropriate measures for their implementation in their specific regulatory framework, have adequate handling facilities or train and raise awareness of workers and volunteers.

Along with these provisions, the regulation includes specific mandates for public administrations as guarantors of the general interest, such as carrying out informative and promotional campaigns to encourage responsible food consumption and promote the prevention and reduction of losses.

Chapter III. Measures of good practices of the agents of the food chain (Articles 11 and 12):

It regulates the recommendations of the public administrations together with the companies that sell to the final consumer and the hotel and catering companies, establishing a list of issues that all the agents must bear in mind, so that it operates as a common substrate for their activities. Thus, for example, we can highlight as measures to encourage donations for social purposes and to train and raise awareness of food waste among consumers.

On the one hand, with respect to the measures of good practices to be carried out by public administrations together with the companies that sell food to the final consumer, the following measures may be applied:

  • To have adequate infrastructures so that the handling, storage and transport processes are carried out under optimal conditions, minimizing food losses and waste.
  • Work on the development of specific protocols to minimize losses and food waste along the transport and storage chain.
  • Incentivize the sale of products with the best-before or best-before date, in accordance with the hierarchy of priorities.
  • In the case of retail establishments, have sales lines with "ugly", "imperfect" or "unaesthetic" products, promote the consumption of seasonal, proximity, organic and environmentally sustainable products and incorporate and improve information on the use of food.
  • To train and sensitize people, whether they are subject to an employment or volunteer relationship, to act actively in the prevention and reduction of food losses and food waste and to involve them in this action.
  • Display in a visible place for consumers proposals for dissemination by the competent administrations regarding better menu planning, shopping, sustainable purchasing (such as fresh, seasonal, local or organic food), reuse cooking, good storage practices, correct interpretation of best-before and best-before dates, and recycling and packaging materials to raise consumer awareness of these issues.

On the other hand, public administrations together with the hospitality sector and other food service providers may apply the following measures:

  • Encourage the incorporation of sustainable purchasing criteria (such as fresh, seasonal, local or organic food) to reduce the environmental footprint and promote the economy of proximity, without prejudice to the special regime of those companies in the catering and hospitality sector and other food service providers that due to their special characteristics or theme must purchase products other than those of proximity to ensure that they conform to the services offered to and the expectation of the consumer by being linked to the image of the same.
  • Promote the flexibility of menus, so that consumers can choose side dishes or different portion sizes.
  • Encourage the donation of food for social purposes.
  • Encourage the delivery of food waste to composting facilities in accordance with waste regulations.

Chapter IV. Rationalization of best-before dates (Article 13)

It focuses on the rationalization of best-before dates to contribute to the prevention and reduction of food losses and food waste. Thus, it contains a mandate to promote the adaptation of best-before dates to the prevention and reduction of food losses and food waste, within the framework of European regulations.

All administrations will carry out the following actions:

  • They will carry out training and informative actions on the correct interpretation of best-before and use-by dates, preferably for consumers, as well as for distributors and producers.
  • They will encourage the agents of the food chain to adjust the best-before dates of their products, up to the maximum that guarantees the adequate quality of the product.
  • They will promote research and innovation on the viability of foods to extend shelf life.
  • They will carry out industrial studies and research aimed at improving the marking of best-before dates in relation to food quality, as well as optimizing production volume and improving transformation, storage and logistics processes to avoid food waste as much as possible.

Chapter V. Instruments for the promotion and control of the reduction and prevention of food losses and food waste (Articles 14 to 17):

It provides the instruments for the promotion and control of the reduction and prevention of food losses and food waste, including measures to promote self-regulation and disciplines the system for the implementation and control of this public policy, including a Strategic Plan for the prevention and reduction of food losses and food waste, which will contain the general strategy of food waste policy, the guidelines and the structure to which the regional programs must conform, as well as the minimum objectives to be met for prevention and elimination, the National Plan for the control of losses and food waste, to be reviewed at least every four years, which will contain the general objectives and priorities of the control tasks to be performed by the competent authorities in this area, and the annual report which will contain the result of the implementation of the National Plan for the control of losses and food waste.

Likewise, the aim is to ensure a coordinated work between all administrative levels that allows for control, real and shared support and an exhaustive knowledge and design of a multilevel governance. Thus, within the framework of the Strategic Plan, the regional and, where appropriate, local programs will be approved and the executive tasks in terms of control, which will have to be carried out systematically and sufficiently frequently, will be framed within the National Plan for the control of food losses and food waste.

Finally, on the basis of information from the Autonomous Communities, the Ministry of Agriculture, Fisheries and Food will prepare an annual report on the results of the implementation of the National Plan for the Control of Food Losses and Food Waste, developed by the competent public administrations.

This coordination is materialized through the integration of policies and measures for the achievement of a goal as transversal to all of them as the reduction of food waste, in response to the consideration of the European Parliament Resolution of January 19, 2012 that called for the design of an appropriate multilevel governance for an area where there is an intense intertwining of competences, which has to converge in an implementation of the food waste policy based on shared leadership and cooperative efforts.

Chapter VI. Penalties (Articles 18 and 19):

Finally, it includes the system of penalties, typifying the infringements and setting out the basic penalties in this area, so as to ensure a wide margin for the autonomous regions to decide what their system of infringements and penalties should be, within a basic framework that ensures a reasonable minimum common regulatory minimum.

The infractions in the matter of losses and food waste will be classified in very serious, serious and slight. These offenses will be compatible with any civil, criminal or other responsibilities and in particular with the application of the sanctioning regimes on waste and contaminated soils, food quality, consumption, trade, hygiene, public health and food safety, when their punitive basis is different.

The autonomous communities shall typify in their respective regulations the infringements applicable in their territory, which shall be at least the following:

The following cases shall be minor infractions :

  • Failure to apply the hierarchy of priorities to food losses and food waste or failure to properly justify why it is not being applied.
  • In the case of food industries, retail food distribution companies and hotel and catering companies, not to carry out the donation of unsold food that is still fit for human consumption by agreement or agreement, provided that they have sufficient means to do so and there is no justification for their physical or material impossibility.
  • To expressly prevent by contractual stipulation the donation of food.
  • In the case of companies and social initiative entities and other non-profit organizations engaged in the distribution of food for donation, do not deliver surplus food to disadvantaged people.
  • Failure to collaborate with public administrations for the quantification of food waste.

Regarding serious violations:

  • Not having a food loss and waste prevention plan in place if required to do so.
  • Discriminate in access to food distribution on the basis of disability, age, sex, health, sexual orientation, gender identity, gender expression, sexual characteristics, nationality, foreign administrative status, racial or ethnic origin, religion or beliefs, territory or any other personal or social condition or circumstance.
  • The second or subsequent minor infraction that involves reiteration with any other minor infraction committed within a period of two years, counted from the sanction by final administrative resolution of the first of them.
  • The second or subsequent serious infringement that involves repetition of any other serious infringement committed within a period of two years, counted from the sanction by final administrative resolution of the first of them, except for that provided for in paragraph b) 3º, shall be considered a very serious infringement .

Likewise, with respect to the amount of the penalties:

  • Minor infringements shall be sanctioned with a warning or a fine of up to 2,000 euros.
  • Serious infringements will be sanctioned with a fine of between 001 and 60,000 euros.
  • Very serious infringements will be sanctioned with a fine of between 001 and 500,000 euros.

However, the autonomous communities may increase these thresholds and include other additional or accessory penalties in their respective regulations.

To conclude, the law is completed with a final part consisting of an additional provision and three final provisions, which include the title of competence, the regulatory authorizations, and the coordinated methodology for quantifying food waste, loss and residue.

With respect to the entry into force, it is stated that it will take place on January 2, 2023 after its approval.

 

Regulation & Public Policy

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- June 15, 2022 -

The European Commission's 2022 European Semester Spring Package aims to provide Member States with support and guidance two years after the first impact of the COVID-19 pandemic and in the midst of Russia's ongoing invasion of Ukraine.

The country-specific recommendations adopted in the context of the European Semester provide guidance to Member States to adequately respond to persistent and emerging challenges and meet key shared policy objectives. This year they include recommendations to reduce dependence on fossil fuels through reforms and investments, in line with the REPowerEU priorities and the European Green Pact. For Spain, it makes the following 4 recommendations for 2022-2023:

  1. In 2023, ensure prudent fiscal policy, in particular by limiting the growth of state-financed current spending below potential output growth in the medium term, taking into account the continuation of temporary and targeted support to the most vulnerable households and businesses with respect to energy price hikes and people fleeing Ukraine. Be prepared to adjust current spending to the evolving situation. Increase public investment for green and digital transition and energy security, making use of RePowerEU and other EU funds. For the post-2023 period, implement a fiscal policy aimed at achieving prudent medium-term fiscal positions and ensure credible and gradual debt reduction and medium-term fiscal sustainability through gradual consolidation, investment and reforms.
  2. Proceed with the implementation of its recovery and resilience plan, in line with the milestones and objectives included in the Council Implementing Decision of July 13, 2021. Submit the 2021-2027 cohesion policy programming documents in order to finalize their negotiations with the Commission and subsequently start their implementation.
  3. Increase recycling rates to meet EU targets and promote the circular economy, improving coordination between all levels of government and undertaking new investments to meet separate waste collection and recycling obligations, as well as to enhance water reuse.
  4. Reduce overall dependence on fossil fuels. Accelerate the deployment of renewable energy, focusing on decentralized installations and autonomous consumption, including by streamlining permitting procedures and improving grid access. Support complementary investment in storage, grid infrastructure, electrification of buildings and transportation, and renewable hydrogen capacity. Increase energy availability. Increase energy interconnection, efficient social and affordable housing, including through renovation.

We offer regulatory advisory services in a business environment in which it is essential to have as much information as possible to support decision making. From the Regulation & Public Policy Group we are able to help you manage the regulatory risk through our services of regulatory monitoring and regulatory intelligence. Contact usfor any questions you may have.

Regulation & Public Policy

We offer regulatory advisory services in a business environment in which it is essential to have as much information as possible to support decision making. From the Regulation & Public Policy Group we are able to help manage business regulatory risk through our regulatory monitoring and regulatory intelligence services.

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Javier Jordan

Javier is an experienced banker and financial advisor with over 20 years of experience in banking and financial advisory services covering capital markets, project and structured finance, syndicated loans origination and distribution.

Prior to joining PKF Attest CM, he worked at Banco Santander and prior to that at Banesto were he was Head of Structured Financing for the Basque Country region, responsible for origination, risk analysis, debt structuring and syndication of a wide range of financing products: corporate finance, project finance, LBO and debt restructuring.

Before Joining Banesto, Javier worked at Accenture and Management Solutions where he was senior consultant in different international projects covering banking and insurance sectors.

Javier holds BA Hons in Economics and Business Administration from Deusto University

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Jokin Cantera

Jokin has over 25 years of commercial and investment banking experience, with most of his career developed at Banco Santander, Banesto and JP Morgan Chase.

Prior to PKF Attest CM, Jokin worked at Santander Global Banking & Markets division (SGBM) in London, where he was Head of Northern European Institutional Sales, covering credit markets, rates and FX distribution of flow and non-flow products.

Before joining Banco Santander, Jokin was deputy general manager of the wholesale banking division at Banesto, responsible for credit markets (origination, trading and distribution), ACPM, securitization, rates and structured products distribution. He was also head of institutional sales, responsible for the structuring, origination and distribution of credit, rates, FX and multi-asset products to institutional investors.

With a strong innovative mindset and an entrepreneurial approach, Jokin was co-responsible for the creation of the Banesto Funding Platform, a unique primary bond market platform that helped corporates access the capital markets recurrently and efficiently through primary MTNs and CP issuance. He was also a board member of Banesto Financial Products PLC.

Jokin holds a BA Hons degree in Economics and Business Administration from Deusto University and has attended IESE, Chicago GSB & IE management programmes in Madrid and London.

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Wafi Saleh

Wafi has over 20 years of corporate and investment banking experience, with most of his career developed at Banco Santander and Banesto.

Prior to joining PKF Attest CM, he occupied various positions at Santander Global Banking & Markets division (SGBM), where he was Head of Middle East Corporates, Head of the Global Funding Platform, Head of the MTN Desk at the European Bond Syndicate, responsible for Private Placements origination covering European: Corporates, FIG, & SSA issuers.

Before joining Banco Santander, Wafi worked at Banesto, where he was Head of DCM, Bond Syndicate and the Funding Platform. He has extensive experience in bond issuance and has set up and managed the SPV, the EMTN and ECP programmes for the bank and corporate clients, issuing vanillas and structured notes. He was a board member of Banesto Financial Products PLC and Santander International Products PLC.

Wafi has an outstanding fingerprint in the capital markets and is co-responsible for the creation and management of the Banesto Funding Platform, a unique primary bond market platform that helped corporates access capital markets recurrently and efficiently through primary MTNs and CP issuance.

Wafi holds a BA Hons degree in International Business and Management studies from the European Business School, London, and has attended IESE management development program in Madrid.

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