Spain

What is the legal basis of the Transparency Register in the respective Member State?

According to the Spanish government, the Directive has already been implemented into national law. In December 2017, the European Commission opened an infringement procedure against the Spanish government for failing to fully implement the Directive into national law. Accordingly, the implementation of the Directive is currently in progress and only a preliminary draft law (“Ante Proyecto de Ley”) with regard to such implementation exists. Such draft law shall be approved shortly in accordance with the Spanish legislation proceedings.

Is there an obligation of a UBO or shareholder to proactively provide information on the UBO to the legal entity?

According to the Spanish government, the Directive has already been implemented into national law. In December 2017, the European Commission opened an infringement procedure against the Spanish government for failing to fully implement the Directive into national law. Accordingly, the implementation of the Directive is currently in progress and only a preliminary draft law (“Ante Proyecto de Ley”) with regard to such implementation exists. Such draft law shall be approved shortly in accordance with the Spanish legislation proceedings.

Is there an obligation of a legal entity to actively inquire with its shareholders/partners on the identity of the UBO(s)?

According to the Spanish government, the Directive has already been implemented into national law. In December 2017, the European Commission opened an infringement procedure against the Spanish government for failing to fully implement the Directive into national law. Accordingly, the implementation of the Directive is currently in progress and only a preliminary draft law (“Ante Proyecto de Ley”) with regard to such implementation exists. Such draft law shall be approved shortly in accordance with the Spanish legislation proceedings.

Who is required to make filings with the Transparency Register, the legal entity or the UBO?

According to the Spanish government, the Directive has already been implemented into national law. In December 2017, the European Commission opened an infringement procedure against the Spanish government for failing to fully implement the Directive into national law. Accordingly, the implementation of the Directive is currently in progress and only a preliminary draft law (“Ante Proyecto de Ley”) with regard to such implementation exists. Such draft law shall be approved shortly in accordance with the Spanish legislation proceedings.

Are there exemptions to the filing obligation?

According to the Spanish government, the Directive has already been implemented into national law. In December 2017, the European Commission opened an infringement procedure against the Spanish government for failing to fully implement the Directive into national law. Accordingly, the implementation of the Directive is currently in progress and only a preliminary draft law (“Ante Proyecto de Ley”) with regard to such implementation exists. Such draft law shall be approved shortly in accordance with the Spanish legislation proceedings.

What is the due date for the initial filing with the Transparency Register?

According to the Spanish government, the Directive has already been implemented into national law. In December 2017, the European Commission opened an infringement procedure against the Spanish government for failing to fully implement the Directive into national law. Accordingly, the implementation of the Directive is currently in progress and only a preliminary draft law (“Ante Proyecto de Ley”) with regard to such implementation exists. Such draft law shall be approved shortly in accordance with the Spanish legislation proceedings.

What are the sanctions in case of a breach of the transparency obligation?

According to the Spanish government, the Directive has already been implemented into national law. In December 2017, the European Commission opened an infringement procedure against the Spanish government for failing to fully implement the Directive into national law. Accordingly, the implementation of the Directive is currently in progress and only a preliminary draft law (“Ante Proyecto de Ley”) with regard to such implementation exists. Such draft law shall be approved shortly in accordance with the Spanish legislation proceedings.

Is the Transparency Register established as a separate register or part of an existing register?

According to the Spanish government, the Directive has already been implemented into national law. In December 2017, the European Commission opened an infringement procedure against the Spanish government for failing to fully implement the Directive into national law. Accordingly, the implementation of the Directive is currently in progress and only a preliminary draft law (“Ante Proyecto de Ley”) with regard to such implementation exists. Such draft law shall be approved shortly in accordance with the Spanish legislation proceedings.