The European Commission and the Spanish State signed a Memorandum of Understanding (MoU) on Financial Sector Policy on 23 July 2012, establishing the need for a company to specifically manage the troubled assets of Spanish banks and savings banks requiring financial assistance.
That was the origin of Sareb. Then the necessary legal framework was developed for our formation and for the configuration of our work schedule. What legislative framework and rules does Sareb follow? You can find out about all the legislation related to Sareb here.
Laws, royal decrees and regulations
Royal Decree-Law 24/2012 of 31 August, on the restructuring and resolution of financial institutions was the starting point of the Spanish legislation for the creation of an asset management company to receive the impaired assets of financial entities.
Law 8/2012, of 30 October on the write-off and sale of real estate assets in the financial sector established the operating basis of asset management companies. Finally, the legal system of asset management companies was updated in Law 9/2012, of 14 November and implemented by Royal Decree 1559/2012, of 15 November.
Apart from all the legislative architecture required for our formation in November 2012, our activities are regulated with the publication of the laws, royal decrees and regulations listed below.
Legal framework of asset management companies
Royal Decree-Law 24/2012, of 31 August, on the restructuring and resolution of credit institutions
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Law 8/2012, of 30 October, on the write-off and sale of real estate assets in the financial sector
pdf (243 KB)Download
Law 9/2012, of 14 November, on the restructuring and resolution of credit institutions
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Royal Decree 1159/2012, of 15 November, establishing the legal system of asset management companies
pdf (362 KB)Download
Regulations regarding Sareb’s activities
Law 11/2015, of 18 June, on the recovery and resolution of credit institutions and investment firms
pdf (934 KB)Download
Circular 5/2015, of 30 September, on the specific nature of Sareb’s accounting activities
pdf (197 KB)Download