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Clifford Chance

Clifford Chance


New regime applicable to the issuance of notes

4 May 2015

On 28 April 2015, the Spanish Business Financing Promotion Act (Ley 5/2015, de 27 de abril, de Fomento de la Financiación Empresarial or "LFFE") was published in the Spanish Official State Gazette. The LFFE introduces a series of measures with two objectives in mind. On one hand, it aims to make bank financing more accessible and flexible for small and medium-sized enterprises in order to boost the recovery of bank credit; and on the other, its aim is to advance the development of alternative means of financing, establishing the necessary regulatory framework required to enhance sources of direct corporate financing or non-bank financing in Spain.

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