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Clifford Chance

Clifford Chance


Towards a new regime for share capital increases and convertible bonds for listed companies

2 September 2020

Among the measures developed in different countries to help bear the economic consequences of the Covid-19 pandemic, many are designed to facilitate the financing mechanisms of companies, in light of the perception that many of them will face the need to raise capital in the coming months. The Spanish legislator has jumped on that bandwagon and the Draft Bill approved by Spain's Government on 14 July 2020 to implement Directive (EU) 2017/828 on long-term shareholder engagement (the "Draft Bill") includes, together with other changes such as the new figure of the 'loyalty shares', several measures to make the regime governing the issuance of shares and convertible bonds by listed companies more flexible.

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