Law 5/2015 of 27 April, to promote business financing

The new rule about business financing is twofold: first, to provide greater accessibility and flexibility of bank financing to PYMES, so that bank credit to recover; and, second, to deepen alternative means of financing.

First, inalienable rights are established for PYMES as it pertains to the cancellation or reduction of the flow of cancellation by the banks: the right to notice when the entity has the intention not to extend, terminate or reduce more 35% of the flow of funding and the right to refer to the entity reports Financial PYMES with information about your financial situation and credit risk assessment.

Second, the bond issue scheme is modified in limited liability companies:

He removed the cap on emissions in force until now, whereby corporations and partnerships limited by shares could not issue bonds beyond their own resources. Moreover, the prohibition on limited companies issuing bonds is removed, although a number of safeguards are introduced to avoid excessive borrowing. In addition, the requirement to form a union of bondholders, which until now was mandatory for any issuer established in Spain is rationalized. So, it determined to reform the constitution of the union in terms of the revised text of the Capital Companies Act, approved by Royal Legislative Decree 1/2010 of July 2, will be mandatory in those situations where it is necessary to ensure adequate protection of the Spanish investor. Besides deleted prerequisite broadcast announcement in the Official Bulletin of the Commercial Registry.

In addition to other outstanding elements, we believe that regulation of participatory platforms financing ("crowfunding") is an important element. Title V establishes for the first time a legal framework for participatory financing platforms, covering the activities commonly referred to as "crowdfunding". These platforms, which constitute a novel mechanism of financial disintermediation developed on the basis of new technologies, have grown very significantly in recent years. The "crowdfunding" is a phenomenon with various manifestations, but it is only intended to regulate here the figures in which prime the financial component of the activity or, in other words, in which the investor expects to receive monetary compensation for their participation, thus leaving outside the scope of this standard to "crowdfunding" instrumented through purchases or donations.