Article by Emilio Diaz Ruiz and Manuel Nunez Armas
Two important Royal Decrees regulating investment services on securities have been enacted in Spain this year, namely, Royal Decree 867/2001, of July 20, on the legal regime of investment firms; and Royal Decree 948/2001, of August 3, on investor compensation schemes.
These Royal Decrees represent the development of the regulations governing investment services contained in the Spanish Law 37/1998, which introduced several amendments to Law 24/1988, on Securities Markets (hereinafter "LMV"), by implementing the Directives 93/22/EEC of 10 May 1993, of the European Council, on investment services on securities, and 97/9/EC of the Parliament and of the Council, of 3 March 1997, on investor compensation schemes.
