Law 5/2021, of 12 April, amending the revised text of the Companies Act and other financial regulations

On Tuesday 13 April, Law 5/2021, of 12 April was published in the Official State Bulletin. Law 5/2021 amends the revised text of the Companies Act which was adopted by Royal Legislative Decree 1/2010 of 2 July, together with other financial regulations concerning the promotion of the long-term involvement of shareholders in listed companies.

Law 5/2021 also amends key aspects of Royal Legislative Decree 4/2015 of 23 October, which adopted the revised text of the Securities Market Act. These amendments include, for the first time in Spanish legislation, the regulation of loyalty shares and proxy advisors.

In this Legal Briefing, we analyse the main aspects of this legislation. We also include a summary version of this briefing.