Spain
Measures taken in response to coronavirus (COVID-19) pandemic
Adoption date |
Type of measure |
Beneficiaries' sector specification |
Description of measure |
|
22/04/2020 |
Tax reliefs |
All non-financial sector |
The VAT rate applicable to the supply of healthcare material by national producers to public entities, non-profit organizations and hospitals is lowered to zero, in line with the EU. |
|
13/03/2020 |
Tax deferrals |
All sectors |
Deferral in the payment obligation of taxes for 6 months and without paying interests the first three months then it became 4 months with the extension |
|
15/04/2020 |
Tax deferrals |
All sectors |
Deferral in the obligation to declare and pay taxes |
|
01/04/2020 |
Tax deferrals |
All sectors |
Deferral in the payment obligation of customs debt for 6 months and without paying interests the first three months then it became 4 months with the extension |
|
22/04/2020 |
Other measures of fiscal nature |
All sectors |
Extraordinary option for choosing installment payment in the corporate tax |
|
22/04/2020 |
Other measures of fiscal nature |
All non-financial sector |
extraordinary option to calculate installment payment in the personal income tax |
|
22/04/2020 |
Other measures of fiscal nature |
All non-financial sector |
the installment payment in the personal income tax and the quarterly payment in the VAT will not take into account the days during the state of emergency |
|
22/04/2020 |
Tax reliefs |
All non-financial sector |
The VAT rate applicable to books, newspapers and magazines is lowered to 4% |
|
22/04/2020 |
Tax deferrals |
All sectors |
possibility to stop the begin of the executive (non voluntary) period of debt tax payments |
|
06/05/2020 |
Tax reliefs |
All non-financial sector |
increasing the deduction rate among other benefits in the corporate tax for the deduction for investments in cinema productions and series |
|
27/05/2020 |
Tax deferrals |
All sectors |
Deferral in the payment obligation of taxes for 6 months and without paying interests the first three months then it became 4 months with the extension |
|
17/03/2020 |
Tax reliefs |
All sectors |
ERTES (Temporary Employment Regulation Files): Extraordinary Social Security contribution measures in relation to the exceptional measures of temporary suspension of employment or reduction of working hours due to force majeure related to Covid-19. |
|
17/03/2020 |
Direct grants |
All sectors |
The purpose of the activity cessation benefit is to cover situations of termination of the activity of self-employed workers caused by a situation that is involuntary in any case, and which must be duly justified in order to qualify for the corresponding economic benefit. In the context of the healthcare crisis caused by covid19 , other benefits of both an ordinary and extraordinary nature have been implemented to alleviate the economic situation caused to the self-employed in the management of this crisis. |
|
17/03/2020 |
Tax reliefs |
All sectors |
The purpose of the activity cessation benefit is to cover situations of termination of the activity of self-employed workers caused by a situation that is involuntary in any case, and which must be duly justified in order to qualify for the corresponding economic benefit. In the context of the healthcare crisis caused by covid19 , other benefits of both an ordinary and extraordinary nature have been implemented to alleviate the economic situation caused to the self-employed in the management of this crisis. |
|
N/A |
N/A |
N/A |
N/A |
|
17/03/2020 |
Direct grants |
All sectors |
The Royal Decree Lay 6/2020 establishes periods of isolation or infection of workers are considered exceptional as a situation assimilated to an accident at work, as consequence of the COVID-19 virusnsideration of periods of isolation or infection of workers as exceptional situations assimilated to accidents at work, such as consequence of the COVID-19 virus. |
|
17/03/2020 |
Tax reliefs |
Other |
With effect from 1 January 2020, applies to Agricultural workers who have completed a maximum of 55 actual paid working days in 2019. |
|
17/03/2020 |
Tax deferrals |
All sectors |
Companies and self-employed workers included in any social security system or those authorized to act through the System of electronic data transmission in the field of Social Security (RED System), provided they have no other deferral in force, they may request the deferral of payment of their Social Security debts whose regulatory period of entry takes place between the months of April and June 2020, under the terms and conditions laid down in the social security regulations, but with certain particularities. |
|
17/03/2020 |
Tax deferrals |
All sectors |
The moratorium applies to companies and self-employed persons whose economic activity, among those that have not been suspended on the occasion of alarm state declared by Royal Decree 463/2020 of 14 March is included in the following codes from CNAE-2009. 119, 129, 1812, 2512, 4322, 4332, 4711, 4719,4724, 7311, 8623 y 9602. |
|
17/03/2020 |
Direct grants |
Households |
Changes in the temporary employment adjustment schemes (ERTEs - Expedientes de Regulación Temporal de Empleo) in order to avoid (and forbid during the lockdown) outright dismissal by promoting temporary unemployment (the suspension of employment) or reductions in working time. |
|
N/A |
N/A |
N/A |
N/A |
|
12/03/2020 |
Other measures of fiscal nature |
Other |
There is a discount for initial registrations or maintenance of workers with discontinuous permanent contracts in the tourism sector, as well as in the commerce and hotel industry, provided that they are linked to the tourism sector. |
|
21/04/2020 |
Direct grants |
Households |
Protect the group of people whose employment relationship ended in a trial period between 03/03/2020 and the end of the state of alarm (06/21/2020). |
|
31/03/2020 |
Direct grants |
Households |
Temporary subsidy for domestic employees who have stopped providing services, totally or partially, temporarily or permanently (dismissal). |
|
31/03/2020 |
Direct grants |
Households |
Protection of people whose temporary contract ended after the declaration of the state of alarm and, therefore, have not the extraordinary protection provided for those affected by the suspension of the contract or a temporary reduction of the working day |
|
17/03/2020 |
Direct grants |
Households |
Adapt unemployment protection to the discontinuity in the provision of services that characterizes workers belonging to these important groups, a circumstance that greatly complicates access to ordinary and extraordinary benefits |
|
05/05/2020 |
Direct grants |
Households |
Public shows have been interrupted or have been severely restricted since the declaration of the state of alarm. Furthermore, the intermittency that characterizes the provision of services by artists greatly hinders their access to unemployment protection.The adopted measure tries to alleviate the situation of lack of activity of the artists overcoming the specific difficulties that the profession presents by recognizing the right to unemployment benefits under favorable conditions |
|
17/03/2020 |
Public guarantees |
All non-financial sector |
This Line of State Guarantees of the Ministry of Economic Affairs and Digital Transformation is managed by Instituto de Crédito Oficial (ICO) through financial entities granting new financing or renewals to cover liquidity and working capital needs of eligible companies and the self-employed, in order to mitigate the impact of COVID-19 on employment and the economy. |
|
30/04/2020 |
Public guarantees |
Households |
This guarantee line aims at guaranteeing and subsidizing loans granted by financial entities to so that tenants who are in a situation of social and economic vulnerability as a result of the expansion of COVID-19, can meet the rental costs of their habitual residence. |
|
06/05/2020 |
Public guarantees |
Non-financial corporations |
A third tranche of the line of public guarantees amounting to EUR 24.5 billion (iv) EUR 500 million to strengthen the counter-guarantees granted by the public company supporting mutual guarantee funds (CERSA), covering a maximum of 80% of the risk covered by CERSA or 90% in combination with the guarantee granted by the European Investment Fund and with a maturity of up to five years. |
|
31/03/2020 |
Equity participation |
Non-financial corporations |
To expand the budget line of the Ministry of Industry, Commerce and Tourism allocated to the Technical Provisions Fund of CERSA, a credit supplement for the amount of € 60M is granted in concept 747.01 "a la Compañía Española de Reafianzamiento, CERSA" of the 433M program "Support for Small and Medium-sized Enterprises" financed in any of the ways established in article 55 of General Budget Law 47/2003, of November 26. |
|
05/05/2020 |
Public guarantees |
Non-financial corporations |
A new category of guarantee transactions is defined in the counter guarantee agreement amendment, in addition to those provided for in clause 5, called COVID-19, including all the Financial Guarantee transactions for Working Capital Financing that are granted to SMEs affected in their activity by the situation created by the COVID-19. |
|
17/03/2020 |
Public guarantees |
All non-financial sector |
Additional guarantees of up to EUR 2 billion through the Spanish Export Insurance Credit Company (CESCE), for financial institutions to provide new working capital credit to export companies. |
|
17/03/2020 |
Public moratoria |
Households |
The legislative moratorium request will lead to the suspension of the mortgage/credit debt during the term stipulated for it and the liability inapplication of the expiration clause in advance as stated in the mortgage loan contract. During the moratorium term the creditor entity may not demand the payment of the mortgage payment, nor of any of the concepts that comprise it (capital amortization or interest payments ), nor entirely, or in a percentage. Neither the morthage will accrue interest. |
|
26/05/2020 |
Private moratoria |
Households |
The non-legislative sectoral moratorium request will lead to the suspension of the mortgage/credit debt during the term stipulated for it and the liability inapplication of the expiration clause in advance as stated in the mortgage loan contract. During the moratorium term the creditor entity may not demand the payment of the mortgage payment, nor of any of the concepts that comprise it (capital amortization or interest payments ), nor entirely, or in a percentage. Neither the morthage will accrue interest. |
|
21/04/2020 |
Public support for trade credit insurance |
Insurance sector |
Public support for credit insurance. The Royal Decree Law 15/2020 of 21 April in its article 7 authorizes the CCS (public business institution) to reinsure the risks taken by insurance undertakings authorised in the credit (and suretyship) line of business. Quota-share reinsurance. The CCS can cover as a maximum 60% of the credit insurance, getting the same percentage of premiums and claims. |
|
03/07/2020 |
Public guarantees |
All non-financial sector |
This Line of State Guarantees of the Ministry of Economic Affairs and Digital Transformation is managed by Instituto de Crédito Oficial (ICO) through financial entities providing new financing for new investments undertaken by eligible companies and self-employed both to adapt, expand or renew their productive capacities, as well as to restart their business activity. As well all the working capital expenditure related to these investments such as wages, invoices, financial expenses or taxes. |
|
07/07/2020 |
Public moratoria |
Non-financial corporations |
Temporary moratorium on leasing, renting and loan contracts signed for the adquisition of vehicles |
|
03/07/2020 |
Public moratoria |
Non-financial corporations |
The financial institutions grant the novation of all funding of patrimonial elements related to tourist activity, subscribed prior to the declaration of the state of at the request of the debtors to alarm. |
|
03/07/2020 |
Equity participation |
All non-financial sector |
The aid scheme involves the creation of a Fund that will provide financing in the form of the purchase of financial instruments and securities issued by non-financial undertakings in Spain, without limitation as to size or economic sector |
|
23/10/2020 |
Public guarantees |
All non-financial sector |
Additional guarantees of up to EUR 1 billion through the Spanish Export Insurance Credit Company (CESCE), for financial institutions to provide new working capital credit to export companies. |
|
03/11/2020 |
Direct grants |
Households |
Protection of people whose unemployment benefit finished during alarm declaration (between 14 of march and 21 of june) and have no right to get another different unemployment benefit |
|
03/11/2020 |
Direct grants |
Households |
Extraordinary protection of people who works in bullfihgting, because this sort of activity have been affected by restrictions implemented to face COVID 19 |
|
03/11/2020 |
Direct grants |
Households |
Protection of people who do technical job in spectacles or cultural sector |
|
22/12/2020 |
Public guarantees |
Non-financial corporations |
A fifth tranche (also investment) of the line of public guarantees amounting to EUR 100 billion (iv) EUR 500 million to strengthen the counter-guarantees granted by the public company supporting mutual guarantee funds (CERSA), covering a maximum of 80% of the risk covered by CERSA or 90% in combination with the guarantee granted by the European Investment Fund and with a maturity of up to eight years. |
|
17/11/2020 |
Tax reliefs |
All sectors |
The VAT rate applicable to deliveries, imports and intra-community acquisitions of disposable surgical masks, the recipients of which are not public entities, non-profit organizations or hospitals, is reduced from 21% to 4%. |
|
22/12/2020 |
Tax reliefs |
All sectors |
Reduction in 2020 of the net income calculated by the objective estimation method in the PiT and of the tax payable for current operations of the simplified VAT regime. Currently there is a 5% reduction, applicable in general for the calculation of the tax payable by modules. The aim would be to set this percentage at 20% for the whole year 2020 for all sectors taxed by modules and to raise it to 35% for certain activities that have suffered the most from the impact of the pandemic linked to the hotel, tourism and commerce sectors. |
|
22/12/2020 |
Tax reliefs |
Other |
Lanndlords in which certain economic activities linked to the tourism, hotel and catering and commerce sectors are carried out who voluntarily agree to reductions in the rent corresponding to the months of January, February and March 2021, will be allowed to compute as a deductible expense for the calculation of the real estate capital yield the amount of the reduction in rent agreed during such months. |
|
22/12/2020 |
Tax reliefs |
Other |
Deductibility of loss for depreciation of credits arising from possible insolvencies of debtors in small companies in tax periods beginning in 2020 and 2021 and a reduction of the period for amounts owed by lessees to be considered as doubtful balance from 6 to 3 months during 2020 and 2021. |
|
22/12/2020 |
Tax reliefs |
Other |
0% tax rate for PCR and COVID 19 vaccines. |
|
02/02/2021 |
Public moratoria |
Households |
The legislative moratorium request will lead to the suspension of the mortgage/credit debt during the term stipulated for it and the liability inapplication of the expiration clause in advance as stated in the mortgage loan contract. face COVID-19 in order to request and obtain moratoriums on the payment of financing installments in the same form and conditions already provided in the Real Decree-law 8/2020, of March 17, regarding mortgage-secured loan, and in Royal Decree-Law 11/2020, of March 31, regarding loans |
|
02/02/2021 |
Private moratoria |
Households |
The non-legislative sectoral moratorium request will lead to the suspension of the mortgage/credit debt during the term stipulated for it and the liability inapplication of the expiration clause in advance as stated in the mortgage loan contract. During the moratorium term the creditor entity may not demand the payment of the mortgage payment, nor of any of the concepts that comprise it (capital amortization or interest payments ), nor entirely, or in a percentage. Neither the morthage will accrue interest. |
|
02/02/2021 |
Public moratoria |
Non-financial corporations |
Temporary moratorium on leasing, renting and loan contracts signed for the adquisition of vehicles |
|
02/02/2021 |
Public moratoria |
Non-financial corporations |
The financial institutions grant the novation of all funding of patrimonial elements related to tourist activity, subscribed prior to the declaration of the state of at the request of the debtors to alarm. |
|
25/03/2021 |
Public guarantees |
Non-financial corporations |
A new category of guarantee transactions is defined in the counter guarantee agreement amendment, in addition to those provided for in clause 5, called COVID-19, including all the Financial Guarantee transactions for Working Capital Financing that are granted to SMEs affected in their activity by the situation created by the COVID-19. |
|
13/03/2021 |
Direct grants |
All non-financial sector |
Establish three levers to support business solvency of companies and self-employed people that have received goverment guaranteed financing: (1) Extention of goverment guaranteed loans' maturity (Measure applicable until 1/6/2022). (2) Conversion into participative loans, maintaining the guarantee coverage (Measure applicable until 1/06/2022). (3) Direct transfer of funds for the reduction of the principal of the government guaranteed financing, through a "financial debt restructuring line" of up to 3 billion € (Measure applicable until 1/06/2023) |
|
17/03/2021 |
Public guarantees |
All non-financial sector |
Extension of the repayment period up to 8 years in accordance with the Spanish Umbrella notification approved by European Commission Decision SA.59196 |
|
22/12/2020 |
Tax reliefs |
All sectors |
The exemption of meal vouchers is extended to those people who are teleworking. |
|
13/03/2021 |
Direct grants |
Non-financial corporations |
Direct aid for self-employed and firms to finance fixed costs and reduce indebtedness incurred as a result of the crisis by solvent firms and individual entrepreneurs (based on tax criteria of not having filed negative personal or corporate income tax bases in 2019), under the commitment to maintain activity and not distribute dividends. The elegibility criteria are designed to provide aid to viable firms that have the possibility of returning to a solvent position. This fund is subject to regional compartmentalisation criteria. |
|
13/03/2021 |
Equity participation |
Non-financial corporations |
Medium-sized non-financial companies recapitalization fund. The aid will be made in the form of financial instruments (ordinary loans, participative loans, capital, etc.) |
|
12/05/2021 |
Public guarantees |
All non-financial sector |
Establish three levers to support business solvency of companies that have received government guaranteed financing: (1) Extention of government guaranteed loans' maturity. (2) Conversion into participative loans, maintaining the guarantee coverage. (3) Direct transfer of funds for the reduction of the principal of the government guaranteed financing, through a "financial debt restructuring line" of up to 100 million €. |
|
27/05/2021 |
Public guarantees |
Non-financial corporations |
A new category of guarantee transactions is defined in the counter guarantee agreement amendment, in addition to those provided for in clause 5, called COVID-19, including all the Financial Guarantee transactions for Working Capital Financing that are granted to SMEs affected in their activity by the situation created by the COVID-19. |
|
22/04/2020 |
Tax reliefs |
All non-financial sector |
The VAT rate applicable to the supply of healthcare material by national producers to public entities, non-profit organizations and hospitals is lowered to zero, in line with the EU. |
|
07/04/2021 |
Tax deferrals |
All sectors |
Extraordinary deferral for the payment of the tax debt derived from the Personal Income Tax return for beneficiaries of benefits linked to Temporary Employment Regulation Proceedings during 2020. |
|
24/06/2021 |
Tax reliefs |
All sectors |
The VAT is reduced from 21% to 10% until the end of the year for consumers with contracted power up to 10 kW if the average market price exceeds 45 euros per MWh. The measure will be applied to severely vulnerable consumers and those at risk of social exclusion (50% of the beneficiaries of the social bonus) regardless of their contracted power and market price |
|
24/06/2021 |
Tax reliefs |
All sectors |
The Tax on the Value of Electricity Production is suspended |
|
27/05/2021 |
Public guarantees |
Non-financial corporations |
A new category of guarantee transactions is defined in the counter guarantee agreement amendment, in addition to those provided for in clause 5, called COVID-19, including all the Financial Guarantee transactions for Working Capital Financing that are granted to SMEs affected in their activity by the situation created by the COVID-19. |
|
16/09/2021 |
Tax reliefs |
All sectors |
the tax rate applicable to the Special Tax on Electricity from 5.11269632% to 0.5%. |
|
02/11/2021 |
Tax reliefs |
Other |
the exemption for the common system of VAT is extended to imports of goods and supplies of goods and services to the European Community, the Atomic Energy Community, the European Central Bank or the European Investment Bank, or bodies set up by the Union for official use, to purchases of goods and services made by the Commission or a body or agency established under Union law to respond to the COVID-19 pandemic in the performance of its tasks, provided that the imported goods or purchased goods and services are not used for the purpose of subsequent supplies for consideration by the Commission or the entity benefiting from the exemption. Translated with www.DeepL.com/Translator (free version) |
|
06/04/2020 |
Dividend distribution policy |
Insurance sector |
A note has been published by the DGSFP related to the EIOPA statement on the payment of dividends |
|
17/04/2020 |
Supervisory expectations |
Pension funds |
EIOPA statement on principles to mitigate the impact of coronavirus / covid 19 on the occupational pensions sector has been published by the DGSFP. |
|
21/04/2020 |
Reporting requirements |
Insurance sector |
Following what is mentioned in previous 0202- ES , the Royal Decree Law 15/2020 of 21 April in its article 24 enables the DGSFP to implement the flexibility recommended by EIOPA in its Recommendation of 20 March 2020 on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure |
|
21/04/2020 |
Reporting requirements |
Pension funds |
The Royal Decree Law 15/2020 of 21 April in its article 24 enables the DGSFP to implement the flexibility recommended by EIOPA in its Statement on principles to mitigate the impact of Coronavirus/ Covid 19 on the occupational pension sector of 17 April 2020. |
|
21/04/2020 |
Other measure |
Insurance sector |
The Royal Decree Law 15/2020 of 21 April in its article 7 authorizes the" Consorcio de Compensación de Seguros" to accept in reinsurance the risks assumed by the the private insurance companies if required in the credit and suretyship classes. This reinsurance needs to be assumed under the conditions fixed by the legislation. |
|
27/03/2020 |
Reporting requirements |
Fund industry |
On the 27th of March, the CNMV issued a public statement to grant an extension in the deadline for drawing up the 2019 Annual Accounts. This extension applies to: open ended collective investment schemes, closed ended collective investment schemes, private equities entities, and their respective management companies (SGIIC, SGEIC and SGECR). The extension will continue until three months from the end of the alarm status. The remaining reporting obligations to investors (quarterly reports) and to the CNMV (monthly confidential information on activities of investment funds and statistical public information) keep their current respective deadlines since they are not benefited by any extension. |
|
30/03/2020 |
Other measure |
Banking sector |
Banco de España has extended to the credit institutions under its direct supervision (LSIs) the ECB's Recommendation that asks banks not to pay dividends or buy back shares until at least October 2020. |
|
31/03/2020 |
Reporting requirements |
Insurance sector |
A note has been published related to the EIOPA statement on flexibility. Regulatory measures to adopt it are under way. |
|
01/03/2020 |
Other measure |
Pension funds |
Going to the pension funds a weekly contact with a group of entities together with the follow up of the main employment pension plans is carried out as well.Between the aspects considered operational issues and contingency plans implementation. Clients related aspects together with the operative related to the contributions, benefits and movilization movements. Possible difficulties from the sponsor side are as well considered. Concerns showed about the economical situation and its effects from the entities side and from those participants closed to the retrement age. Financial aspects together with liquidity position under consideration as well. |
|
01/03/2020 |
Other measure |
Insurance sector |
The DGSFP carries out a weekly contact with selected undertakings / gropups where a series of aspects are considered. Between these, operational issues and contingency plans implementation.Client related aspects. Additional aspects such as the concerns showed related to the drop of the economy activity and its effects. The DGSFP is looking towards the dividend distribution policy and its adjustment. Credit insurance is another of the aspects considered (in preparation a Royal Decree to support the credit and suretyship insurance). Financial and solvency related issues under consideration as well. |
|
17/03/2020 |
Supervisory expectations |
Securities and markets |
The CNMV has sent reminder communications to the entities under its supervision. In these letters the CNMV states the importance of applying contingency plans if necessary and to contact the CNMV if non-regular events occur. These communications also conveyed that the CNMV will continue exercising its supervisory functions but taking into account the current extraordinary situation. The CNMV also reminded entities under its supervisison that the administrative deadlines to meet its supervisory requirements remain in force, not being affected by the suspension of administrative deadlines provided for in the Royal Decree 463/2020 on the alarm status. The CNMV has also reinforced the supervision of: a) a number of Asset Managers (those investing most in less liquid assets with the aim of performing closer monitoring of their liquidity management and placing emphasis on the importance of proper valuations and contingency plans and established additional controls to monitor the evolution of redemptions; b) the implementation of Business Continuity Plan of Financial Market Infraesttuctures; and c) regarding CCPs, the fulfilment of their margin calls and their proper functioning in general terms. |
|
15/03/2020 |
Other measure |
Banking sector |
Banco de España has extended to the credit institutions under its direct supervision (LSIs) the ECB's supervisory approach of temporary capital and operational relief measures and flexibility actions, as well as the guidance issued of the EBA and BCBS (including on the usability of capital and liquidity buffers). |
|
15/04/2020 |
Short selling ban |
Securities and markets |
The CNMV extended the initial ban (adopted on the 16th March 2020) on creation or increase of short net positions on Spanish shares admitted to trading on Spanish venues. The ban remains in identical terms of the one informed under the code 0200-ES, extending its effect for another additional month. With this extension, the ban will be in force until the 18th of May 2020 . |
|
17/03/2020 |
Short selling ban |
Securities and markets |
The CNMV banned, as of 17 March 2020 and for one month, the creation or increase of short net positions on Spanish shares admitted to trading on Spanish trading venues (Stock Exchanges and Mercado Alternativo Bursátil –MAB-) for which the CNMV is the competent authority. ESMA, in accordance with art 27 of the EU Short Selling Regulation, issued a positive opinion on the CNMV’s measure. Market makers and taking positions through benchmarks composed of a majority of stocks not listed on Spanish trading venues, delta hedged positions on convertible bonds and subscription rights are exempted. |
|
18/05/2020 |
Short selling ban |
All sectors |
The CNMV decided not to extend again the short selling ban once its last extension had expired (18.05.20) . From 19.05.20 short net positions on Spanish shares are allowed again in the same terms as applied before the ban entered into force. |
|
01/04/2020 |
Other measure |
Other |
The Spanish Treasury has opened a bank account at the Banco de España to centralise the reception of public and private donations in relation to Covid-19 |
|
06/05/2020 |
Other measure |
Banking sector |
Banco de España has undertaken to apply to the institutions under its responsibility the discretion in line with the decisions taken by the Single Resolution Board (SRB). |
|
08/05/2020 |
Other measure |
Other |
Renewal of the nation-wide declaration of the State of Alarm in Spain |
|
09/04/2020 |
Other measure |
Other |
Renewal of the nation-wide declaration of the State of Alarm in Spain |
|
14/03/2020 |
Other measure |
Other |
The Royal Decree on the Alarm Situation has suspended procedures' deadlines in ES including those where the DGSFP is involved |
|
14/03/2020 |
Other measure |
Other |
Nation-wide declaration of the State of Alarm in Spain |
|
17/03/2020 |
Other measure |
Other |
Other measures • Procedural and administrative requirements for companies are facilitated: for the holding of shareholder and management meetings, preparation of financial statements, and extension of deadlines for the submission of certified documentation. Deadlines for insolvency declarations as well as for tax filing procedures and requirements are also extended. |
|
21/04/2020 |
Other measure |
Other |
• Financial support measures for science and technology parks through the postponement and fractioning of loan payments. • Authorization for the Barcelona Supercomputing Center to borrow funds to fulfill international commitments related to the EuroHPC project. |
|
24/04/2020 |
Other measure |
Other |
Renewal of the nation-wide declaration of the State of Alarm in Spain |
|
25/03/2020 |
Other measure |
Other |
Renewal of the nation-wide declaration of the State of Alarm in Spain |
|
29/03/2020 |
Other measure |
Other |
- Mandatory shutdown of all "non-essential" economic activities as decreed by the Government, to further limit the mobility needs of the population. |
|
30/03/2020 |
Other measure |
Banking sector |
Banco de España has issued guidance (briefing note and FAQs) on the use of the flexibility envisaged in the accounting standards in view of the shock caused by COVID-19 |
|
31/03/2021 |
Other measure |
Other |
On the 31 March 2020, a package of measures was approved including: - Extension of the postponement of mortgage payments to real estate properties used for the self-employed for their economic activity. |
|
20/05/2020 |
Other measure |
Other |
Renewal of the nation-wide declaration of the State of Alarm in Spain |
|
05/06/2020 |
Other measure |
Other |
Renewal of the nation-wide declaration of the State of Alarm in Spain |
|
21/06/2020 |
Other measure |
Other |
End of the nation-wide declaration of the State of Alarm in Spain |
|
06/07/2020 |
Other measure |
Other |
Introduction of Plan Renove 2020 with 250 million euros in subsidies for automobile fleet renewal and in place until December 21. |
|
27/07/2020 |
Dividend distribution policy |
Banking sector |
On 27 July 2020, Banco de España agreed to apply to less significant institutions (LSIs) the Recommendation made on the same date by the ECB on dividend* payouts and variable remuneration (ECB/2020/35). In particular, Banco de España recommends that: • Until 1 January 2021, no dividends are paid out and no irrevocable commitment to pay out dividends is undertaken for the financial year 2020. |
|
31/03/2020 |
Liquidity measure |
Fund industry |
Spanish RDL 11/2020, of 31 March, has modified article 71 Septies of Spanish Law 35/2003, of 4 November, on Collective Investment Scheme, in order to allow for more flexibility in the notice period´s regime. Asset managers may decide, in regard to all or some of their managed investment funds, to request a notice period to investors willing to redeem, regardless of the amount of redemption and for any length deemed necessary. The CNMV is also empowered to impose the use of these notice period to asset managers, in general or particular cases. The aim of this measure was to provide more flexibility to assets managers to deal with heightened redemptions in an orderly manner. In the scope of supervision of institutions, CNMV has reinforced its engagement with asset managers in order to closely monitor their liquidity management processes and to encourage the application of management tools in case of being needed, among other, the valuation at "bid" prices and the possible use of "swing pricing" mechanism has been highlighted. |
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01/12/2020 |
Other measure |
All sectors |
On 1 December 2020, the CNMV published a statement agreeing with the ESRB’s concern about the potential impact that the sudden application of the margin calls could have on market participants (according to the Recommendation of the ESRB 2020/6) . Therefore, the CNMV stated that it will take into consideration the ESRB’s Recommendations on liquidity risks arising from margin calls in its supervisory activities relating to central counterparties, as well as with regard to the exchange of margins between financial and non-financial counterparties defined in Article 2(8) and (9) EMIR, in derivatives contracts not cleared by CCPs and in their activities as clearing members on behalf of clients. Regarding the CCP under its supervision, the CNMV addressed a number of issues (non public): (i) the CCP has been requested by letter to carry out an analysis of the situation caused by the COVID-19 pandemic and to implement the necesary changes in its risk management system if appropiate, (ii) the CCP has been requested to ensure that its risk management policies do not lead to sudden changes in the margin requirements or in the acceptance of collateral, in particular concerning the use of credit ratings on a granular basis, (iii) the CCP has been asked to review the extent to which its liquid resources cover potential liquidity shortfalls caused not only its clearing members but also by other types of entities to which it may be exposed and, if necesary, to cover such shortfalls with appropiate liquid resources and (iv) the CCP has been invited to assess the operational feasibility of one specific sub-recommendation of the ESRB related to the need of avoiding the creation of unnecesasry liquidity constraints for clearing members when the CCP issues margin calls and collects margins to limit their credit exposures. |
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01/01/2021 |
Dividend distribution policy |
Insurance sector |
The DGSFP has published a note, complementary to the one published in April 2020, related to the EIOPA statement on the payment of dividends and the ESRB Recommendation on the restriction of distributions during the COVID-19 pandemic. |
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01/01/2021 |
Dividend distribution policy |
Insurance sector |
The DGSFP has published a note, complementary to the one published in April 2020, related to the EIOPA statement on the payment of dividends and the ESRB Recommendation on the restriction of distributions during the COVID-19 pandemic. |
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12/03/2021 |
Other measure |
All sectors |
Spanish RDL 5/2021 allowed, exceptionally during 2021, that public limited companies may enable attendance and voting in shareholder´s meetings by telematic means, even if it is not provided for in their articles of association. It is also allowed that the Shareholding´s meetings may be hold exclusivelly by telematic means. |
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