Judgement from the European Court of Justice on the “Rato Act”

6 May 2008

Following the modification in December 2003 by the Spanish parliament of the aforementioned regulation, the European court considered, at the request of the Commission, this reform to be insufficient and that the State still maintained a controlling position on these companies.

As a result, the Court gave judgement for the case in question on February 14, indicating that this measure was still restricting the free circulation of capital, one of the cornerstones of the European Union.

In this manner, the Spanish State must definitively amend these irregularities in order to respect EU legality.

For further information, please contact Werner Jahnel: wjahnel@mmmm.es