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ISLA Supplement Profiles: Spain
22 July 2010
Spain’s well documented macroeconomic problems have had no significant adverse reaction on securities lending in the country - although a lot of work remains to be done if the industry is to realise its potential
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Spain securities lending finance
Spain’s well documented macroeconomic problems have had no significant adverse reaction on securities lending in the country - although a lot of work remains to be done if the industry is to realise its potential.
The Spanish market is one that gets criticised for being restrictive and raising many barriers to its securities lending participants.
It has made progress in recent years and a couple of these past problems have been resolved. One of these issues was that the Spanish tax authorities treated equity securities lending as a capital gain. This affected corporate and individual potential lenders who could be potentially charged with capital gains tax on unrealised profits. This was solved in 2003 when a law was passed allowing investors to lend without being penalised with taxes on...
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