Part III Civil Law Legal Systems, 8 Spain »
David Ramos Muñoz, Elia Cerrato García, Carlos Bosque ArgachalFrom: Liability of Financial Supervisors and Resolution Authorities
Edited By: Danny Busch, Christos Gortsos, Gerard McMeel QC
This chapter discusses on the liability of financial supervisors and resolution authorities in Spain. Those authorities are: (i) the Banco de España (BdE) for banking, (ii) the Comisión Nacional del Mercado de Valores (CNMV) for securities, (iii) the Dirección General de Seguros y Fondos de Pensiones (DGSFP) for insurance and re-insurance, and (iv) the Fondo de Reestructuración Ordenada Bancaria (FROB), as national resolution authority. Following a long-standing tradition, financial supervisors’ liability in Spain is subject to the general requisites that determine public authorities’ liability. This general background, however, does not fully capture how liability is appraised in practice, its nuances, and the reluctance of courts to find the authorities liable. Therefore, the comprehensive analysis of the relevant case law undertaken in this chapter studies the standard of review applied by Spanish courts in cases (potentially) involving financial supervisors´ (and resolution authorities’) liability. The chapter further analyses the consistency of such liability regime (and the applied standard of review) with the requirements that determine the liability of Union bodies under EU Law, and concludes that Spanish courts’ attitude may evolve as the interest in implementing consistent supervisory practices across Member States increases.