tag:blogger.com,1999:blog-27822844134886529272024-03-14T17:27:16.212+01:00Juan Sánchez-Calero GuilarteEl blog de Juan Sánchez-Calero GuilarteAdministrador del bloghttp://www.blogger.com/profile/12862062129598749420noreply@blogger.comBlogger1436125tag:blogger.com,1999:blog-2782284413488652927.post-63425911484033102272015-09-01T16:24:00.000+02:002015-09-01T16:24:00.724+02:00Nueva etapa y dirección del blog<!--[if gte mso 9]><xml>
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<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">A
partir de hoy el blog inicia una nueva etapa y formato. Los interesados en
seguirlo pueden hacerlo a través de <a href="http://www.jsanchezcalero.com/">www.jsanchezcalero.com</a></span></span></div>
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<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
1 de septiembre de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-81567564847254516562015-07-30T17:30:00.002+02:002015-07-30T17:30:41.694+02:00Cerrado por vacaciones<!--[if gte mso 9]><xml>
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<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Tabla normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
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<![endif]--><br />
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><br /></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Un
año más me despido hasta septiembre, donde anuncio que volverá el blog con
alguna novedad en su formato y confío que con más tranquilidad para tratar
otros temas distintos de los que marca la enloquecida agenda legislativa en la que
hemos vivido en estos últimos meses.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Gracias
por la atención y buenas vacaciones para todos.</span></span></div>
<span style="font-size: small;">
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<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
30 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-40702737187268238902015-07-30T10:21:00.000+02:002015-07-30T10:21:03.065+02:00Sobre la injusta valoración de la investigación jurídica<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Esta
entrada me atrevo a decir que interesará sólo a los investigadores jurídicos.
Pero interesará a todos ellos. A través de dialnet tuve conocimiento de la
publicación de un artículo de la Profesora de la Universidad de Cádiz (de la
que es Catedrática de Derecho Civil), María Paz Sánchez González “¿Debo pedir
disculpas por dedicarme a la investigación jurídica?”, Revista de Derecho
Privado 3 (2015), pp. 87-96. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
simple noticia del artículo me pareció tan sugerente que ante la perspectiva de
no poder acceder a la Revista hasta dentro de unas semanas, me atreví a
solicitar el texto a la autora que me ha atendido con amabilidad y desde aquí
agradezco.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Vaya
por delante que la autora concluye que no debe disculparse por hacer lo que
hace y que sus argumentos son válidos y valiosos para quienes nos dedicamos a
investigar y publicar en cualquiera de las ramas jurídicas. El valor de su
exposición se incrementa por el análisis que hace de la “<i>inferioridad</i>”, por utilizar un término descriptivo pero útil, en la
que se encuentra la investigación jurídica ante los criterios que se aplican
actualmente para evaluar la producción científica y, por supuesto para, a
partir de ellos, valorar la capacidad de quienes aspiran a acceder a las
distintas plazas docentes.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
Profesora Sánchez González explica en qué medida la evaluación de las
publicaciones científicas se encuentra predeterminada por una serie de
criterios completamente alejados de los que suelen primar en las ciencias
jurídicas (probablemente también en las publicaciones vinculadas con otras
ciencias sociales). Apunta, por ejemplo, la divergente valoración que merece la
publicación de trabajos individuales o conjuntos o el sorprendente desprecio
que merece la publicación de una monografía. También me ha parecido esencial la
denuncia de la postergación de las revistas jurídicas en los índices más
difundidos para evaluar la calidad de artículos publicados en ellas. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">En
suma, un breve, contundente y oportuno toque de atención sobre la injusticia
que se está produciendo en la evaluación de las investigaciones jurídicas. Una
injusticia que nace de la incorporación acrítica y errónea en no pocos aspectos
de criterios procedentes de otros campos e <span> </span>investigadores científicos, que han tenido la
suerte o la capacidad político-educativa de imponer como criterios de
valoración general aquellos que se adaptan especialmente a las disciplinas en
las que se mueven. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Pienso
en tantos jóvenes y menos jóvenes compañeros que pueden verse afectados por esa
injusticia, que además del daño a las personas, se convertirá en un perjuicio
para las propias Facultades de Derecho. Por eso me atrevo a animarles para que
lean con atención el artículo que motiva esta entrada.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">A
todos los que participamos de esa labor investigadora lo que nos toca es
defenderla, comenzando por reclamar criterios de valoración que se adapten a
sus características propias.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
30 de julio de 2015 </span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-41181650409053827132015-07-29T14:05:00.002+02:002015-07-29T14:05:43.744+02:00¡Hace falta!: el Texto refundido de la Ley Concursal<!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
Ley 9/2015, de 25 de mayo, de medidas urgentes en materia concursal incluía la
siguiente disposición final octava que se transcribe.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">“Disposición
final octava. Habilitación para aprobar un texto refundido de la Ley 22/2003,
de 9 de julio, Concursal.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><u><span style="font-family: "Trebuchet MS",sans-serif;">Al
efecto de consolidar en un texto único las modificaciones incorporadas desde su
entrada en vigor</span></u></i><i><span style="font-family: "Trebuchet MS",sans-serif;">, a la Ley
22/2003, de 9 de julio, Concursal, se autoriza al Gobierno para elaborar y
aprobar, a propuesta de los Ministros de Justicia y de Economía y Competitividad,
en un plazo de doce meses a contar desde la entrada en vigor de esta Ley, un
texto refundido de la citada norma. Esta autorización incluye la facultad de
regularizar, aclarar y armonizar los textos legales que deban ser refundidos</span></i><span style="font-family: "Trebuchet MS",sans-serif;">”<i>.</i></span></span></div>
<div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Han
pasado dos meses y se publica hoy la <a href="http://www.boe.es/boe/dias/2015/07/29/pdfs/BOE-A-2015-8469.pdf">Ley
25/2015, de 28 de julio</a>, de mecanismo de segunda oportunidad, reducción de
la carga financiera y otras medidas de orden social. Una Ley con un contenido
heterogéneo, que incluye distintos tipos de medidas de política económica, que
afecta a no pocas normas mercantiles y cuya primera parte se consagra a la
modificación de la Ley Concursal (LC).<span>
</span>Sin comentarios.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
duda es cómo juega la habilitación al Gobierno para hacer un texto refundido
¿Se proyecta también hacia el futuro? Cuando la disposición final octava antes
transcrita hablaba de “<i>textos legales que
deban ser refundidos</i>”, ¿pensaba también en los futuros cambios de la LC?</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
29 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-71715549661942097482015-07-29T10:41:00.003+02:002015-07-29T10:41:35.033+02:00Renunciar a los mejores y tratar de explicarlo<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">¿Es
razonable que una empresa de servicios profesionales convierta en una de sus
líneas de actuación la renuncia a captar a los graduados en esa actividad
profesional por las Universidades más prestigiosas? ¿Es razonable que un
despacho de abogados estadounidense renuncie a los graduados de las Facultades
jurídicas de la Ivy League y a los de otras Universidades de similar fama? La
cuestión la planteó la argumentación que en tal sentido publicó el responsable
y fundador del despacho indicado a través de una columna en The Huffington
Post, titulada <a href="http://www.huffingtonpost.com/adam-leitman-bailey/why-we-do-not-hire-law-sc_1_b_7789022.html">Why
We Do Not Hire Law School Graduates from the Ivy League Schools</a>, cuya
lectura recomiendo a los interesados en el asunto. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Esa
columna ha aportado a su autor mucho más que los cinco minutos de fama que se
dice que a todos nos corresponde. Repudiar a los graduados de las Facultades de
Derecho de Harvard, Yale <i>et al</i>
garantiza que la atención no sólo especializada, sino informativa se concentre
en el autor de esa iniciativa basada en alejarse de lo que es un <i>modus operandi</i> del resto de firmas
profesionales. Aquí va una primera <a href="http://blogs.wsj.com/law/2015/07/15/law-firm-imposes-ban-on-hiring-ivy-league-graduates/">reacción</a>
en el influyente </span><span style="font-family: "Trebuchet MS",sans-serif;">Law Blog de The Wall Street
Journal<span style="color: #262626;">. <a href="http://www.expansion.com/juridico/actualidad-tendencias/2015/07/24/55b25d5ce2704e011d8b4588.html?cid=SIN8901">Otra</a>
</span>en Expansión<span style="color: #262626;">.</span></span><span style="font-family: "Trebuchet MS",sans-serif;"> <span lang="ES-TRAD"></span></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">La
explicación que ofrece el autor sobre la selección de nuevos abogados por su
bufete tiene algunos puntos comprensibles y otros que no lo son en absoluto.</span><span lang="ES-TRAD" style="color: #262626; font-family: "Trebuchet MS",sans-serif;"> </span><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">Entre estos últimos transcribo el siguiente:</span><span lang="EN-US" style="color: #262626; font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">“Secondly, many of these law schools either fail to rank their students
or do not even grade them at all. (1) Ergo, the students have no incentive to
work hard and learn when they have guaranteed summer associate positions and
guaranteed job offers. Their students typically have no incentive to get the
best grades in their classes. They also have no incentive to squeeze as much
learning as possible out of the law school experience. Most importantly, the
real world simulation of dealing with the pressures of a case or deal may be removed
when the students do not need to compete for a job in a difficult market”.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Toda
generalización se dice que es injusta. Decir que ni uno sólo de esos graduados
resulta un candidato elegible para ese despacho por falta de espíritu
competitivo me parece una exageración. Como no se puede argumentar con respecto
a los méritos individuales de cada uno de los candidatos refrendados por tan
ilustres Facultades, su repudio se basa, según el autor, en la forma de enseñar
y preparar a sus estudiantes. No sólo con respecto a lo que sucede en una
Facultad, sino en todas las que ocupan una posición de liderazgo en la escena
jurídica.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">No
tengo capacidad ni conocimientos para debatir sobre la formación de los
estudiantes de Derecho en Estados Unidos. Creo que en esa experiencia hay
aspectos interesantes, lo que explica que en la próxima edición de nuestro
Seminario Harvard-Complutense, prevista para el próximo mes de septiembre, una
de las ponencias anunciadas es la del Profesor David Kennedy bajo el título “Teaching
Law at the Harvard Law School: experiences and comparative perspective”. Una
ponencia que nos servirá para conocer mejor esa formación académica.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Tampoco
soy imparcial al valorar lo que significa la Harvard Law School. Como muchos de
mis compañeros complutenses y otros tantos juristas españoles que nos han
acompañando en las sucesivas celebraciones del citado Seminario (que este año
alcanza su decimotercera edición) y en otras estancias o actividades, he tenido
la suerte de conocer con algún detalle lo que significa estudiar en esa
institución, que es algo que recomiendo<span>
</span>a cualquiera, comenzando por los graduados españoles que encontraran en
el Real Colegio Complutense una plataforma extraordinaria y privilegiada para
acercarse a esa experiencia. Por eso me parece que el artículo de Bailey
desbarra cuando afirma:</span></span></div>
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<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">“Fourth, these students may become a United States Supreme Court Justice
or a future President of the United States so political theory and
international law and classes on capital punishment may be extremely important
to them. However, we need our street lawyers ready for battle and taking trial
practice, corporations, tax, civil procedure and any real estate and litigation
course offered”.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Es cierto que el Presidente Obama es actualmente
el graduado de Harvard Law más conocido. Y que también el Presidente del
Tribunal Supremo, John Roberts, pasó por sus aulas, como en una reciente
entrada recordaba el ya citado Law Blog para contraponer –en una suerte de
evocación de las paradojas de la vida- que dos estudiantes que en su día
compartieron las aulas hayan tenido suertes tan dispares que permiten titular:<span style="color: #262626;"> <a href="http://blogs.wsj.com/law/2015/07/14/man-who-went-to-law-school-with-john-roberts-now-homeless/">Man
Who Went to Law School With John Roberts Now Homeless</a></span>, o describir
cómo el alumno desafortunado se topara con otro ex compañero como magistrado
que le enjuiciaba.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Observo en algunas reacciones una sugerencia
malévola: el autor de la provocadora columna lo que está es, simplemente, haciendo
de la necesidad virtud. No contratan a graduados de origen académico “<i>aristocrático</i>” porque ninguno de ellos
se ha planteado nunca trabajar en su bufete. Es lo que termina sugiriendo esta
opinión tomada de<span style="color: #262626;"> <a href="http://fortune.com/2015/07/17/law-firm-ivy-leauge/">Fortune</a>:</span></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin-left: 70.8pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">“Of course, it’s not entirely clear what came first, Leitman’s aversion
to Ivy League grads or their disdain for Leitman. In the post, he also admits,
“The top students from these law schools have no interest in applying for a job
at our firm”.</span></i><i><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;"></span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Más allá de trayectorias individuales, una de las
prácticas de las Facultades estadounidenses que debemos aprender en las
nuestras es el seguimiento de los graduados. Un seguimiento que comienza por su
acceso al mundo laboral: como puede verse, la HLS facilita<span style="color: #262626;"> <a href="http://hls.harvard.edu/dept/ocs/recent-employment-data/">información</a> </span>detallada
de la integración profesional de sus ex alumnos.</span></span></div>
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<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid, 29 de julio de 2015<span style="color: #262626;"> </span></span></span><i style="mso-bidi-font-style: normal;"><span style="font-family: "Trebuchet MS",sans-serif; font-size: 12.0pt;"><span style="font-size: small;"><span> </span></span><span lang="ES-TRAD"></span></span></i></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-18972654286914403202015-07-28T11:49:00.001+02:002015-07-28T11:49:35.313+02:00El proyecto de reglamento sobre la administración concursal<!--[if gte mso 9]><xml>
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">El
Congreso de los Diputados prosigue la aprobación del amplio número de leyes
tramitadas en esta parte final de la legislatura. Ahora le toca a la última
reforma de la Ley Concursal, que es la que deriva de la legislación en materia
de segunda oportunidad, a la que me referí <a href="http://jsanchezcalero.blogspot.com.es/2015/05/segunda-oportunidad-i_4.html">aquí</a>,
<a href="http://jsanchezcalero.blogspot.com.es/2015/05/segunda-oportunidad-ii.html">aquí</a>
y <a href="http://jsanchezcalero.blogspot.com.es/2015/05/segunda-oportunidad-iii.html">aquí</a>.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">La
nueva regulación va mucho más allá del reconocimiento de esa segunda
oportunidad a determinados deudores de buena fe, a través de la remisión o
amortización del pasivo que no hubieran podido pagar. Uno de esos otros temas
que se reforman y que, desde luego, no es menor, es la revisión profunda del
régimen de la administración concursal. Esta materia reclamaba un desarrollo
reglamentario previsto en la Ley 17/2014, de 30 de septiembre, por la que se
adoptan medidas urgentes en materia de refinanciación y reestructuración de
deuda empresarial. Un desarrollo que se ha demorado sobre el plazo establecido,
lo que ha hecho que en esta materia (como en alguna otra parte de la LC) se
viviera en una sensación de interinidad en la que, como me referí <a href="http://jsanchezcalero.blogspot.com.es/2015/05/comunicacion-ex-articulo-5-bis-lc-y.html">aquí</a>,
los principales perjudicados han sido los encargados de aplicar la LC.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Parece
ser que ese desarrollo largamente esperado se completará en breve una vez que
el Ministerio de Justicia colgó hace algunos días en su web el correspondiente
Proyecto, sometido a consulta pública. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Una
vez que el reglamento vea la luz a través del BOE me referiré a alguno de sus
contenidos principales.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
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</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Madrid,
28 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-3787958695433787772015-07-23T18:54:00.000+02:002015-07-27T12:50:48.684+02:00Sobre la Ley de Auditoría<!--[if gte mso 9]><xml>
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UnhideWhenUsed="true" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 9"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 9"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="header"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footer"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index heading"/>
<w:LsdException Locked="false" Priority="35" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope return"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><b><u><span style="font-family: "Trebuchet MS",sans-serif;">Otro apunte
sobre la evolución reciente de la legislación mercantil</span></u></b></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
nueva <a href="http://www.boe.es/boe/dias/2015/07/21/pdfs/BOE-A-2015-8147.pdf">Ley
de Auditoría de Cuentas</a> (LAC) apareció publicada el pasado martes en el
Boletín Oficial del Estado. He leído en algunos blogs de colegas mercantilistas
repetidas referencias al impacto que esta nueva Ley tiene sobre otras leyes
mercantiles. Impacto sobre normas contables del Código de Comercio, sobre
normas varias de la Ley de Sociedades de Capital (LSC), sobre un artículo de la
Ley del Mercado de Valores (LMV) … Para una mejor evaluación de la reforma, recomiendo
al lector una navegación por los blogs que a la
derecha se citan. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
agenda legislativa que hemos vivido a lo largo de esta legislatura y que está
culminando en estas últimas semanas con la aprobación y publicación de
sucesivas normas mercantiles ha exacerbado nuestra sensibilidad sobre los
efectos “<i>sísmicos</i>” que cada nueva ley
tiene en otras disposiciones mercantiles, cercanas o lejanas. En algunas
ocasiones creo que esa reacción está justificada, puesto que nos sorprende en
alguna disposición adicional o final un cambio legislativo que carece de
relación alguna con el objeto de la norma que lo alberga (como subrayaba en la <a href="http://jsanchezcalero.blogspot.com.es/2015/06/importa-el-cambio-del-domicilio-social.html">entrada</a>
dedicada al cambio del artículo 285.2 LSC).
En otras situaciones la justificación para criticar esa técnica legislativa es
menor.</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
nueva forma de legislar que ha ganado carta de naturaleza en las últimas legislaturas
y con mayorías parlamentarias distintas ha convertido el criterio de
oportunidad en el decisivo. Se entiende que prima reaccionar ante un hecho
dictando normas urgentes. Llevamos muchos años aceptando la sucesiva aprobación
de Reales Decretos-leyes en materia económica y mercantil a partir de la cada
vez más manida invocación de la extraordinaria y urgente necesidad. Las prisas
legislativas han demostrado muchas veces no ser buenas porque han obligado a
cambiar los cambios. La ley se convertía así en un factor de inseguridad: el
diseño legislativo de las soluciones chocaba con la realidad o, sencillamente,
ésta evidenciaba una falta de orientación o de pausa del legislador.</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">En
todo caso, esos hechos nos han situado a los mercantilistas en la posición que
dicen padecer los tributaristas, para quienes resulta difícil seguir la
producción de normas y entender si esas leyes, tantas veces ajustadas o
reajustadas, mantienen una cierta coherencia no solo sistemática, sino en lo
que es su propia y fundamental finalidad. El mejor aval para esta descripción
lo tenemos en los textos refundidos que se han anunciado para algunas leyes
(LMV y Ley Concursal –LC-) como medida imprescindible para poner orden tras
tantas mudanzas. </span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Un
segundo factor de “<i>perturbación</i>” de
la legislación mercantil era previsible: el avance de la legislación europea
plasmada en Directivas que reclaman la transposición al ordenamiento europeo.
Este es el escenario en el que hay que situar la reforma de nuestra LAC. Quien
parta de un Real Decreto-legislativo aprobado en 2011 no entenderá que apenas
cuatro años después se reforme de manera radical, en alcance y contenido, dicha
legislación. La explicación la tenemos en la exposición de motivos de la LAC:
se trata de incorporar la Directiva 2014/56/UE de 16 de abril de 2014 y adaptar
y adoptar el Reglamento 537/2014, de la misma fecha. A ambos me referí en
distintos momentos (por ejemplo, <a href="http://jsanchezcalero.blogspot.com.es/2014/06/sobre-la-reforma-del-regimen-de-la.html">aquí</a>).</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<span style="font-size: small;"><b><u><span style="font-family: "Trebuchet MS",sans-serif;">La causa
principal de la LAC y referencia a su contenido</span></u></b></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><b><u><span style="font-family: "Trebuchet MS",sans-serif;"><span style="text-decoration: none;"></span></span></u></b></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">En
efecto, es el avance europeo el que obliga al legislador español a cambiar la
normativa reguladora de la actividad de auditoría de cuentas bajo el nuevo
texto legal.</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Cuestión
distinta es que en la reforma europea haya primado de forma decisiva el
criterio de oportunidad, como voluntad de reaccionar ante, entre otros efectos
negativos, la desconfianza que para la validez del marco legal aplicable a la
auditoría supuso la crisis financiera. Como dice la exposición de motivos de la
LAC, el alcance de la crisis “<i>llevó a
cuestionar la adecuación y suficiencia de este marco normativo comunitario,
acometiéndose un proceso de debate sobre cómo la actividad de auditoría podría
contribuir a la estabilidad financiera</i>”.</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Lo
que incorpora la LAC es una novedosa distinción sobre el régimen aplicable a la
auditoría cuando se refiere a entidades de interés público o cuando lo hace a
empresas que no están comprendidas en esa definición (contenida en el art. 5
LAC). En la nueva regulación las modificaciones referidas a las sociedades
cotizadas constituyen una innovación que debe subrayarse, comenzando por el
hecho de que a la auditoría de esas sociedades y demás entidades de interés
público les es aplicable el Reglamento 537/2014 en muy distintos aspectos
(completados por los arts. 33 a 45 LAC). </span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">El
trabajo del auditor, en especial la auditoría de cuentas anuales, es materia
realmente compleja. Desde el punto de vista normativo esa complejidad es
incuestionable: normas técnicas, éticas, de control interno, etc. Convivencia
de normas internas o nacionales y europeas. Procesos de reforma de impulso
internacional. Es una actividad sometida a principios claros (v.gr., escepticismo,
juicio profesional, independencia, etc.), pero también a una característica
motorización normativa.</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Junto
a ello, los auditores de cuentas padecen una inadecuada comprensión de su
función. Se cree que el auditor de cuentas es capaz de detectar todo lo que
esté mal en una sociedad mercantil: desde criterios de valoración contable
cuestionables técnicamente, a la apropiación indebida o al fraude acaecidos en
cualquiera de sus departamentos. Esa incomprensión es el preámbulo de no pocas
demandas de responsabilidad contra el auditor, cuya resolución depende del
conocimiento y aplicación de aquella compleja regulación que preside esa
actividad.</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Tiempo
habrá de analizar los cambios legislativos que afectan a la propia actividad de
auditoría de cuentas. En lo que aquí toca, que es dejar algunas reflexiones al
hilo de la publicación de la LAC, vuelvo al principio de esta entrada para
justificar lo que allí señalaba en cuanto a que las disposiciones adicionales
y, en particular, las disposiciones finales de la LAC guardan una relativa
coherencia con la reforma principal que ésta ha introducido.</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
disposición final cuarta modifica la LSC y lo hace alterando cerca de una
veintena de sus artículos. Se trata de modificaciones de muy distinto alcance
pero en las que prima la adaptación de la legislación societaria a los cambios
producidos en la regulación de la auditoría de cuentas. Además de las
disposiciones que contemplan la intervención de un experto independiente
distinto al auditor de la sociedad, otras tienen que ver con los requisitos de
nombramiento del auditor, consecuencia directa en muchos casos del contenido de
la LAC. </span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Escribí
un artículo sobre la comisión de auditoría regulada en el artículo 529
quaterdecies LSC que está pendiente de publicación. Ese artículo también se ha
visto modificado como consecuencia de la importancia que tiene la comisión en
la auditoría de entidades de interés público, como se encarga de expresar la
nueva exigencia de un informe adicional al de auditoría de cuentas anuales, que
tiene a la indicada comisión como destinataria. Éste y otros aspectos de esta
auditoría contenidos en la LAC y en el Reglamento europeo subrayan la conexión
que existe entre dicha actividad y el buen gobierno de las grandes
corporaciones.</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Dos
últimas observaciones. La primera, parta subrayar los cambios introducidos en
disposiciones contables del Código de Comercio (d.f.primera LAC).</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
segunda, sobre la no fácil interpretación y aplicación de la d.f.decimocuarta
que viene a ordenar la entrada en vigor sucesiva de la LAC. No es fácil esa
interpretación porque hay partes de la Ley que han entrado en vigor al día
siguiente de su publicación en el BOE. Otras lo harán el 1 de enero de 2016.
Otras el 17 de junio de 2016. Con respecto a ambas fechas la citada disposición
matiza el comienzo de la vigencia. Es comprensible un calendario tan complicado
teniendo en cuenta que el nuevo marco legal debe de aplicarse a trabajos de auditoría
en curso y a las relaciones de auditores y sociedades de auditoría con sus
clientes.</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">Last but not least</span></i><span style="font-family: "Trebuchet MS",sans-serif;">: es de prever
que la nueva LAC se vea acompañada de una actividad de desarrollo reglamentario
relevante.</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
23 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-27394742092179174982015-07-21T13:19:00.000+02:002015-07-21T13:19:39.405+02:00Requisitos de capital y financiación disponible<div style="text-align: justify;">
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<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Una
de las afirmaciones más repetidas y debatidas a partir de la crisis financiera se
refería a la disminución del crédito disponible. En relación con ese hecho se
ha repetido el argumento que vinculaba las normas más severas en materia de
recursos propios de las entidades de crédito y su capacidad para facilitar
crédito a sus clientes. Los recursos disponibles para los clientes se veían
limitados como consecuencia de la necesidad que las entidades tenían de cumplir
con requisitos más exigentes en la dotación de capital social.</span></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
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</span><div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Esa
relación ha dado lugar a un procedimiento de consulta anunciado el pasado día
15 de julio por la Comisión Europea, que trata precisamente de analizar la
certeza y consistencia de esa relación, que ha sido repetidamente invocada como
uno de los factores determinantes de la restricción del crédito disponible. Lo
que hace la Comisión Europea es difundir a través de una <a href="http://europa.eu/rapid/press-release_IP-15-5347_es.htm">nota</a> de prensa
el <a href="https://ec.europa.eu/eusurvey/runner/long-term-finance-2015?surveylanguage=en">cuestionario</a>,
constituido por quince preguntas que se refieren a algunos aspectos concretos
de la legislación europea aplicable a los requisitos de capital de los bancos.
Una legislación tan extensa como severa, que supuso incorporar al ordenamiento
europeo los nuevos requisitos establecidos en ámbitos internacionales. El
núcleo de esa legislación se encuentra en el</span> <a href="http://www.boe.es/doue/2013/176/L00001-00337.pdf"><span style="font-family: "Trebuchet MS",sans-serif;">Reglamento (UE) 575/2013</span></a> <span style="font-family: "Trebuchet MS",sans-serif;">de 26 de junio
de 2013, sobre los requisitos prudenciales de las entidades de crédito y las
empresas de inversión, y por el que se modifica el Reglamento (UE) 648/2012 y
en la</span> <a href="http://www.boe.es/doue/2013/176/L00338-00436.pdf"><span style="font-family: "Trebuchet MS",sans-serif;">Directiva 2013/36/UE</span></a> <span style="font-family: "Trebuchet MS",sans-serif;">de 26 de junio
de 2013 relativa al acceso a la actividad de las entidades de crédito y a la
supervisión prudencial de las entidades de crédito y las empresas de inversión,
por la que se modifica la Directiva 2002/87/CE y se derogan las Directivas
2006/48/CE y 2006/49/CE, normas ambas a las que se ha adaptado la legislación
española por medio de la Ley 10/2014, de 26 de junio, de ordenación, supervisión
y solvencia de entidades de crédito.</span></span></div>
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</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
lectura de esa legislación ponía de manifiesto la previsibilidad de la consulta
de la que damos noticia. Porque tal legislación europea contenía diversos
mandatos dirigidos, entre otros destinatarios, a la Comisión Europea para que
informara sobre los efectos de su aplicación en distintos sentidos. Así, el
artículo 501 del Reglamento reclamaba información sobre la incidencia de su
aplicación en relación con la financiación de las pymes, como señalaban los
apartados que se transcriben:</span></span></div>
<span style="font-size: small;">
</span><div class="Default">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 35.4pt 0.0001pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">“3. Las entidades
informarán a las autoridades competentes, cada tres meses, del <u>importe total
de exposiciones frente a PYME</u> calculado de acuerdo con el apartado 2.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 35.4pt 0.0001pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 35.4pt 0.0001pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">4. <u>La Comisión
elaborará</u>, a más tardar para el 2 de enero de 2017, <u>un informe sobre el
impacto de los requisitos en materia de fondos propios</u> que establece el
presente Reglamento <u>en los préstamos a las PYME</u> y lo presentará al
Parlamento Europeo y al Consejo, acompañado, si procede, de una propuesta
legislativa. </span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 35.4pt 0.0001pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 35.4pt 0.0001pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">5. A efectos de lo
dispuesto en el apartado 4, <u>la ABE informará a la Comisión</u> acerca de lo
siguiente:</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 35.4pt 0.0001pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 35.4pt 0.0001pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">a) análisis de la
evolución de las <u>tendencias y condiciones de préstamo para las PYME</u>
durante el período a que se refiere el apartado 4; </span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 35.4pt 0.0001pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 35.4pt 0.0001pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">b) análisis de la <u>situación
efectiva de riesgo de las PYME</u> de la Unión durante un ciclo económico
completo; </span></i></span></div>
<span style="font-size: small;">
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<br /></div>
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</span><div class="MsoNormal" style="margin: 0cm 35.4pt 0.0001pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">c) <u>la coherencia
de los requisitos de fondos propios</u> establecidos por el presente Reglamento
respecto del riesgo de crédito en exposiciones frente a PYME <u>con los
resultados de los análisis contemplados en las letras a) y b)</u>.” </span></i></span></div>
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<br /></div>
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UnhideWhenUsed="true" Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
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</span></span><span style="font-size: small;"><span style="color: black; font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Por
su parte, los artículos 505 y 516 se ocupaban de la revisión y seguimiento de la
financiación a largo plazo:</span> </span></div>
<br />
<span style="font-size: small;">
</span><div class="CM45" style="margin: 3pt 0cm;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 1cm 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">“Artículo 505 </span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 1cm 0.0001pt 35.4pt;">
<span style="font-size: small;"><b><i><span style="font-family: "Trebuchet MS",sans-serif;">Revisión
de la financiación a largo plazo </span></i></b><i><span style="font-family: "Trebuchet MS",sans-serif;"></span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 1cm 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 1cm 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">A más tardar el
31 de diciembre de 2014, la Comisión presentará al Parlamento Europeo y al
Consejo un <u>informe</u>, acompañado en su caso de las propuestas oportunas, <u>sobre
la adecuación de los requisitos del presente Reglamento</u>, habida cuenta de
la <u>necesidad de garantizar unos niveles suficientes de aportación de fondos
a todas las formas de financiación a largo plazo para la economía</u>, entre
ellas los <u>proyectos de infraestructuras</u> críticas en la Unión en el
ámbito del <u>transporte, la energía y las comunicaciones</u>.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 1cm 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 1cm 0.0001pt 35.4pt;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">…</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 1cm 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 1cm 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">Artículo 516 </span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 1cm 0.0001pt 35.4pt;">
<span style="font-size: small;"><b><i><span style="font-family: "Trebuchet MS",sans-serif;">Financiación
a largo plazo </span></i></b><i><span style="font-family: "Trebuchet MS",sans-serif;"></span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 1cm 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 1cm 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">A más tardar el
31 de diciembre de 2015, la Comisión elaborará un <u>informe sobre las
repercusiones del presente Reglamento en el fomento de la inversión a largo
plazo en fomento de las infraestructuras</u>”.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">A
nadie escapa que estamos ante una cuestión relevante para los mercados europeos
y, en especial, para el marco de estabilidad, supervisión y eficacia de sus
mercados financieros. Así como que el debate reclama datos y un análisis
sosegado y complejo. Eso explica que la Comisión Europea haya establecido un
periodo amplio para llevar a cabo la consulta pública, que terminará el próximo
7 de octubre de 2015. A partir de la publicación del desarrollo y de los
resultados de esa consulta, se organizará una audiencia pública en 2015, con
carácter previo a la presentación del informe final que se producirá en 2016.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Todos
estos pasos servirán para preparar eventuales acciones normativas futuras, cuya
orientación no detalla la nota de prensa de la Comisión, que se limita a
señalar al respecto que las mismas “<i>tenderán
a salvaguardar la resiliencia del sistema bancario teniendo en cuenta al mismo
tiempo el objetivo global del fomento del empleo y el crecimiento en la UE”. </i></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">El
término resiliencia es una de las incorporaciones recientes y sugerentes al
lenguaje financiero. La nueva edición del Diccionario hace referencia a ese
término a partir del significado que tiene en la psicología, como la “<i>capacidad de asumir con flexibilidad
situaciones límite y sobreponerse a ellas</i>” y de la mecánica, en donde
significa la “<i>capacidad de un material
elástico para absorber y almacenar energía de deformación</i>” ¿Cómo traducir
esos principios a la normativa que pretende asegurar en todo momento la
capacidad de las entidades de crédito de mantener su solvencia frente a la
mayor o menor asunción de riesgos inherentes a la intermediación financiera?
Una respuesta la ofrece el documento titulado <a href="http://www.bis.org/publ/arpdf/ar2013_5_es.htm">Hacia una mayor resiliencia
del sector bancario</a> que en 2013 elaboró el Banco Internacional de Pagos y
cuyo resumen transcribo:</span><span style="font-family: "Arial Unicode MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.5pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">“Garantizar
la estabilidad en un sistema financiero en evolución exige una continua adaptación
del marco prudencial. En respuesta a la crisis, las autoridades han endurecido
las normas prudenciales y los bancos están esforzándose por cumplir</span></i><span class="d1"> </span><i><span style="font-family: "Trebuchet MS",sans-serif;">normas de solvencia más
exigentes. <u>El efecto combinado de estos esfuerzos puede traducirse en un
sector bancario más resiliente</u>. Los bancos tienen que recomponer su
posición en el mercado sobre unas líneas de negocio que saquen partido de sus ventajas
individuales y generen un flujo constante de ingresos. El saneamiento de sus
balances mediante el reconocimiento de pérdidas y la acumulación de capital es
la clave del éxito futuro. </span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.5pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.5pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">Las
respuestas de política a la complejidad también son importantes para el resultado
global. Las normas que simplifican la estructura organizativa de los bancos
quizá reduzcan la complejidad a nivel de entidad individual, pero su impacto
sobre el riesgo para el conjunto del sistema puede ser ambiguo. Esto es especialmente
cierto en el caso de que las normas nacionales adopten enfoques diferentes y
generen exigencias contradictorias para los bancos globales. </span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.5pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.5pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">Las
normas prudenciales que refuerzan la capacidad de los bancos para afrontar
riesgos constituyen la defensa más fiable contra la inestabilidad financiera. Las
normas que exigen colchones amplios de capital y liquidez asociados a los riesgos
subyacentes son elementos clave de estas normas. Estas han de abordar la complejidad
de medir el riesgo mejorando la transparencia y la comparabilidad en el sistema
financiero. Un paso fundamental hacia este objetivo es aprovechar el refuerzo
mutuo de los indicadores de solvencia sensibles e insensibles al riesgo. <u>Unos
colchones resistentes a la incertidumbre que reflejen la complejidad de la evaluación
del riesgo aumentarán la resiliencia de los bancos individuales y del sistema
financiero en su conjunto</u></span></i><span style="font-family: "Trebuchet MS",sans-serif;">”<i>.</i></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
21 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-26294755386539886682015-07-21T12:58:00.001+02:002015-07-21T12:58:41.205+02:00Nuevo número de la RDBB <!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
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<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">El número 138
de la Revista de Derecho Bancario y Bursátil, correspondiente al segundo
trimestre de 2015 ya se ha publicado. Reproduzco su sumario:</span></span></div>
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<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
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<span style="font-size: small;"><a href="https://www.blogger.com/null" name="more"></a><span style="font-family: "Trebuchet MS",sans-serif;"> <b><span style="color: #0070c0;">Artículos</span></b></span></span></div>
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<br /></div>
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<span style="font-size: small;"><span style="font-family: "Segoe UI Semilight",sans-serif;"><span>—<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">El
administrador oculto. <i>Isabel Rodríguez
Díaz</i>.</span></span></div>
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<span style="font-size: small;"><span style="font-family: "Segoe UI Semilight",sans-serif;"><span>—<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">La extensión
del estatuto jurídico del administrador a la persona física representante de un
administrador persona jurídica en la Ley 31/2014 para la mejora del gobierno
corporativo. <i>Esther Hernández Sainz</i>.</span></span></div>
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<span style="font-size: small;"><span style="font-family: "Segoe UI Semilight",sans-serif;"><span>—<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">El nuevo
régimen europeo de resolución bancaria. <i>Francisco
Uría</i>.</span></span></div>
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<br /></div>
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<span style="font-size: small;"><span style="font-family: "Segoe UI Semilight",sans-serif;"><span>—<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">Las webs
corporativas de las sociedades cotizadas como instrumento de comunicación y de
ejercicio de los derechos de los socios. <i>Rafael
Rojo Álvarez-Manzaneda</i>.</span></span></div>
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<span style="font-size: small;"><b><span style="color: #0070c0; font-family: "Trebuchet MS",sans-serif;">Crónica</span></b></span></div>
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</span><div class="MsoNormal" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span style="font-family: "Segoe UI Semilight",sans-serif;"><span>—<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">Algunas
interrogaciones sobre la responsabilidad social. <i>José María de la Cuesta Rute.</i></span></span></div>
<span style="font-size: small;">
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<br /></div>
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</span><div class="MsoNormal" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span style="font-family: "Segoe UI Semilight",sans-serif;"><span>—<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">Deber de
lealtad y responsabilidad concursal de administradores sociales. <i>Rosalía Estupiñán Cáceres</i>.</span></span></div>
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</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><b><span style="color: #0070c0; font-family: "Trebuchet MS",sans-serif;">Jurisprudencia</span></b></span></div>
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<br /></div>
<span style="font-size: small;">
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<span style="font-size: small;"><span><span>—<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">Hipoteca
flotante en garantía de refinanciación sindicada: actualización de los
criterios de control registral de las cláusulas de vencimiento anticipado
(Comentario a la Resolución de la DGRN de 3 de octubre de 2014). <i>Manuel Mingot Aznar.</i></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin-left: 18pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span><span>—<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">El carácter
abusivo de los pagarés en blanco (a propósito de la STS de 12 de septiembre de
2014). <i>Federico Adan Domenech.</i> </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin-left: 18pt; text-align: justify;">
<br /></div>
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<span style="font-size: small;"><span><span>—<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">El depósito
en caso de informe denegado del auditor de cuentas. Resolución de la DGRN de 24
de octubre de 2014. <i>Guillermo José
Velasco Fabra.</i> </span></span></div>
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<span style="font-size: small;"><b><span style="color: #0070c0; font-family: "Trebuchet MS",sans-serif;">Noticias</span></b></span></div>
<span style="font-size: small;">
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<br /></div>
<span style="font-size: small;">
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<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><span>1.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">La
terminación o reducción de la financiación de una PYME. <i>Juan Sánchez-Calero</i>.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><span>2.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">El Reglamento del sistema bancario: el
Real Decreto 84/2015. <i>Alberto Javier
Tapia Hermida</i>.</span></span></div>
<span style="font-size: small;">
</span><div class="Standard" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><span>3.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">Real Decreto 83/2015, de 13 de febrero, por el que
se modifica el Real Decreto 1082/2012, de 13 de julio, por el que se aprueba el
Reglamento de desarrollo de la Ley 35/2003, de 4 de noviembre, de instituciones
de inversión colectiva. </span><i><span style="font-family: "Trebuchet MS",sans-serif;">Carmen Rojo Álvarez-Manzaneda</span></i><span style="font-family: "Trebuchet MS",sans-serif;">.</span></span></div>
<span style="font-size: small;">
</span><div class="Standard" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><span>4.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">Integración
financiera. <i>Juan Sánchez-Calero</i></span></span></div>
<span style="font-size: small;">
</span><div class="Standard" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><span>5.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">El
nuevo Código de Conducta de IOSCO de marzo de 2015 sobre las Agencias de
Calificación Crediticia (Agencias de Rating). <i>Alberto Javier Tapia Hermida</i>.</span></span></div>
<span style="font-size: small;">
</span><div class="Standard" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><span>6.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">Reforma
del régimen aplicable a la emisión de obligaciones. <i>Juan Sánchez-Calero</i>.</span></span></div>
<span style="font-size: small;">
</span><div class="Standard" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><span>7.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">Responsabilidad
civil y administrativa de los bancos por “<i>mala
praxis</i>” en la comercialización de productos financieros complejos.
Jurisprudencia reciente del Tribunal Supremo y sanciones de la CNMV. <i>Alberto Javier Tapia Hermida.</i></span></span></div>
<span style="font-size: small;">
</span><div class="Standard" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><span>8.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">La
reforma del régimen de los establecimientos financieros de crédito. <i>Juan Sánchez-Calero</i>.</span></span></div>
<span style="font-size: small;">
</span><div class="Standard" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><span>9.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">Notificación
de participaciones significativas: Reglamento Delegado. <i>Juan Sánchez-Calero.</i></span></span></div>
<span style="font-size: small;">
</span><div class="MsoListParagraph" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"><span>10.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Libro
Verde “Construir una Unión de los Mercados de Capitales”. <i>Juan Sánchez-Calero</i>.</span></span></div>
<span style="font-size: small;">
</span><div class="Standard" style="margin-left: 18pt; text-align: justify; text-indent: -18pt;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><span>11.<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">Ayudas públicas al sector financiero
Europeo. <i>Enrique Cabrera Entero e Iván
Rubio Sierra.</i></span></span></div>
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<span style="font-size: small;"><b><span style="color: #0070c0; font-family: "Trebuchet MS",sans-serif;">Bibliografía</span></b><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
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<span style="font-size: small;"><b><span style="color: #0070c0; font-family: "Trebuchet MS",sans-serif;">Recensión</span></b></span></div>
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<span style="font-size: small;"><span><span>—<span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-synthesis: weight style; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Trebuchet MS",sans-serif;">AA.VV., <i>Las
cajas de ahorro y la prevención y tratamiento de la crisis de las entidades de
crédito</i> (directores, Colino Mediavilla, J.L./González Vázquez, J.C.), por
Fernando Sacristán Bergia.</span><b><span style="font-family: "Trebuchet MS",sans-serif;"></span></b></span></div>
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<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
21 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-10101651317369097522015-07-20T16:26:00.001+02:002015-07-20T16:39:32.945+02:00Rating: los otros servicios de las agencias<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">No
deja de ser interesante el procedimiento regulatorio que viene desarrollándose con respecto
a las agencias de <i>rating</i>. Sobre estas
agencias está confluyendo, además de una novedosa regulación, un conjunto de
iniciativas de distinta inspiración en relación con aspectos principales de su
actividad sin tener como principal acicate ningún escándalo o crisis reciente.
Parece que entre los rastros que dejó la crisis financiera estaba la de
afrontar de una manera decidida y más allá de una reacción de simple
oportunidad la forma de trabajar de estas agencias, que cumplen una función
esencial en los modernos mercados financieros. Una función que, a veces, no es
adecuadamente entendida y que ha llevado a distintas organizaciones
internacionales a proponer reglas y medidas. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Destaca
en este sentido la actividad que viene desarrollando la Organización
Internacional de Comisiones de Valores (IOSCO) a la que me he referido en
alguna ocasión precedente, como en esta <a href="http://jsanchezcalero.blogspot.com.es/2015/04/iosco-y-agencias-de-calificacion.html">entrada</a>
donde hablaba del código de conducta aplicable a las mismas.</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">En
fecha reciente IOSCO dio un paso más en esta aproximación a la actividad de las
agencias de calificación crediticia, esta vez en relación con lo que llaman
otros productos de las agencias de <i>rating,
</i>tratando de diferenciar esos otros productos de los que podríamos llamar la
calificación crediticia tradicional, es decir, aquella que asigna en los
mercados financieros un determinado rango de solvencia o de cumplimiento a los
valores emitidos por todo tipo de instituciones privadas o públicas. Los otros
productos o servicios que prestan las agencias de <i>rating </i>comprenden un abanico amplísimo de actividades, como indica
un nuevo cuestionario que ha difundido hace algunos días IOSCO y que reproduzco
en inglés: </span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 42.5pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">“‘private ratings’, ‘confidential ratings’, ‘expected
ratings’, ‘indicative ratings’, ‘prospective ratings’, ‘provisional ratings’,
‘preliminary ratings’, ‘one-time ratings’, ‘regional ratings’, ‘national
ratings’, ‘point-intime ratings’, ‘scoring’, ‘credit default swap spreads’,
‘bond indexes’, ‘portfolio assessment tools’, ‘credit assessments’, ‘rating
assessments’, ‘assessments’, ‘fund ratings’, ‘data feeds’ or ‘research’”.</span></i></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Lo
que caracteriza ese tipo de productos o servicios es su eficacia ilimitada.
IOSCO señala en su segundo cuestionario que algunos participantes del mercado
usan simplemente esos productos como una herramienta de análisis de riesgo o
como un elemento complementario de sus informes crediticios en sentido
estricto. En febrero de 2015 ya se sometió a todas las partes interesadas un
primer cuestionario que ahora ha completado con el <a href="http://www.iosco.org/library/pubdocs/pdf/IOSCOPD492.pdf">segundo</a> del
que doy noticia. </span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Es
un cuestionario reducido que viene a indicar que el interés principal de IOSCO
está en entender adecuadamente la relevancia que para los operadores de mercado
tienen esos otros productos de calificación crediticia.</span></span></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
20 de julio de 2015</span></span></div>
<div class="MsoNormal">
<br /></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-54461485314439711962015-07-16T19:06:00.000+02:002015-07-16T19:06:44.863+02:00Un libro destacado en materia de impugnación de acuerdos sociales<!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">En
2009 se publicó un libro sobre la junta general del que me hice eco <a href="http://jsanchezcalero.blogspot.com.es/2009/12/un-libro-sobre-la-junta-general-de-las.html">aquí</a>,
que era una manifestación de colaboración entre mercantilistas de distinta
procedencia que nos beneficiamos del amparo del Colegio Notarial de Madrid y de
su Academia Matritense del Notariado. No yerro si subrayo que muchos de los
trabajos contenidos en aquel libro resultaron ser de consulta obligada. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Cinco
años después tenemos la suerte de volver a disponer del resultado de esa
colaboración puesto que acaba de publicarse un libro particularmente oportuno
en relación con la más reciente evolución de nuestro Derecho de sociedades de
capital. Se trata de AA.VV., <i>El nuevo
régimen de impugnación de los acuerdos sociales de las sociedades de capital </i>(dirs.
Rodríguez Artigas, F./Farrando Miguel, I./Tena Arregui, R. –coord. Castañer,
J.), Madrid (2015), 686 páginas. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Ante
todo quiero dejar constancia de mi felicitación a los impulsores del libro y de
este nuevo ejemplo de colaboración entre juristas de muy distinta procedencia.
Dicho esto, anteriores entradas de este blog me han servido para subrayar que
en materia de impugnación de acuerdos la reforma de la Ley de Sociedades de
Capital por parte de la Ley 31/2014, por la que se modifica la Ley de
Sociedades de Capital para la reforma del gobierno corporativo ha supuesto un
cambio profundo, que en líneas generales me parece acertado sobre todo porque
dota de racionalidad ese cauce procedimental para la revisión de acuerdos
sociales.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
acción de impugnación bajo el régimen precedente se había convertido en fuente
de reiteradas decepciones. Por parte de los actores, por la falta de eficacia
de un recurso esencial en la defensa del interés de la sociedad y de los
intereses de los accionistas minoritarios. Pero la decepción también afectaba a
las propias sociedades cuyos acuerdos se cuestionaban ante nuestros Tribunales,
por la falta de fundamentación de muchas de las demandas interpuestas y por la
conversión del procedimiento de impugnación en un mero instrumento en
contiendas societarias de muy distinta naturaleza. Por último, no podía
ignorarse el papel en que se veían colocados nuestros órganos jurisdiccionales
obligados a tramitar en su totalidad un procedimiento cuando desde los primeros
pasos se advertía bien la falta de entidad de los motivos de impugnación o bien
la falta de relevancia de una eventual sentencia estimatoria. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">El
libro que reseño y que de nuevo cuenta con el aval de la Academia Matritense
del Notariado profundiza en todos esos aspectos y como sucedió con su
precedente libro de 2009, estoy seguro que su contenido hará que se convierta
en un clásico en esta materia.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
16 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-65901559120228888442015-07-15T10:30:00.000+02:002015-07-15T10:30:20.499+02:00Máster (Complutense) en Asesoría Jurídica de Sociedades<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Me
he referido en alguna ocasión a que la formación jurídica se ve conducida hacia
la especialización, en especial en los estudios de postgrado. Siguiendo el
ejemplo de otros lugares, parece que la evolución de la legislación y de la
práctica profesional tiende a convertir a los abogados en expertos en áreas
concretas. Esto tiene una traducción visible en las ofertas de títulos de
másteres universitarios. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Ya
dije <a href="http://jsanchezcalero.blogspot.com.es/2015/06/mucho-master-ii-la-oferta-crece.html">aquí</a>
que son muchos los másteres que se ofrecen, principalmente como consecuencia de
la obligación de cursar un máster previo a la superación de la prueba de acceso
a la abogacía (el MAB), al que cada vez más Universidades suelen vincular otros
programas que implican una cualificación más específica.<span> </span></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Teniendo
en cuenta esa tendencia y la complejidad que presenta la aplicación de la
legislación societaria, nuestro Departamento de Derecho Mercantil de la
Universidad Complutense de Madrid decidió impulsar a partir del curso que viene
un Máster en Asesoría Jurídica de Sociedades (MAJS). Es un programa orientado a
la formación especializada de calidad sobre Derecho de la empresa con forma
societaria.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Con
una metodología eminentemente práctica, el principal objetivo del MAJS es
formar abogados con una cualificación excelente para ejercer la profesión con
éxito en cualquier área societaria (despachos de abogados o departamento
jurídico de empresas), completando la formación más generalista que se adquiere
en el Grado en Derecho y en el MAB. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">El
MAJS pretende ayudar a sus alumnos a adquirir una cualificación profesional destacada
en una de las materias que presenta una mayor vigencia en la práctica de la abogacía.
El plazo de solicitud de admisión al MAJS está abierto hasta finales del mes de
julio. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Los
interesados en obtener más información pueden obtenerla <a href="http://www.ucm.es/titulospropios/majs" target="_blank">aquí</a>.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
15 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-78506965014854488252015-07-14T14:25:00.001+02:002015-07-14T14:25:25.967+02:00Legalización de libros de contabilidad y seguridad<!--[if gte mso 9]><xml>
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UnhideWhenUsed="true" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 9"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 9"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="header"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footer"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index heading"/>
<w:LsdException Locked="false" Priority="35" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope return"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">La <a href="http://www.boe.es/boe/dias/2015/07/08/pdfs/BOE-A-2015-7626.pdf">Instrucción
de 1 de julio de 2015</a> de la Dirección General de los Registros y del
Notariado <span>sobre mecanismos de
seguridad de los ficheros electrónicos que contengan libros de los empresarios
presentados a legalización en los registros mercantiles y otras cuestiones
relacionadas trata de dar estabilidad al nuevo régimen diseñado para la
legalización de libros de empresarios que se presentan por vía telemática,
subsanando los problemas suscitados por la regulación precedente de hace
escasos meses, que es objeto de una profunda modificación. Para explicar esta
introducción hay que echar la vista atrás.</span></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"><span></span></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;"></span><span style="font-size: small;"></span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">En primer lugar hasta la Ley 14/2013, de 27 de
septiembre, de apoyo a los emprendedores y su internacionalización. El capítulo
IV de su Título I se dedicaba a impulsar la actividad emprendedora, que en la
interpretación de nuestro legislador pasa, entre otras medidas, por el
reconocimiento de los trámites empresariales por vía telemática. En relación
con la legalización de los libros, el artículo 18 14/2013 disponía:</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">“Artículo
18. Legalización de libros.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">1. Todos los
libros que obligatoriamente deban llevar los empresarios con arreglo a las
disposiciones legales aplicables, incluidos los libros de actas de juntas y
demás órganos colegiados, o los libros registros de socios y de acciones
nominativas, se legalizarán telemáticamente en el Registro Mercantil después de
su cumplimentación en soporte electrónico y antes de que trascurran cuatro
meses siguientes a la fecha del cierre del ejercicio.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">2. Los
empresarios podrán voluntariamente legalizar libros de detalle de actas o
grupos de actas formados con una periodicidad inferior a la anual cuando
interese acreditar de manera fehaciente el hecho y la fecha de su intervención
por el Registrador.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">3. El
Registrador comprobará el cumplimiento de los requisitos formales, así como la
regular formación sucesiva de los que se lleven dentro de cada clase y
certificará electrónicamente su intervención en la que se expresará el
correspondiente código de validación<b>”</b>.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">En desarrollo de esa disposición, atendiendo a los
objetivos de economía y seguridad que debían acompañar ese trámite de
legalización se dictó la Instrucción de 12 de febrero de 2015, que mereció
severas críticas por la inseguridad que comportaba en materia tan sensible como
la de la contabilidad y su esencial naturaleza secreta (art. 32.1 del Código de
Comercio). </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Posteriormente, el Auto del Tribunal Superior de
Justicia (Sala de lo Contencioso-Sección 6ª) de Madrid, de 27 de abril de 2015
suspendió la citada Instrucción, que había sido recurrida por distintos
motivos, entre los que destacaban los efectos que su aplicación pudieran tener
para el tratamiento reservado de la información empresarial contenida en los
libros objeto de legalización. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Aclarando su principal motivación, que es la
búsqueda de un sistema que permita el avance que implica la legalización telemática
con pleno respeto del secreto contable, puede leerse en el preámbulo de la
reciente Instrucción:</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">“<u>Ni la Ley
14/2013, de 27 de septiembre ni la Instrucción de 12 de febrero de 2015 han
pretendido alterar el régimen existente hasta su entrada en vigor sino
facilitar y simplificar la obligación de presentación a legalización de los
libros de los empresarios en un entorno de mayor seguridad jurídica</u>. De aquí́
que no sea posible hoy, como no lo era anteriormente, la conservación en el
Registro de un ejemplar o copia de los ficheros presentados a legalización ni
la publicidad del contenido de unos libros que no se depositan en ningún caso
en la oficina registral. Consecuentemente, el régimen competencial no se ha
visto alterado por la entrada en vigor del nuevo sistema de presentación a legalización
por lo que hoy, como antes, corresponde al empresario individual o al órgano de
administración del empresario persona jurídica la responsabilidad de certificar
su contenido a los efectos legalmente previstos, regulándose en esta Instrucción
únicamente el caso en el que, adicionalmente, se solicite el contraste del
Registro Mercantil en relación con la efectiva legalización de los libros. </span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><u><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">El necesario
equilibrio entre los requerimientos del nuevo sistema instaurado por la Ley
14/2013, de 27 de septiembre, y el innegable derecho de los sujetos obligados a
mantener la confidencialidad de determinados aspectos de la gestión empresarial
hacen necesaria una regulación complementaria</span></u></i><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"> que, por un lado, prevea los mecanismos
técnicos precisos y que por otro lado, unifique la práctica de forma que <u>sean
los propios interesados los que decidan el grado de seguridad y confidencialidad
que escogen en el cumplimento de sus obligaciones legales</u>”.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 35.4pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Las
principales disposiciones a ese respecto se encuentran dentro de la norma
primera. Los libros remitidos telemáticamente para su legalización se ordenan
que sean objeto de borrado inmediato una vez que el Registrador haya expedido
la certificación de legalización. Si la presentación fue calificada como
defectuosa y no se ha subsanado, el borrado procederá cuando caduque el asiento
de presentación. En cuanto a la publicidad ésta se limitará a reflejar la
circunstancia de haberse practicado, suspendido o denegado la legalización.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">En
la norma segunda se hace al Registrador mercantil responsable de la adopción de
una serie de medidas técnicas y organizativas destinadas a garantizar la
seguridad y el secreto de los ficheros presentados por vía telemática.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Por
último, se contempla la posibilidad de que, por razones de mayor
confidencialidad y seguridad de los archivos, se pueda encriptar los ficheros
de todos o algunos de los libros sometidos a legalización.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">La
Instrucción de 1 de julio deja sin efecto distintas normas de la precedente
Instrucción de 12 de febrero de 2015.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Madrid,
14 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-13611912628211568822015-07-13T16:38:00.000+02:002015-07-13T16:38:09.643+02:00Fallos en los mercados financieros y sanciones<!--[if gte mso 9]><xml>
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Name="index 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 9"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 9"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="header"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footer"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index heading"/>
<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="1" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
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<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
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<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
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<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
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<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
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<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Cuando
parece que la crisis de los mercados financieros iniciada en 2008 ha quedado
atrás (a salvo de otras que puedan provocar hechos actuales y notorios que afectan
a la Unión Europea) alguno de los hechos que han acaecido desde entonces
reclaman una reflexión y una reacción. Es lo que sucede con la sorpresa que
provoca conocer en los últimos años la cuantía de las multas que las distintas
autoridades supervisoras han impuesto a diversas entidades de crédito por lo
que de manera general cabe enunciar como “<i>malas
prácticas</i>”. Ya sea con respecto a la manipulación de índices o a la
comercialización de distintos productos, en Estados Unidos y en Gran Bretaña se
han hecho públicas sanciones de enorme cuantía vinculadas con esos hechos. Se
estima que la crisis financiera ha dado lugar a la imposición de multas en esos
mercados por una cuantía global de 150.000 millones de dólares.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
constatación de una reacción sancionadora tan importante conduce a la pregunta
habitual en todo sistema de supervisión: la proporción entre la infracción y el
castigo, no ya con respecto a quien es sujeto de la sanción sino también en sus
consecuencias más amplias para el buen funcionamiento de los mercados y de
quienes en ellos participan. A favor de la consideración de que esa reacción
pudiera no ser suficiente operan distintas iniciativas en la escena
internacional que vienen a analizar lo acaecido con la vista puesta en el
futuro. Un documento decisivo a esos efectos es el informe que ha difundido en
junio de 2015 el Banco de Inglaterra bajo el título <a href="http://www.bankofengland.co.uk/markets/Documents/femrjun15.pdf">"Fair
and Effective Markets Review"</a>, que constituye un documento de interés
por los distintos enfoques que comprende (v. el artículo de presentación
publicado por su Subgobernador en <i>The
Wall Street Journal</i>: “Fines Arent’t Enough for Fair Markets”, 19-21 de
junio de 2015, p. 13). Es un informe que hace referencia a otras iniciativas
que están impulsando organizaciones internacionales igualmente concernidas por
la restauración de la confianza general en que los mercados financieros
funcionan de manera correcta.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Si
nos centramos en la cuestión de las sanciones como reacción ante comportamientos
incorrectos, la primera pregunta que suscita siempre el recurso a sanciones
pecuniarias es si resultan eficaces y suficientes. Existe una preocupación por
el hecho de que quienes impulsan actuaciones irregulares lo hacen partiendo de
la asunción de que el riesgo de una eventual sanción es un coste asumible
teniendo en cuenta los beneficios financieros y competitivos que pueden
acompañar a esas prácticas ilícitas.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">En
segundo lugar este tipo de sanciones incide sobre el gobierno corporativo de
entidades financieras. La aceptación de una multa y su pago con cargo a los
fondos de la entidad puede ser una cómoda forma para que los administradores
directamente responsables puedan de esta manera camuflar sus acciones u
omisiones en la causación del daño. También suele señalarse que este tipo de
multas se aceptan por las entidades en el marco de procesos de renovación de su
dirección, que se ve facilitada con la atribución de la responsabilidad a
quienes salen de la primera línea en la gestión de la entidad, con el
consiguiente descargo para quienes les sustituyen, que aparecen como resignados
paganos por hechos ajenos y lo hacen como una especie de borrón y cuenta nueva.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Aparece
otro motivo evidente de preocupación ante la eficacia de este tipo de sanciones
pecuniarias, que pueden llegar a ser sencillamente injustas. Lo serán porque al
fin y al cabo terminan siendo los accionistas de la entidad quienes soportan
indirectamente esa multa, lo que sucederá después de haber tenido que asumir
los mismos accionistas las eventuales pérdidas derivadas de los supuestos de
infracción. Otro tanto podría decirse con respecto a los daños que los
accionistas tuvieran que soportar como consecuencia del hundimiento de la
cotización de las acciones que suelen acompañar las noticias sobre este tipo de
procedimientos y medidas sancionadoras.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Una
tercera observación crítica con el recurso a esa práctica sancionadora se fija
en la incidencia que pueda tener sobre la normal actividad de la entidad.
Cuando los hechos investigados están conectados con lo que podríamos llamar
actividades básicas dentro de lo que es el objeto de la entidad (como ha
sucedido en algún supuesto) no es extraño que el normal desempeño de la
organización corporativa se vea perturbado por el deber de colaborar y atender
a los investigadores. A lo que se suma el daño que para la reputación de la
entidad puede acabar teniendo el conocimiento de la investigación y, por
supuesto, de la sanción (sobre este punto, v. el estudio de Armour, J./Mayer,
C./Polo, A., <a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1678028">"Regulatory
Sanctions and Reputational Damage in Financial Markets"</a>).</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Otro
aspecto de interés del informe del Banco de Inglaterra es su referencia al
juego de la competencia en los mercados financieros. Es preciso partir de que,
por la propia naturaleza de la actividad financiera en los mercados bancarios o
de valores, la competencia está limitada por el contenido básico de la
intermediación crediticia, las restricciones normativas y las principales
variables financieras en las que se desarrolla tal competencia. Pues bien, en
ese marco nos encontramos con una consecuencia indirecta de las sanciones que
puedan imponerse por las autoridades supervisoras que, como se ha explicado por
el Profesor Coffee en su trabajo <a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=967482">"Law and
the Market: The Impact of Enforcement"</a>, pueden llevar a ciertas
entidades hacia mercados más “<i>tolerantes</i>”,
es decir, cuyo régimen legal contempla menos sanciones o las que incluye son
más livianas.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">El
informe tiene un amplio contenido en el que se plantean y resuelven múltiples
cuestiones en torno a lo que significa la <i>fairness
</i>(un término para el que es difícil encontrar su equivalente en español) y
la efectividad de los mercados. De forma que recomendar su lectura es algo más
que una fórmula de cortesía y apunta al carácter determinante que se adivina
que esta iniciativa va a tener en el corto plazo sobre los influyentes mercados
financieros del Reino Unido y, desde ahí, sobre otros mercados europeos. El
informe señala una serie de recomendaciones sobre la política legislativa a
adoptar y cuyo enunciado se transcribe:</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">“1 Raise standards,
professionalism and accountability of Individuals.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">2 Improve the quality, clarity
and market-wide understanding of FICC trading practices.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">3 Strengthen regulation of
FICC markets in the United Kingdom</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">4 Launch international action
to raise standards in global</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">FICC markets</span></i><span style="font-family: "Trebuchet MS",sans-serif;">”.</span></span></div>
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<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin-right: -0.05pt; text-align: justify;">
<span style="font-size: small;"><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">Madrid, 13 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-15738614440652639582015-07-09T14:34:00.000+02:002015-07-09T14:34:40.459+02:00Libertad empresarial y mejor gobierno<!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope return"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">He
tenido ocasión de expresar en anteriores entradas y en otros lugares mi opinión
sobre los varios significados que tiene el buen gobierno societario. Una visión
limitada de ese sistema tiende a verlo exclusivamente como una especie de
sistema de regulación que cristaliza en los distintos Estados en forma de “<i>códigos</i>”, que contienen una
determinación <i>cuasi </i>reglamentaria de
principios y recomendaciones (de un modelo imperativo hablaba <a href="http://jsanchezcalero.blogspot.com.es/2014/07/hacia-un-nuevo-modelo-imperativo-de.html">aquí</a>
y <a href="http://jsanchezcalero.blogspot.com.es/2014/07/hacia-un-nuevo-modelo-imperativo-de_31.html">aquí</a>).
Esos códigos comparten como orientación fundamental el esencial principio
normativo de <i>cumplir o explicar</i>. Mas vengo
insistiendo en que además de hacer lo que se recomienda o de justificar cuando
no se hace, el buen gobierno es una tendencia que entronca con la libertad de
empresa y que constituye un elemento de competencia a disposición de cada
sociedad cotizada.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Cumplir
la Ley es algo elemental. No es serio decir que quien lo hace practica el buen
gobierno. También es elemental atender las muchas o pocas recomendaciones que
integran cada uno de los códigos aprobados. Donde el buen gobierno se reviste
de una especial eficacia a favor del mejor funcionamiento de los mercados y de
las sociedades cotizadas es cuando se entiende como una invitación a que las
empresas hagan uso de su libertad estatutaria para incorporar medidas
singulares y novedosas, <span> </span>que les
diferencien frente a otras sociedades cotizadas y que supongan un mejor
gobierno, ya sea por su favorable incidencia en el<span> </span>funcionamiento del consejo de administración
o en la tutela de los intereses de los accionistas (cualquiera que sea su
perfil inversor) a través de la gestión de la empresa. Existe en esa iniciativa
una ruptura frente a una de las características evidentes del movimiento a
favor del buen gobierno corporativo: la tendencia hacia la homogeneidad. Prácticamente
todas las sociedades que comparten un determinado mercado se limitan a
incorporar en sus estatutos y reglamentos las recomendaciones acogidas en el
código correspondiente, siendo excepcionales las soluciones originales de una
sociedad concreta completando ese modelo o formulando una solución alternativa
al mismo. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Ilustra
esa situación la noticia reciente sobre el debate que en Estados Unidos se
viene produciendo en torno al procedimiento de designación de administradores.
La <i>Securities and Exchange Commission</i>
(SEC) viene recibiendo en los últimos meses peticiones de determinados
inversores para llevar a cabo un cambio en las reglas societarias aplicables a
las elecciones de consejeros. Más allá de ese debate particular, resultaba
interesante en la crónica que al respecto recogía <i>The Wall Street Journal</i>, la invitación de la Presidenta de la SEC
al uso por las sociedades de su autonomía en esa materia (v. “SEC Seeks Change
To Board Elections”, 26-28 de junio de 2015, p. 21). </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">Transcribo los párrafos correspondientes:</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">“<i>Ms White <u>also
urged companies to not wait for the commission to update its rules</u>.</i></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">‘Like so
many issues that seem to unnecessarily have shareholders and companies at odds,
<u>this is one where you do not have to wait for the commission to act’ she
said</u>.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="EN-US" style="font-family: "Trebuchet MS",sans-serif;">She added
that ‘<u>eliminating procedural obstacles</u>’ and providing shareholders with
the same voting rights that they would have if they were present at annual
meetings ‘<u>should be a shared goal of both companies and shareholders’</u>”.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin-right: -0.05pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Más
claro, … La SEC no parece verse alterada por el hecho de que determinados
grupos de presión se organicen para influir en la composición del consejo.
Cuestión distinta es que, además, anime a las sociedades que supervisa para que
asuman esa responsabilidad y actúen. El buen gobierno es un factor de
liderazgo. No sólo por actuar primero, sino por hacerlo de acuerdo con un
criterio propio que puede refrendar el mercado, yendo más lejos de lo que el
modelo común recomienda.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin-right: 42.45pt; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin-right: 42.45pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
9 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-24182414969584497412015-07-07T16:12:00.001+02:002015-07-07T16:12:40.865+02:00Sobre deudas y acreedores<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Al
margen de permitir consultar publicaciones de mayor o menor actualidad, las
librerías jurídicas de Madrid se han diseñado como lugares gratos para pasar un
rato consultando todo tipo de literatura y encontrar algunas sorpresas. Para mí
lo fue saber, hace algunas semanas, que entre los <i>best selllers</i> de una de esas librerías se encuentra un opúsculo de
Honoré de Balzac, publicado por primera vez en 1827, y cuya traducción española
ha publicado Ediciones de Espuela de Plata en cuatro ediciones anuales, desde
la primera de 2010, que es necesario reponer cada cierto tiempo ante el goteo
de ventas. </span></span></div>
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<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
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<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Hablo
de un libro que es probable que después de cumplir 175 años haya encontrado en
la severa crisis económica vivida en estos últimos años un decisivo acicate
para mantener su actualidad. Su título: <i>El
arte de pagar sus deudas sin gastar un céntimo</i>, Madrid, 2014, 158 páginas.
Al libro le revisten de actualidad los efectos concursales y patrimoniales de
la sostenida crisis, que han orientado la legislación contractual y concursal
de una manera manifiesta hacia una mayor protección del deudor, sobre todo si
es un deudor común o un empresario (perdón, emprendedor) de reducidas
dimensión. Esos deudores, si lo son de buena fe, poco tienen que aprender en
las páginas del libro al que me refiero.</span></span></div>
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<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Las
ideas y ocurrencias que allí se esgrimen recuperan actualidad a la vista de las
cataratas de opiniones, afirmaciones, incertidumbres y propuestas que acompañan
desde cualquiera de las partes al debate sobre la negociación entre Grecia y
sus acreedores. Ahí sí que han aflorado algunos de los tópicos que se manejan
en una relación de deuda. Por supuesto que hay notables diferencias en la
solución del endeudamiento de un Estado (que es el futuro de sus ciudadanos)
frente a la que afecta a un deudor privado, sobre todo cuando los acreedores
principales de ese Estado son instituciones públicas. Mas esa diferenciación no
es absoluta, como lo prueba que en ese marco aparezcan argumentos manidos. A
alguno de esos argumentos me referiré en ésta y, posiblemente, en futuras
entradas.<span> </span></span></span></div>
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<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">En
ésta lo hago porque en el libro al que me refería aparecen algunos de los
argumentos clásicos del insolvente y moroso. Debo advertir que su lectura revela
que el título no se corresponde con su contenido. Lo que realmente describe y
aconseja el protagonista de las andanzas que traduce en diez lecciones no es
tanto el arte de satisfacer sus deudas sino, precisamente, el de lograr lo
contrario. Si el no pagar las deudas puede llegar a calificarse como un arte,
entonces ese es el objeto del libro que describe cómo (sobre)vivir en la
Francia de entonces, acumulando las deudas más variadas en cuanto a su origen y
cuantía y sin llegar a pagarlas, ni hacer intención de hacerlo. No faltan
situaciones o justificaciones que siguen siendo actuales, cuando la incapacidad
de cumplir las obligaciones (la insolvencia) se ha convertido en la causa de
tantos procedimientos (aunque parece que la tendencia a un <a href="http://www.expansion.com/extremadura/2015/07/06/559a5ce146163f57338b457c.html">menor
número de concursos</a> está consolidada) en los que de manera cotidiana se
plantea la dialéctica entre el deudor y sus acreedores sobre el cumplimiento de
las obligaciones del primero. De convenios y liquidaciones ya hemos hablado y
hablaremos. El artista cuyas andanzas relata Balzac aporta una nueva solución
que cristaliza en la convocatoria a todos sus acreedores. Después de una
estancia hospitalaria, el protagonista comparece ante todos ellos en un
restaurante con gran solemnidad y menguadas fuerzas (pero rostro incólume, como
se verá) dispuesto a anunciarles su incapacidad de pagarles. Transcribo algunas
de las frases más provocadoras de su discurso, si bien omitiendo las reacciones
que siguen por parte de los acreedores:</span></span></div>
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<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">“<i>Cada
uno de ustedes encontrará aquí escrito: la suma total de lo que se le debe,
contando capital e intereses. …</i></span><i><u><span style="font-family: "Trebuchet MS",sans-serif;">Pero,
señores, estarían equivocados al pensar que aquí existen pasivos y activos</span></u></i><i><span style="font-family: "Trebuchet MS",sans-serif;">, como es habitual para los comerciantes agremiados.
… <u>No, señores, no. Sólo les presento pasivos</u>. … Sin embargo, <u>no teman
recibir diez por ciento o veinte por ciento o hasta cuarenta por ciento de lo
que les debo legalmente</u>. … <u>Soy incapaz de una bajeza tal</u>, sería una
gamberrada, y prefiero optar por no pagarles nada en absoluto. Y esa es mi
decisión. <u>Todos ustedes no recibirán ni un solo céntimo</u>!. …</span></i></span></div>
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<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">Fue
así que <u>descubrí el gran significado del crédito</u>, y me di cuenta de que
está basado y reposa en un solo método, ciertamente peculiar, pero muy sólido:
que <u>con una fidelidad inquebrantable no hay que pagarle deudas a nadie</u>.
…</span></i></span></div>
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<br /></div>
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</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">Pero
yo siempre <u>he considerado como mi deber</u> –y esto hasta el último momento
de mi existencia política y social-, <u>repartir mis préstamos</u>, que muy
frecuentemente fueron obligatorios, <u>de tal manera que el día de mi
fallecimiento sean compartidos por un número elevado de cabezas, y sobre todo
por los más ricos</u>. … </span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">Pero
señores, ¿<u>qué significa esta miserable pérdida comparada con aquellas que
despiadadamente les propina el miserable sistema financiero</u>, que acaba de
serles presentado?. … Francamente una bagatela, comparada con las incalculables
ventajas que tendrían en el futuro con el nuevo sistema de crédito, préstamo, y
amortiguación que estoy por presentarles. <u>He asignado a mi sobrino la tarea
de desarrollarlo, redactarlo, e imprimirlo, para que sea útil a la
colectividad, y para que, por mi ejemplo, se le abra al Estado una nueva fuente
de felicidad</u>. …</span></i></span></div>
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<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">¡Sí
señores! <u>Si ahora quisiera extenderme sobre los beneficios que les he
aportado</u> y los que aún estoy por ofrecerles, <u>me sería en efecto muy
fácil probarles que son ustedes mis deudores</u>, pero prefiero despedirme de
ustedes con el sentimiento halagador que estamos totalmente en paz. …</span></i></span></div>
<span style="font-size: small;">
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<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><u><span style="font-family: "Trebuchet MS",sans-serif;">Le
he servido de ejemplo al rico. Le he ayudado al pobre. En realidad no he hecho
otra cosa que desplazar algunos de sus inmensos capitales para llevarlos a
plazas donde podían ser mejor utilizados</span></u></i><i><span style="font-family: "Trebuchet MS",sans-serif;">.
Empecé con el nivelamiento de las montañas de oro que el destino inconscientemente
amontonó sobre ustedes. El destino hasta ahora fue ciego, de forma que le he
abierto los ojos, mis Memorias harán el resto …”.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">El
deudor dejó a su sobrino la misión de exponer ordenadamente sus lecciones a
deudores y acreedores. Lecciones que pretendían ser un manual para el perfecto
jeta decimonónico y que en no pocos lugares siguen encontrando alguna vigencia.
Páginas que son un supremo ejercicio de ingenio y cinismo, que atrapa al lector
y que, conducido por el contumaz deudor que también fue Balzac, le conducen a
simpatizar con el eterno deudor. </span></span></div>
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<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">El
ejercicio de simpatía para con el tío deudor da un giro en las últimas y escasas
páginas que ofrecen las conclusiones del cabal sobrino quien, al margen de
otras reflexiones finales y tras lamentar no haberse reído con los “<i>chistes</i>” que su tío planteaba con
respecto a los acreedores, recuerda el final que comparten casi todos los
deudores, con independencia de la mayor o menor gracia y habilidad aplicadas en
la lidia de sus perseguidores:</span></span></div>
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</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">“<i><u>Sé
muy bien</u>, y todo el mundo lo sabe, <u>que las leyes de la sociedad permiten
en estos casos</u> –por medio de una de esas contradicciones en nuestras
costumbres, de las cuales podría nombrar con facilidad varios ejemplos-, <u>lo
que la ley condena</u>. También sé que <u>durante el día los tribunales
sentencian a los deudores, pero que en la noche las obras de teatro se burlan
de los acreedores, y que en cierto modo hay un acuerdo entre el gran mundo y el
teatro, para reírse de las burlas que se hacen a los acreedores</u>. <u>Pero con
el tiempo los acreedores se cansan</u>; cuando han comprobado que todos los
caminos son infructuosos, se cansan de postergar siempre una y otra vez el
plazo que se les pide, <u>finalmente se vuelven firmes y obtienen una orden de
la Corte que les permite exigir el cumplimiento forzado</u></i>”.<i> </i></span></span></div>
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</span><div class="MsoNormal" style="margin-right: 42.45pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Una buena advertencia para algunos
deudores que parecen no distinguir entre la realidad y la ficción, o que padecen
una desorientación temporal que les lleva a pensar que, aun siendo las 12 del
mediodía, están a punto de acceder a los teatros, cuando a donde se les conduce
es a un Juzgado.</span></span></div>
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</span><div class="MsoNormal" style="margin-right: 42.45pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid, 7 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-87370672601730000122015-07-02T15:58:00.000+02:002015-07-02T15:58:04.283+02:00Administradores, responsabilidad civil y seguro <!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6"/>
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Participé
hace unos días en un debate dedicado a revisar un sector del panorama jurídico
que vive momentos de zozobra, dentro de la <a href="http://rc.inese.es/programa/">XVII edición</a> del Congreso de
Responsabilidad Civil y Seguro, organizado por INESE y el Colegio de Abogados
de Madrid. Me refiero al nuevo marco de responsabilidad de los administradores
sociales en razón de los varios cambios normativos que se han producido, a la
evolución de la jurisprudencia en relación con el alcance de la cobertura del
seguro voluntario de responsabilidad civil (“r.c.”) y a la “<i>presión</i>” que sobre la ley y su
aplicación provocan ciertos procedimientos en curso de especial notoriedad
informativa.</span></span></div>
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">No
exagero al hablar de zozobra o, si se prefiere, de inseguridad jurídica, puesto
que fueron reiteradas las expresiones de ponentes y asistentes sobre la
incertidumbre que se registra con vistas a la adaptación y alcance de las
pólizas de administradores y directivos (“D&O”) ante el nuevo escenario legislativo,
integrado principalmente por la nueva regulación de los deberes de los
administradores y de su responsabilidad en la Ley de Sociedades de Capital
(LSC), tras su reforma por la Ley 31/2014 (repetidamente tratada en este blog),
y por las referencias que en el Código Penal reformado se hacen a la
responsabilidad penal de las personas jurídicas o a la de sus administradores
y, finalmente, a la revisión de determinados delitos societarios.</span></span></div>
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Los
cambios legislativos se han visto acompañados por otra innovación de notable
alcance, esta vez de procedencia jurisprudencial, que supone poner en cuestión
uno de los principios esenciales del contrato de seguro: la no cobertura de
actos dolosos o de mala fe del propio asegurado. Frente a la clara negativa de
prestación ante cualquier siniestro causado por mala fe del asegurado (art. 19
Ley de Contrato de Seguro), las Salas Primera y Segunda del Tribunal Supremo
han extendido la cobertura a hechos no sólo ajenos a la actividad profesional
del asegurado (que una procuradora se apropie de fondos de sus clientes nunca
puede entenderse comprendido en la representación procesal [cfr. en especial la
STS (Sala Segunda) de 25 de julio de 2014 (RJ 2014, 4165)]. Por su parte la
Sala Primera del Tribunal Supremo ha señalado el deber de indemnización de la
aseguradora de r.c. frente a la víctima por hechos lesivos del asegurado,
aunque éstos puedan ser llegar a ser considerados de carácter doloso en su STS
de 17 de abril de 2015 (RJ 2015, 1199). </span></span></div>
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Si
esta orientación jurisprudencial se consolida, es evidente que va a provocar
una revisión sustancial de las coberturas y de los costes de las pólizas de r.c.
profesional y, dentro de estas, de las de D&O, punto sobre el que llamamos
la atención en un reciente artículo [<span style="font-variant: small-caps;">Sánchez-Calero,
J./Tapia Hermida, A.J.</span>, “La responsabilidad civil derivada de los
delitos de los administradores y directivos de sociedades y su aseguramiento:
reflexiones sobre la jurisprudencia reciente”, <i>LA LEY mercantil </i>10
(enero 2015), p. 84 y ss.].</span></span></div>
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Esa
previsión se funda, entre otros argumentos principales, en la ampliación
legislativa que se ha producido en las últimas reformas de los supuestos de responsabilidad
directa o indirecta de los administradores de sociedades mercantiles. Afirmación
que trataré de ilustrar a partir de dos consideraciones que paso a exponer.</span></span></div>
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<span style="font-size: small;"><b><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">El cumplimiento o <i>compliance </i></span></b></span></div>
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Sin
más misión que la de apuntar algunas de las ideas que en esa discusión escuché
y que me parecieron sugerentes, nos encontramos, en primer lugar, ante la
delimitación de los principios generales de organización del consejo de
administración como presupuesto de responsabilidad de los administradores. Una
delimitación que se proyecta sobre esas zonas de la práctica empresarial
susceptibles de hacer que confluyan las disposiciones societarias con las
penales. </span></span></div>
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Una
confluencia en la que impera tradicionalmente la inseguridad jurídica en más de
un escenario y que no se ha caracterizado por la claridad de los criterios que
hacen que entre en juego el Derecho penal ante ciertos hechos. Basta con
revisar algunos delitos societarios para dudar sobre cuál es la característica
que define su ilicitud penal frente a la que cabe afirmar por la simple
aplicación de la legislación societaria. A título de ejemplo, no es fácil
deslindar el acuerdo abusivo que castiga el artículo 291 del Código Penal (CP),
frente al acuerdo abusivo e impugnable que contempla el artículo 204.1 L.S.C.</span></span></div>
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Uno
de los temas más destacados es la importancia que adquiere para la
responsabilidad penal de las personas jurídicas la existencia de procedimientos
de cumplimiento o <i>compliance</i>. Vaya
por delante que la importancia del cumplimiento se deduce de manera muy
expresiva de ciertos nombramientos producidos en los últimos meses. Si los
negocios son, al fin y a la postre, un mundo en el que el factor personal es
decisivo, la importancia de ciertos puestos y responsabilidades se ven
confirmadas por las personas concretas que son seleccionadas para
desempeñarlas. Un cargo puede parecer importante. Lo será, sin duda, si a las
competencias o funciones que se le asignan se acompaña la designación de una
persona reputada y cualificada. En esa línea he comprobado en estos últimos
meses que –probablemente con la vista puesta en la vigencia de la reforma penal
en curso- la responsabilidad para la aplicación o supervisión de políticas o
programas de cumplimiento, se ha confiado por algunas grandes empresas
españolas a personas de intachable perfil y experiencia. Son nombramientos
importantes por la relevancia que cobra el <i>compliance</i>
para la propia responsabilidad penal de la sociedad (que terminará alcanzando a
los administradores).</span></span></div>
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">El
artículo 31 bis CP, que ha entrado en vigor el 1 de julio de 2015 es una de las
claves de la nueva situación. Dispone ese precepto: </span></span></div>
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<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">“</span></i><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">1. En los supuestos previstos en este
Código, <u>las personas jurídicas serán penalmente responsables:</u></span></i></span></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">a) De los
delitos cometidos en nombre o por cuenta de las mismas, y en su beneficio
directo o indirecto, <u>por sus representantes legales o por aquellos que
actuando individualmente o como integrantes de un órgano de la persona jurídica</u>,
están autorizados para tomar decisiones en nombre de la persona jurídica u
ostentan facultades de organización y control dentro de la misma.</span></i></span></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">b) De los
delitos cometidos, en el ejercicio de actividades sociales y por cuenta y en
beneficio directo o indirecto de las mismas, por quienes, <u>estando sometidos
a la autoridad de las personas físicas mencionadas en el párrafo anterior, han
podido realizar los hechos por haberse incumplido gravemente por aquéllos los
deberes de supervisión, vigilancia y control de su actividad atendidas las
concretas circunstancias del caso</u>.</span></i></span></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">2. Si el delito
fuere cometido por las personas indicadas en la letra a) del apartado anterior,
la persona jurídica quedará exenta de responsabilidad si se cumplen las
siguientes condiciones:</span></i></span></div>
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</span><div class="MsoNormal" style="margin: 0cm 42.5pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">1.ª <u>el órgano
de administración ha adoptado y ejecutado con eficacia</u>, antes de la
comisión del delito, <u>modelos de organización y gestión</u> que incluyen <u>las
medidas de vigilancia y control idóneas para prevenir delitos</u> de la misma
naturaleza o para reducir de forma significativa el riesgo de su comisión;</span></i></span></div>
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<br /></div>
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</span><div class="MsoNormal" style="margin: 0cm 42.5pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">2.ª <u>la
supervisión del funcionamiento y del cumplimiento del modelo de prevención</u>
implantado <u>ha sido confiada a un órgano de la persona jurídica con poderes
autónomos de iniciativa y de control o que tenga encomendada legalmente la
función de supervisar la eficacia de los controles internos de la persona
jurídica</u>;</span></i></span></div>
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<br /></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">3.ª los autores
individuales han cometido el delito eludiendo fraudulentamente <u>los modelos
de organización y de prevención</u> y</span></i></span></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">4.ª <u>no se ha
producido una omisión o un ejercicio insuficiente de sus funciones de
supervisión, vigilancia y control por parte del órgano al que se refiere la
condición</u> </span></i></span></div>
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<br /></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">2.ª En los casos
en los que las anteriores circunstancias solamente puedan ser objeto de
acreditación parcial, esta circunstancia será valorada a los efectos de
atenuación de la pena.</span></i></span></div>
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<br /></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">3. En las <u>personas
jurídicas de pequeñas dimensiones, las funciones de supervisión</u> a que se
refiere la condición 2.ª del apartado 2 <u>podrán ser asumidas directamente por
el órgano de administración</u>. A estos efectos, son personas jurídicas de
pequeñas dimensiones aquéllas que, según la legislación aplicable, estén
autorizadas a presentar cuenta de pérdidas y ganancias abreviada.</span></i></span></div>
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<br /></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">4. Si el delito
fuera cometido por las personas indicadas en la letra b) del apartado 1, <u>la
persona jurídica quedará exenta de responsabilidad si, antes de la comisión del
delito, ha adoptado y ejecutado eficazmente un modelo de organización y gestión</u>
que resulte adecuado para prevenir delitos de la naturaleza del que fue
cometido o para reducir de forma significativa el riesgo de su comisión.</span></i></span></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">En este caso
resultará igualmente aplicable la atenuación prevista en el párrafo segundo del
apartado 2 de este artículo.</span></i></span></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">5. Los modelos
de organización y gestión a que se refieren la condición 1.ª del apartado 2 y
el apartado anterior deberán cumplir los siguientes requisitos:</span></i></span></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">1.º <u>Identificarán
las actividades</u> en cuyo ámbito puedan ser cometidos los delitos que deben
ser prevenidos.</span></i></span></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">2.º <u>Establecerán
los protocolos o procedimientos que concreten el proceso de formación de la
voluntad de la persona jurídica, de adopción de decisiones y de ejecución de
las mismas con relación a aquéllos</u>.</span></i></span></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">3.º Dispondrán
de modelos de gestión de los recursos financieros adecuados para impedir la
comisión de los delitos que deben ser prevenidos.</span></i></span></div>
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<br /></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">4.º Impondrán <u>la
obligación de informar de posibles riesgos e incumplimientos al organismo
encargado de vigilar el funcionamiento y observancia del modelo de prevención</u>.</span></i></span></div>
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<br /></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">5.º Establecerán
un sistema disciplinario que sancione adecuadamente el incumplimiento de las
medidas que establezca el modelo.</span></i></span></div>
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<br /></div>
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<span style="font-size: small;"><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">6.º Realizarán
una <u>verificación periódica del modelo</u> y de su eventual modificación
cuando se pongan de manifiesto infracciones relevantes de sus disposiciones, o
cuando se produzcan cambios en la organización, en la estructura de control o
en la actividad desarrollada que los hagan necesarios</span></i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">”<i>.</i></span></span></div>
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Un
simple apunte para animar a la relación entre el contenido de este proyecto de
determinadas normas societarias aplicables al buen gobierno de sociedades
cotizadas (incluidas las medidas contenidas en el Código de buen gobierno
actual). </span></span></div>
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<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><b><i><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Responsabilidad
de administradores y función de vigilancia </span></i></b></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Un
segundo aspecto interesante que se planteó en la jornada es la posibilidad de
aplicar a la responsabilidad penal de los administradores la comisión por
omisión prevista en el artículo 11 CP. Es una cuestión que, como intentaré
justificar, desemboca en las propias funciones normativas del consejo de
administración. <span> </span>Es tradicional defensa
de muchos administradores la simple alegación de no haber tenido conocimiento
de un hecho que terminó siendo delictivo. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Esa
defensa sigue siendo eficaz en el ámbito mercantil puesto que el artículo 237
LSC mantiene como supuesto que exonera de responsabilidad al administrador que
éste acredite que no intervino en la adopción y ejecución del acuerdo o acto
lesivo y que, además, desconocía su existencia. Es difícil que esa alegación
mantenga su vigencia por distintas razones prácticas, pero lo que inspira la
consideración a favor de una responsabilidad penal de los administradores que
no hicieron nada frente al hecho lesivo por ignorarlo es la configuración de la
posición de los administradores como titulares de una función de garantía de la
buena gestión. El artículo 11, a) CP dice que se equipara la omisión a la
acción delictiva “<i>cuando exista una
específica obligación legal o contractual de actuar</i>”.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Pues
bien, el cambio sustantivo en esa dirección lo depara el artículo 249 bis, a)
LSC. En ese precepto se produce una generalización para toda sociedad de capital
en la que exista un consejo de administración de la llamada función de
supervisión o vigilancia, que se establece en los siguientes términos:</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.5pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">“<i>a) <u>La supervisión del efectivo
funcionamiento de las comisiones que hubiera constituido y de la actuación de
los órganos delegados y de los directivos que hubiera designado</u>”.</i></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Si
combinamos lo dispuesto en el artículo 31 bis 3 CP con el artículo 249 bis, a)
LSC, el consejo de administración aparece como un órgano con una destacada
función de vigilancia cuyo ejercicio (incluida su omisión) amplía de manera
notable la eventual responsabilidad de sus integrantes. Dese la legislación
societaria, extender al consejo de administración de cualquier sociedad de
capital una función de supervisión o vigilancia es una ampliación sustancial
del deber de diligencia. Ser diligente no se reclama sólo con relación a los
propios actos, sino como una actuación de conocimiento, control y eventual
conexión de lo que hagan los consejeros delegados y otros directivos. La
aplicación del artículo 31 bis CP comporta una diligencia añadida en la
determinación y ejecución de los procedimientos de cumplimiento, así como la
reacción ante su inobservancia.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Madrid,
2 de julio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-89394206391915135972015-06-29T19:00:00.000+02:002015-06-29T19:00:07.834+02:00¡Mucho Máster! (II): la oferta crece<!--[if gte mso 9]><xml>
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Un
año después vuelvo a los mismos antecedentes que me llevaron a redactar una
entrada que titulé <a href="http://jsanchezcalero.blogspot.com.es/2014/07/mucho-master_7.html">!Mucho
Máster!</a>. Entonces, como ahora, la lectura de la Revista del Consejo General
de la Abogacía y la información que contenía sobre la formación de los futuros
abogados me permitió conocer cuál es en este momento el total de Másteres de
Acceso a la Abogacía que se ofrecen a los graduados en Derecho [v. Abogados nº
92 (2015), pp. 46-51]. Sobre la base de la información facilitada por las
Universidades, la Revista cita un total de 72. El año pasado eran 44. Si el año
pasado ya me parecían muchos …</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">He
de aclarar que en esa amplia relación se cita el mismo Máster en función de los
varios Campus de una misma Universidad o atendiendo a un segundo Máster
complementario del de Acceso a la Abogacía que se permite cursar de forma
paralela a este último.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Al
margen de los programas dobles, el simple Máster de Acceso a la Abogacía varía
de forma notoria en el coste. Alguna Universidad pública establece un precio de
1.500 euros, mientras que otra triplica esa cifra. Semejante sorpresa propone
la variedad en el número de plazas presenciales que se ofrecen.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Como
en otros muchos supuestos, la diferencia entre el precio que solicitan
determinadas Universidades privadas por sus programas y el requerido por las
Universidades públicas es llamativa. Como dije hace un año, habrá que ver si esa
notable diferencia en el coste tiene una justificación en el distinto resultado
que en cuanto a la inserción o acceso de los nuevos másteres en la profesión de
abogado presentan unos u otros programas.</span></span></div>
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<span style="font-size: small;">
<span style="font-family: "Trebuchet MS",sans-serif;">Madrid, 29 de junio de 2015<span> </span></span></span>Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-5589487549027275302015-06-25T17:01:00.000+02:002015-06-25T17:01:41.909+02:00Activos esenciales y competencia de la junta general: la solución francesa<!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="1" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
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<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
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<w:LsdException Locked="false" Priority="30" QFormat="true"
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
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<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
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<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
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<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="21" QFormat="true"
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<w:LsdException Locked="false" Priority="31" QFormat="true"
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<w:LsdException Locked="false" Priority="32" QFormat="true"
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<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
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<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
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<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
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<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">La aprobación de la
Ley 31/2014 y la consiguiente reforma de la Ley de Sociedades de Capital (LSC)
que incorporaba, ha motivado una pluralidad de iniciativas y reuniones
destinadas a analizar las principales modificaciones. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Medio año ha
transcurrido desde entonces y si hubiera un <i>ranking</i>
de cuestiones debatidas ocuparía un lugar muy destacado el nuevo artículo 160,
f) LSC que enuncia como una de las competencias de la junta la adopción del
acuerdo relativo a: </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.15pt 0.0001pt 70.8pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">“<u>La adquisición, la enajenación o la aportación a otra sociedad de
activos esenciales</u>. Se presume el carácter esencial del activo cuando el
importe de la operación supere el veinticinco por ciento del valor de los
activos que figuren en el último balance aprobado”.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La semana
pasada participé en San Sebastián en una <a href="http://udaikastaroak2.i2basque.es/portal/images/cursosPdf/54.pdf"><span style="color: windowtext;">Jornada</span></a>
dirigida por el Profesor Alberto Emparanza y la interpretación de esa
disposición y de sus conceptos esenciales seguían protagonizando preguntas y
debates, prácticamente idénticos a los que se suscitaban en este tema en
noviembre o diciembre de 2014 cuando la aprobación de la Ley 31/2014 era inminente
o reciente. ¿Cómo aclarar las dudas? Para empezar tenemos ya los varios
estudios publicados al respecto, de entre los cuales recomiendo en especial la
lectura del comentario al “Artículo 160. Competencias de la junta” del que es
autor el Profesor Andrés Recalde, en la que sin duda es hasta el momento la
obra de referencia sobre la reforma legal que comento [AA.VV., Comentario de la
reforma del régimen de las sociedades de capital en materia de gobierno
corporativo (Ley 31/2014). Sociedades no cotizadas, (coord. Juste Mencía, J.), Cizur
Menor (2015), 581 páginas].</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">El tiempo se
encargará de aportar resoluciones que expresen la visión registral de esa
disposición o sentencias de nuestros Tribunales mercantiles que vayan
determinando el significado de la delimitación de las operaciones afectadas y,
por supuesto, la definición del carácter esencial de un activo. Sobre esas y
otras previsiones normativas encontramos opiniones diversas.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">No pretendo
en esta entrada referirme al contenido de esas opiniones, puesto que su
finalidad es meramente informativa. Debo referirme al <a href="http://www.amf-france.org/Publications/Rapports-etudes-et-analyses/Societes-cotees-et-operations-financieres.html?docId=workspace%3A%2F%2FSpacesStore%2F95336457-edb4-472b-b09a-bcd34c6d452b"><span style="color: windowtext;">documento</span></a>
ciertamente interesante que publicó el pasado mes de febrero la AMF (Autorité
des Marchés Financiers) francesa bajo el título Rapport sur les cessions et acquisitions
d’actifs significatifs par des sociétés cotées, que explica en sus páginas
iniciales (v. pp. 2-3) la gestación del documento y los intereses que animaron
su elaboración en un proceso en buena medida coincidente con nuestra reforma. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">El documento
opta por una solución similar a la existente antes de la Ley 31/2014, es decir,
por recomendar un pronunciamiento de la junta general en esta materia (como
hacía la recomendación 3ª del Código Unificado de Buen Gobierno).
Pronunciamiento que tiene perfiles propios como son la naturaleza consultiva
del acuerdo de la junta al respecto (se dice que ello no impedirá convertir en
vinculante o necesario ese acuerdo por medio de cláusulas contractuales que,
por ejemplo, condicionen la cesión de activos a la aprobación por la junta
general). </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Otra
propuesta destacable es la elevación del valor o importe de los activos que
pone en marcha la intervención de la junta: frente al porcentaje acogido por el
artículo 160, f) LSC, se toma en cuenta un mínimo de la mitad de los activos de
la sociedad contabilizados durante los dos últimos ejercicios. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Por último,
se rechaza la obligación de consultar a la junta general ante operaciones de
adquisición de activos significativos. De los varios argumentos justificativos
de esa opción destaca el que señala que extender la recomendación de aprobación
de la junta a esas operaciones pudiera implicar una desventaja competitiva para
las empresas francesas en el ámbito internacional. La razón: esa intervención
de la junta pudiera comportar una condición que, a los ojos del vendedor de los
activos, implicaría una dificultad añadida frente a la ausencia de similar
exigencia en el ordenamiento aplicable a otros posibles interesados en es
adquisición.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Junto a
estos puntos, el documento francés contiene múltiples referencias a<span> </span>otros aspectos que evidencian que lo que
parece una regla sencilla, nos sitúa ante operaciones sumamente complejas,
sobre todo por la variedad de operaciones susceptibles de terminar siendo
encuadradas en el concepto de cesión de activos.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La propuesta
francesa se limita, como señala su título, a las sociedades cotizadas. Esto
anima a plantear alguna reflexión sobre el acierto de la generalización de la
competencia de la junta en esa materia en relación con cualquier sociedad de
capital.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid, 25
de junio de 2015</span></span><span style="font-family: "Trebuchet MS",sans-serif;"> <span lang="ES-TRAD"></span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-37360251454602527152015-06-25T16:36:00.000+02:002015-06-25T16:36:20.046+02:00Sobre la codificación<!--[if gte mso 9]><xml>
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Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
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<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">En
su día participé en las jornadas que en el seno de la Real Academia de
Jurisprudencia y Legislación se dedicaron a la codificación, bajo el impulso y
debate de la Propuesta de Código Mercantil. </span></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
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</span><div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Aunque
parece que la Propuesta ha quedado arrinconada, la codificación del Derecho
privado español mantiene su interés como uno de los debates principales sobre
nuestra legislación mercantil y su relación con la civil. Por eso dejo
constancia de la publicación del libro que recoge algunos materiales
presentados en aquellas jornadas [AA.VV., <i>Codificaciones
del Derecho privado en el S. XXI</i> (dir. Roca Trías, E.), Cizur Menor (2015),
187 páginas].</span></span></div>
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<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
25 de junio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-30458933167584976022015-06-25T16:33:00.001+02:002015-06-25T16:33:27.505+02:00Concursos y SAREB <!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
Sentencia de la Audiencia Provincial de Zaragoza (Sección 5ª) de 30 de marzo de
2015, se ocupa de la confluencia de la Ley Concursal y de la Ley 9/2012, de 14
de noviembre de reestructuración y resolución de entidades de crédito. La
Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria,
S.A. (SAREB) impugnó el informe de la administración concursal que había
calificado determinados créditos de los que aquella aparecía como titular como
subordinados. El criterio de la administración concursal se vio confirmado por
el Juez de lo Mercantil, cuya Sentencia fue recurrida en apelación. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">De
los distintos fundamentos jurídicos, interesa destacar en primer lugar el
relativo a la aplicación del artículo 36.4, h) de la Ley 9/2012 al caso
enjuiciado, en el que se partía del concurso de una sociedad inmobiliaria, siendo
la SAREB cesionaria de determinados créditos de los que anteriormente era
titular una entidad bancaria. El artículo citado establece: </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">“h)
Los créditos transmitidos a la Sociedad de Gestión de Activos Procedentes de la
Reestructuración Bancaria <u>no serán calificados como subordinados</u> en el
marco de un eventual concurso del deudor, <u>aun cuando</u> la Sociedad de
Gestión de Activos Procedentes de la Reestructuración Bancaria <u>fuese
accionista de la sociedad deudora</u>.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">No
obstante, si ya hubiese sido calificado el crédito como subordinado con
carácter previo a la transmisión, conservará tal calificación.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">La
Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria
ostentará, respecto a los créditos por ella adquiridos después de la
declaración de concurso, derecho de adhesión a la propuesta o propuestas de
convenio que se presenten por cualquier legitimado, así como derecho de voto en
la junta de acreedores.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">El
régimen previsto en este apartado será también de aplicación a quienes, por
cualquier título, adquieran los créditos de la Sociedad de Gestión de Activos
Procedentes de la Reestructuración Bancaria, salvo que, con independencia de
las circunstancias de la transmisión, ya concurra en el adquirente alguna de
las causas de subordinación previstas en el artículo 92. 5º en relación con el
artículo 93 de la Ley Concursal , en cuyo caso la calificación de los créditos será
la que proceda conforme a las reglas generales”.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
Audiencia Provincial de Zaragoza citó la disposición adicional segunda de la
misma Ley 9/2012 que dice:</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">“Disposición
adicional segunda. Régimen especial aplicable a entidades de crédito, empresas
de servicios de inversión y entidades aseguradoras</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">1.
En los concursos de entidades de crédito o entidades legalmente asimiladas a
ellas, empresas de servicios de inversión y entidades aseguradoras, así como
entidades miembros de mercados oficiales de valores y entidades participantes
en los sistemas de compensación y liquidación de valores, se aplicarán las
especialidades que para las situaciones concursales se hallen establecidas en
su legislación específica, salvo las relativas a composición, nombramiento y
funcionamiento de la administración concursal.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">2.
Se considera</span></i><span class="apple-converted-space"><i><span style="font-family: "Trebuchet MS",sans-serif;"> </span></i></span><span class="negrita"><b><i><span style="font-family: "Trebuchet MS",sans-serif;">legislación especial</span></i></b></span><i><span style="font-family: "Trebuchet MS",sans-serif;">, a los efectos de la aplicación del apartado 1, la
regulada en las siguientes normas:</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">k)
La</span></i><span class="apple-converted-space"><i><span style="font-family: "Trebuchet MS",sans-serif;"> </span></i></span><i><span style="font-family: "Trebuchet MS",sans-serif;">Ley 9/2012, de 14 de noviembre (RCL 2012,
1558)</span></i><i><span style="font-family: "Trebuchet MS",sans-serif;">, de reestructuración y resolución
de entidades de crédito.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">3.
Las normas legales mencionadas en el apartado anterior se aplicarán con el
alcance subjetivo y objetivo previsto en las mismas a las operaciones o
contratos que en ellas se contemplan y, en particular, las referidas a las
operaciones relativas a los sistemas de pagos y de liquidación y compensación
de valores, operaciones dobles, operaciones con pacto de recompra o se trate</span></i><i><span style="background: white none repeat scroll 0% 0%; font-family: "Trebuchet MS",sans-serif;"> de
operaciones financieras relativas a instrumentos derivados”.</span></i><i><span style="font-family: "Trebuchet MS",sans-serif;"></span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
interpretación de estas disposiciones llevó a la Sala a estimar el recurso en
ese punto: </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">“Entiende
la Sala que <u>una razonable comprensión de la anterior disposición no permite
limitar la aplicación de la normativa especial o excepcional allí contemplada
exclusivamente a los concursos de las entidades de crédito</u> y las demás
referidas en el número primero de la indicada norma, sino que el número tres de
la misma permite concluir la <u>aplicación de las normas excepcionales a las
operaciones que las mismas contemplan, en este caso, las cesiones y
adjudicaciones de bienes y derechos a la SAREB</u>.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">Por
ello, el recurso ha de ser estimado en este extremo. La normativa invocada el
art. 36.4 h) de la Ley 9/2012 podría ser aplicable al caso litigioso”.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">El
otro punto interesante era el relativo a la subordinación de los créditos de
SAREB. La Sentencia de la Audiencia Provincial de Zaragoza destaca el régimen
particular en que se encuentra la SAREB como cesionaria: </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">“A
este respecto, los cedentes no ostentaban dicha condición, pero en todo caso <u>la
cesión a favor de la SAREB no fue una cesión voluntaria, sino una cesión ex
lege</u>, podía ser obligado el cedente por el FROMB mediante acto
administrativo a hacerlo (art. 35.1 de la L 9/2012) y sin precisar el
consentimiento de tercero (art. 36.1 de la misma norma).</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">En
consecuencia, <u>la doctrina más fundada admite que este carácter forzoso, ex
lege y derivado del interés público en la reestructuración y resolución
bancaria</u>, y no el interés en extraer un activo de la esfera personal
próxima al concursado y colocarla en manos de un tercero de apariencia más
neutral respecto al deudor, <u>es el que justifica la enervación de la
presunción de especial relación con el deudor y, consiguientemente, de
subordinación que el precepto establece</u>. En definitiva, la presunción legal
iuris tantum de fraude ínsita en la norma, en estos casos queda desvirtuada.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">Por
tanto, aun en el supuesto de estimar, que reiteramos no se estima, que la
titular inicial de los derechos en litigio era una persona especialmente
relacionada con el deudor, <u>también ha de ser excluida la subordinación del
crédito</u>.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">…</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="margin: 0cm 42.45pt 0.0001pt 35.4pt; text-align: justify;">
<span style="font-size: small;"><i><span style="font-family: "Trebuchet MS",sans-serif;">En
el presente caso, la regla general es la derogación de las normas de la <u>subordinación
de créditos en los supuestos en que los mismos concurriesen en la SAREB</u>,
pero especialmente en los supuestos del art. 93.2 de la LC en cuanto ‘los
créditos transmitidos a la Sociedad de Gestión de Activos Procedentes de la
reestructuración Bancaria no serán calificados como subordinados en el marco de
un eventual concurso del deudor’”.</span></i></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
estimación del recurso llevó a clasificar los créditos de los que SAREB
aparecía como titular en dicho concurso como créditos privilegiados con
privilegio especial. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Es
notorio que por su función, la SAREB es una acreedora habitual en numerosos
concursos, en especial en el ámbito inmobiliario. La Sentencia reseñada es
interesante desde ese punto de vista.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Como
es conocido, la Ley 9/2012 ha sido derogada por la Ley 11/2015, de 18 de junio,
de recuperación y resolución de entidades de crédito y empresas de servicios de
inversión.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
25 de junio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-63400157369088623362015-06-23T18:07:00.001+02:002015-06-23T18:07:53.910+02:00Estudios Homenaje al Profesor Rafael Illescas<!--[if gte mso 9]><xml>
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">La Universidad
Carlos III ha editado en formato abierto el </span><span lang="ES-TRAD"><a href="http://hdl.handle.net/10016/20763"><span style="font-family: "Trebuchet MS",sans-serif;">libro
electrónico</span></a></span><span class="MsoHyperlink"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"> </span></span><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">dedicado al Profesor
Rafael Illescas Ortiz con motivo de su jubilación: <i>Estudios sobre el futuro Código Mercantil. Libro homenaje al profesor
Rafael Illescas</i> [(dirs. Morillas M.J./Perales, P./Porfirio, L.J.), Madrid
(2015), 2131 páginas]. Una iniciativa afortunada en su planteamiento y
ejecución y que supone un enorme caudal de nuevos trabajos que acompañan la
presentación de la Propuesta de Código Mercantil y la promulgación de tantas
nuevas leyes mercantiles recientes.</span></span></div>
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<br /></div>
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<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
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</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
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</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Desde aquí mi
felicitación al homenajeado y mi reconocimiento a los directores de la obra por
su acierto en el planteamiento de la obra y su eficacia en la culminación de un
libro en el que tantos hemos tenido la fortuna de participar.</span></span></div>
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</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Madrid, 23 de junio
de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-31769033141612976102015-06-22T19:05:00.002+02:002015-06-22T19:05:20.501+02:00Prorrogada la suspensión del artículo 348 bis LSC<!--[if gte mso 9]><xml>
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<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Como
complemento de la entrada anterior y siguiendo otro de los “<i>clásicos</i>” del blog debo subrayar que el
apartado 2 de la misma disposición final primera de la Ley 9/2015, de 25 de mayo,
de medidas urgentes en materia concursal, confirma la nueva suspensión del
artículo 348 bis de la Ley de Sociedades de Capital (LSC) hasta el 31 de
diciembre de 2016.</span></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
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</span><div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Es
una situación sorprendente y salvo que exista alguna razón que justifique esta
sucesiva prórroga de la suspensión, me pregunto si no sería más razonable
derogar ese precepto. No es normal que la vigencia de disposiciones sustantivas
de nuestro Derecho de sociedades se vea sometida a tan insólita solución, que
da a entender que el artículo 348 bis LSC se adoptó sin valorar su viabilidad.</span></span></div>
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Trebuchet MS",sans-serif; font-size: 12.0pt;">Madrid,
22 de junio de 2015 </span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-15137191150840216492015-06-22T19:03:00.001+02:002015-06-22T19:03:32.586+02:00¿Importa el cambio del domicilio social?<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">La aprobación de las leyes mercantiles que en estos
últimos meses de legislatura se anuncian suponen un cambio previsible para las
materias afectadas, pero también tienen un efecto más sorprendente por lo que
implican con frecuencia de cambios en otras disposiciones poco o nada
relacionadas con la que motiva la propia ley que las incorpora ¿De qué hablo?
De las disposiciones adicionales, auténtica herramienta impagable para nuestro
legislador desde que la memoria recuerda, que frente a los espasmos de los
puristas de la técnica legislativa, sirven al legislador moderno para subsanar
olvidos, dar respuesta a los imprevistos, resolver cuestiones pendientes y, en
definitiva, aligerar la agenda de los distintos ministerios concernidos, que
son muchas veces los impulsores en la sombra de las hazañas del grupo
parlamentario mayoritario de turno. Algo habitual y con lo que resulta estéril
luchar, porque no es ni más ni menos, que la aplicación a la técnica normativa
de la asentada máxima que invita a aprovechar la afluencia y tránsito del río
Pisuerga por Valladolid. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Podría compartir con el lector otras
consideraciones al hilo de, por ejemplo, el conjunto de las disposiciones
adicionales de la reciente <a href="http://www.boe.es/boe/dias/2015/05/26/pdfs/BOE-A-2015-5744.pdf">Ley
9/2015 de 25 de mayo</a></span><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">, de medidas urgentes en materia
concursal,</span><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;"> pero ello nos alejaría del propósito es esta
entrada que no es otro que el de dedicar alguna atención al contenido de la
disposición final primera, apartado uno de la citada Ley y el cambio
introducido en el régimen del domicilio social y, en concreto, en el artículo
285.2de la Ley se Sociedades de Capital (LSC), cuando el cambio de una simple
palabra –“<i>municipal</i>” por “<i>nacional</i>”- ha supuesto conceder a los
administradores, salvo disposición estatutaria en sentido distinto, una
competencia relevante por su incidencia para los socios. La regla modificada
era razonable: el cambo del domicilio dentro de los límites de un mismo
municipio tiene una escasa –por no decir nula- incidencia sobre los derechos de
los accionistas, incluso en municipios de gran extensión. Es razonable que esa
decisión, fundada con frecuencia en razones de oportunidad vinculadas con la
gestión ordinaria, se confíe al órgano de administración y no reclame la
convocatoria y celebración de una junta general.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Por el contrario, la regla actual no parece
razonable, por lo que implica de alejamiento del poder de decisión de la junta
(de los socios) y de alteración de una regla importante en el funcionamiento de
la sociedad (cfr. art. 23 LSC). Vaya por delante que no he encontrado una
explicación en la exposición de motivos de la Ley 9/2015 sobre la medida que comentamos.
Habrá que acudir a la tramitación parlamentaria para determinar cuándo, cómo y
por qué se introdujo este cambio. </span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Cualquiera que sea la razón del cambio, lo
incuestionable es que puede suponer una perturbación notoria de los derechos de
los socios, en especial a partir de reglas societarias que vinculan el lugar
del domicilio con el ejercicio de derechos básicos como el de información o el
de asistencia a la junta general. En sociedades cotizadas en las que la web
facilita el ejercicio de esos derechos, la reforma no parece tener importancia.
No sucede lo mismo en sociedades medianas y no cotizadas, en las que partes
importantes del capital permanecen en manos de los socios que residen en el
lugar en donde la sociedad inició su andadura. Decir a esos socios que tienen
que acudir a la junta general en un lugar distante de su domicilio es una forma
de “<i>animarles</i>” a que no se molesten
en realizar y pagar ese viaje que el criterio de los administradores podrá
haber hecho más o menos lejano.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span lang="ES-TRAD" style="font-family: "Trebuchet MS",sans-serif;">Madrid, 22 de junio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.comtag:blogger.com,1999:blog-2782284413488652927.post-88741932529043352652015-06-22T19:00:00.001+02:002015-06-22T19:00:51.000+02:00Publicada la Ley de recuperación y resolución de entidades de crédito y empresas de servicios de inversión<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Tal
y como comenté <a href="http://jsanchezcalero.blogspot.com.es/2015/02/reforma-de-la-ley-92012-de.html"><span> </span>aquí</a> y <a href="http://jsanchezcalero.blogspot.com.es/2015/05/segundo-informe-comparado-sobre_83.html">aquí</a>,
la Ley 9/2012, de 14 de noviembre, de reestructuración y resolución de
entidades de crédito ha tenido una corta vigencia una vez que se publicó el
pasado viernes<span> </span>y entró en vigor al día
siguiente (con algunos matices que recoge su disposición final decimoséptima)
su continuadora, la</span></span><span style="font-family: "Trebuchet MS",sans-serif; font-size: 12.0pt; mso-ansi-language: ES; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US;"><a href="http://www.boe.es/boe/dias/2015/06/19/pdfs/BOE-A-2015-6789.pdf"><span style="font-size: small;"> Ley
11/2015 de 18 de junio</span></a></span><span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><a href="http://www.boe.es/boe/dias/2015/06/19/pdfs/BOE-A-2015-6789.pdf"></a>, de recuperación y resolución de entidades de
crédito y empresas de servicios de inversión. </span></span></div>
<br />
<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"> </span></span></div>
<a name='more'></a><br />
<span style="font-size: small;">
</span><div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"></span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
explicación de esta evolución normativa en un aspecto fundamental de la
regulación de los mercados financieros se remonta al Derecho europeo. Mientras
que la Ley 9/2012 se adoptó inspirándose en lo que entonces eran los trabajos
preparatorios de una Directiva comunitaria, la posterior aprobación Directiva
2014/59/UE, de 15 de mayo de 2014 obligaba a la correspondiente transposición,
que satisface la reciente Ley 11/2015.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">La
nueva Ley completa la radical revisión del régimen aplicable a las entidades de
crédito españolas producida a lo largo de los últimos años, en la que destaca
también la Ley 10/2014 de ordenación, supervisión y solvencia de entidades de crédito.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Madrid,
22 de junio de 2015</span></span></div>
Juan Sánchez-Calerohttp://www.blogger.com/profile/13141647700607365012noreply@blogger.com