Ecovis in Spain
Lawyers in Madrid
About us
The law office ECOVIS LEGAL SPAIN v. CARSTENN-LICHTERFELDE ABOGADOS began its activities in 1997, created by two partners putting together their varied experience. The office advises domestic and foreign companies, among which we can find from large multinationals to medium and small enterprises, in many of which we assume the function of Secretary of the Board and legal counsel. Among foreign clients German and Swiss stand out for number and importance.
International tax, audit, accounting and legal news
Unlock EU market access with MiCA licensing: The time to act is now
07.02.2025The implementation of the Markets in Crypto-Assets (MiCA) Regulation marks a transformative milestone for the crypto industry across the European Union. As of December 30, 2024, MiCA establishes a single regulatory framework and creates a level playing field for crypto-asset service providers (CASPs). Whether your company is already operating in the EU or planning to expand into this dynamic market, obtaining a MiCA license is essential to thriving in the new regulatory environment. What does it mean to be governed by MiCA?
Why MiCA is important for your business
MiCA introduces consistent regulatory requirements across all EU member states, replacing fragmented national frameworks. This EU-wide approach simplifies compliance and eliminates legal uncertainty, allowing CASPs to seamlessly scale their operations across borders. By establishing clear guidelines, MiCA enhances market integrity, protects investors, and promotes innovation. For businesses, compliance with MiCA is essential to avoid legal repercussions, maintain market credibility, and operate efficiently.
With a MiCA license, your company gains the ability to passport services throughout the EU, accessing a market of over 450 million potential users under one regulatory umbrella.
Licensing Opportunities in the EU
Several EU nations have become prominent destinations for obtaining MiCA licenses, characterized by supportive regulatory frameworks.
Lietuvos Bankas: A Proven Licensing Leader in the EU
In Lithuania, Lietuvos Bankas emphasizes early and well-prepared applications, with a focus on maintaining high compliance standards. They urge CASPs to:
- Act quickly: Early applications ensure business continuity during the transition period.
- Prepare thoroughly: Only high-quality applications will be considered, making readiness a key factor in the process.
- Remain compliant after approval: Compliance with ongoing MiCA requirements ensures long-term operational success.
Latvijas Banka: A fintech-friendly approach
As of January 2, 2025, Latvijas Banka, the central bank of Latvia, is accepting applications for MiCA licenses. They offer:
- Free pre-licensing consultations: Tailored expert guidance to assess application feasibility, ensure document readiness, and navigate compliance requirements.
- Fast response times: Consultations are typically answered within 48 hours, streamlining the pre-licensing process and reducing time to market.
- Competitive fees: A monitoring fee of just 0.6%, with a minimum of $3,000 per year.
- Additional Support: Access to the Innovation Hub, Regulatory Sandbox, and startup-friendly incentives such as co-funding for qualified employees and tax breaks.
Each jurisdiction presents distinct benefits that should be carefully assessed against the operational requirements and compliance needs of the business. Lithuania’s and Latvia‘s flexible yet robust regulatory framework, combined with theit digital infrastructure, makes meeting these requirements more streamlined than in many other jurisdictions.
Grandfathering periods for existing CASPs
Transitional arrangements under MiCA provide for a grandfathering period for CASPs operating before December 30, 2024. These periods vary by country, with some member states offering up to 18 months for license applications. For example:
- Ireland, Estonia and the Czech Republic: up to 18 months.
- Latvia and Lithuania: 5-6 months, with immediate action required to meet shorter deadlines.
How MiCA raises regulatory standards
MiCA’s comprehensive framework goes beyond licensing to address:
- Crypto asset classification: Proper classification is critical to determining regulatory obligations. Misclassification risks compliance issues and operational disruptions.
- Operational Resilience: Strengthened IT systems and robust governance under the Digital Operational Resilience Act (DORA).
- Sustainability Goals: Integration of environmental, social and governance (ESG) practices to ensure alignment with broader EU goals.
Your Next Steps
Securing a MiCA license isn’t just a regulatory requirement; it’s an opportunity to build credibility and access Europe’s integrated market. At ECOVIS ProventusLaw, we specialize in navigating the complexities of MiCA in the EU. ECOVIS ProventusLaw offers:
- Pre-licensing support: Comprehensive readiness assessments and document preparation.
- Application Guidance: End-to-end support to ensure a smooth licensing process.
- Post-licensing compliance and internal audit: Ongoing support to maintain alignment with MiCA, DORA, and ESG requirements.
With MiCA now in effect, now is the time to act. Contact us today to discuss how we can help you unlock the potential of the EU crypto market and ensure your compliance journey is seamless and successful.
For further information please contact:
Inga Karulaitytė, Partner of ECOVIS ProventusLaw
Email: inga.karulaityte@ecovisproventuslaw.com
ESG responsibilities: Hague Court of Appeal rejects claim for CO₂ reduction by Shell
07.02.2025European companies are not only faced with more and more ESG (Environmental, Social und Governance) regulations, but also court rulings on cases related to ESG-related topics, as a ruling by the Hague Court of Appeal shows. Board members and supervisory directors now should also be mindful that companies could be held accountable in court for their ESG responsibilities. The Ecovis experts explain what this means for companies.
Companies are increasingly becoming accustomed to obligations arising from the Corporate Sustainability Reporting Directive (CSRD), the Sustainable Finance Disclosure Regulation (SFDR) and the EU Taxonomy Regulation. Nevertheless, lawsuits against companies continue to arise because they do not properly deal with ESG responsibilities.
Such claims may be brought, for example, by social organisations advocating ESG interests. A good example is the 2021 landmark decision by a Dutch court ordering Royal Dutch Shell to reduce its CO₂ emissions by 45%. Although that decision was overturned by a higher court in late 2024, it nevertheless contains a serious warning: Shell does have an obligation to take measures against dangerous climate change.
The Shell ruling and its significance for other companies
The Shell ruling caused quite a stir nationally and internationally. In this case, which was brought by the Dutch environmental organisation Milieudefensie (Defenders of the Environment), Greenpeace and others, Shell was ordered to reduce its aggregate annual volume of all CO₂ emissions into the atmosphere by 45% in 2023 compared to 2019 levels.
Following an appeal, this ruling has been overturned: the court of appeal ruled that it does not have the capacity to determine a reduction rate of 45% or any percentage. However, it also ruled that Shell does have an obligation to counter dangerous climate change. Protection against climate change should be considered a human right that can be applied indirectly in private legal relationships by giving substance to open standards, such as the social standard of care. The court notes that it is an established fact that fossil fuel consumption is largely responsible for creating the climate problem and that the responsibility to combat this problem does not lie solely with sovereign states.
We advise you on how to correctly comply with the legal framework of the ESG criteria and develop an appropriate strategy.David Bos, Attorney at law, Partner, Kienhuis Legal – member of EOVIS International, Utrecht, Netherlands
The court is thus of the opinion that companies such as Shell, which contribute significantly to the climate problem and have it within their power to contribute to combating it, have an obligation to limit CO₂ emissions in order to counter dangerous climate change. It is expected that more such cases against companies will follow. The Dutch rulings may serve as a precedent for other jurisdictions.
Board members also targeted by prosecutors
Social organisations are also filing criminal complaints against board members, for example, for polluting the environment. The underlying goal is to encourage the directors to initiate a change in the company’s behaviour. A director will need to seek advice on the relevant legal framework and a strategy to address such developments.
Regardless of the nature and size of a company, it is useful for boards and supervisory directors to proactively consider these developments. It makes sense for companies to formulate and comply with a climate policy in a timely manner. This does not mean that all risks are eliminated. However, it shifts potential discussions to whether the measures taken can be considered sufficient.
The ruling of the Hague Court of Appeal
You can read more about the court’s reasons for its decision concerning Shell’s CO2 reduction here:
For further information please contact:
David Bos, Attorney at law, Partner, Kienhuis Legal – member of EOVIS International, Utrecht, Netherlands
Email: david.bos@kienhuislegal.nl
Luxembourg: A Leading Hub for Efficient Entity Management
05.02.2025Luxembourg has solidified its position as a top jurisdiction for entity management, ranking 2nd fastest globally in the Mercator Entity Management Report 2024. The country’s regulatory transparency, digital infrastructure, and skilled workforce make it an attractive destination for multinational companies.
Published by Mercator® by Citco, the report assesses 180 jurisdictions based on the time and cost required to complete corporate secretarial activities. Unlike survey-based rankings, the analysis is built on real-life corporate transactions, offering a reliable benchmark for businesses.
Luxembourg’s business-friendly legal framework and advanced digital solutions, including e-filing, e-signatures, and automated reporting, significantly reduce administrative burdens. The Luxembourg Financial Sector Supervisory Commission (CSSF) plays a pivotal role in ensuring streamlined compliance processes.
Multinationals benefit from harmonized EU regulations, strong cross-border cooperation, and flexible corporate structures. The country’s stable economic and legal environment further enhances its appeal as a premier European business hub.
For companies expanding in Luxembourg, partnering with an experienced audit and advisory firm is crucial. ECOVIS IFG Audit SA provides expert guidance on compliance, financial reporting, and corporate governance, ensuring efficient entity management.
For further information please contact:
Arnaud Yamalian, Managing Director, Approved Statutory Auditor, ECOVIS IFG Audit SA, Luxembourg
Email: arnaud.yamalian@ecovis-audit.lu
Full report: Mercator Entity Management Report 2024