Blockchain 2024

Last Updated June 13, 2024

Andorra

Law and Practice

Authors



Cases & Lacambra is a client-focused international law firm with a cornerstone financial services practice. With a presence in Europe and America, the firm has a tested track-record in complex transactions involving the financial sector, special situations, financial markets regulations, cross-border disputes and transactions with relevant tax aspects. Its financial services group is composed of four partners, two counsels, and three associates, and most of the members of the team have profound knowledge of banking and finance regulations and capital markets transactions. The firm’s practice also extends to include capital markets, derivatives and structured finance matters.

The Principality of Andorra (“Andorra”) has experienced impressive growth and development recently due to its economic openness. The Monetary Agreement with the European Union has played a crucial role in strengthening Andorra’s legal framework and driving unprecedented progress.

Andorran government has shown an interest in embracing emerging technologies and fostering innovation and is actively encouraging the adoption of cutting-edge and transformative technological tools, such as digital identity, distributed ledger technologies, and artificial intelligence. The primary focus is on digitalisation, encompassing both the public sphere and the private sector. Additionally, Andorran public institutions are working towards a comprehensive economic transformation to attract new investments, with a particular emphasis on emerging and trendy niche markets like fintech, eSports, start-ups, and companies specialising in distributed blockchain technologies across several industries.

Several legislative measures showcase Andorra’s commitment to staying at the forefront of technological advancements and creating a favourable environment for digital innovation and financial activities. Key pieces of legislation have been approved over the past 12 months and could shape and materialise opportunities and challenges faced by the industry in this jurisdiction.

  • Act 24/2022, of 30 June 2022, on the digital representation of assets, cryptography, and the application of DLT/blockchain technology (the “Digital Assets Act”). Digital Assets Act is the main regulation of digital currencies in Andorra.
  • Regulation for the development of the Digital Assets Act:
    1. Decree 478/2022, of 23 November 2022, approving the regulation for the development of requirements to act as a registered digital intermediary.
  • Act 42/2022, of 1 December 2022, on digital economy, entrepreneurship, and innovation (the “Digital Economy Act”).
  • Regulations for the development of the Digital Economy Act:
    1. Regulation for the development of the controlled testing environment or sandbox, implemented by means of Decree 211/2023, of 10 May 2023, approving the Regulation for the development the Digital Economy Act, concerning the controlled testing environment or sandbox (the “Sandbox Regulation”).
    2. Regulation for the creation of the registry of start-up commercial companies, implemented by means of Decree 213/2023, of 10 May 2023, amending the Decree of 16 April 2014, approving the Regulation for the implementation of Act on anonymous and limited liability companies (the “Start-up Regulation”).
    3. Regulation on digital nomads, entrepreneur visa, and promotion of the digital economy, implemented by means of Decree 212/2023, of 10 May 2023, approving the Regulation that implements Articles 46, 47, and 51 of Law 42/2022, of 1 December 2022, on digital economy, entrepreneurship, and innovation, which amend Articles 38 bis.2.a, 38 ter.2.B.d, 101 quinquies.a, and 101.septies.a of Act 9/2012, of 31 May 2012, amending the Qualified Immigration Act (the “Digital Nomads Regulation”).
  • Act 37/2021, of 16 December 2021, amending Act 14/2017, of 22 June 2017, on the prevention and fight against money laundering and the financing of terrorism (the “AML/CFT Act”).

Negotiations between Andorra and the EU commenced in April 2014 and reached their final stages in December 2023. The resulting “Association Agreement” aims to facilitate Andorra’s progressive integration into the European internal market, allowing for the transposition of the EU acquis in the upcoming years. The anticipated timeline envisions the conclusion of negotiations by the end of 2024, followed by a period of public consultation and a subsequent referendum in 2025. The Association Agreement aims to have a significant impact on the future opportunities and challenges faced by the industry.

As a result of these developments, new regulations specifically tailored to blockchain and cryptocurrencies are anticipated in order to align Andorra’s regulations more closely with global standards to ensure transparency, compliance, and adherence to international rules.

This includes the development and amendments within the Digital Assets Act as a result of the implementation of the EU Markets in Crypto-assets Regulation (MiCA). The successful conclusion of the “Association Agreement” will not only strengthen Andorra’s economic ties with the EU but also encourage collaboration in the field of blockchain technology. This collaboration will open up new avenues for growth and position Andorra as an attractive destination for blockchain ventures.

Andorra is at the forefront of blockchain implementation across multiple sectors, with a particular emphasis on the financial industry, actively exploring blockchain solutions for cross-border payments, remittances, and digital identity verification. Moreover, the real estate and supply chain sectors are also embracing blockchain technology. Recent developments in Andorra highlight exciting projects in NFT platforms and cryptocurrency payment systems, showcasing Andorra’s commitment to innovation.

Consumer-oriented applications of blockchain in Andorra enhance convenience and security for individuals through digital payments, loyalty programmes, and personal data management. On the other hand, business-to-business applications focus on streamlining supply chain management, facilitating intercompany transactions, and enabling asset tokenisation. These efforts aim to boost efficiency and transparency in business operations.

In the Andorran market, digital assets and blockchain technology, with a particular focus on decentralised finance (DeFi) protocols and non-fungible tokens (NFTs) are governed by the Digital Assets Act, reflecting the evolving nature of the Andorran market’s engagement with digital asset innovations. In this respect:

  • The use of decentralised finance (DeFi) protocols in Andorra is regulated under the Digital Assets Act, requiring a licence to operate therein. DeFi activities are classified as special activities and subject to their own legal framework, focusing on registration, authorisation, supervision, monitoring, and control. To operate in Andorra, platforms must meet minimum requirements defined in Article 25 of the Digital Assets Act that are verified by the Andorran Financial Authority (AFA).
  • Despite the issuance of non-fungible tokens (NFTs) being excluded from the Digital Assets Act, other services related to them are not. The use of non-fungible tokens (NFTs) is experiencing a dynamic and evolving environment. Marketplaces, exchange platforms, and data storage solutions for NFTs are emerging to meet growing demand. These activities are under the scope of the Digital Assets Act.

It is worth noting that use cases and strategies may vary across sectors, tailoring the implementation to the specific needs of businesses and individuals. Andorra’s progress in adopting blockchain technology underscores its dedication to leveraging cutting-edge solutions for economic advancement.

In Andorra, ownership of a digital asset transferred via a blockchain network is determined by the network’s rules. The specific rules governing the finalisation of transfers depend on the technical design of the blockchain and the applicable legal agreements or regulations currently in place. Furthermore, off-chain agreements or legal frameworks can be employed alongside the blockchain to govern the ownership and transfer of digital assets.

The Digital Assets Act foresees a general taxonomy for digital assets: security tokens which qualify as financial instruments according to Andorran laws, e-money tokens and utility tokens which the issuer confers access to a product, service or platform. In addition, this piece of legislation also defines NFTs and stablecoins.

However, there is no specific technical communications or statements issued by the AFA developing the nature and functionalities of security tokens.

In the Andorran legislation, the procedure for taking an effective pledge or security interest (or the equivalent) in digital assets pledged as collateral for a loan has not been specifically developed. In the world of decentralisation, the only activity defined as special is that of commercial crypto loans and flash loans.

However, since this matter has not been developed in Andorran law, the determination of whether it constitutes a “security interest” or a pledge would depend on the specific case. It would be necessary to assess each situation individually to determine the applicability of such concepts. This means that taking a pledge or security interest on digital assets as collateral for a loan in Andorra would require an analysis and interpretation of the law based on the specific circumstances of each case.

The Digital Assets Act defines stablecoins as digital units of value that do not have a specific form of fiat money and which, when referenced to an asset or a combination of several underlying physical or digital monetary assets, have the functionality of: (i) stabilising tool in order to minimise their price to fiat money; (ii) means of payment; (iii) an alternative store of value or functional income insurance through the collateralisation of less volatile assets; or (iv) a combination thereof.

There are three types of stablecoins: stablecoins of monetary funds or tokenised funds or fiat-backed stablecoins, hybrid money stablecoins or collateralised asset-backed stablecoins. For every category, the Digital Assets Act establishes a particular licence granted by the AFA.

See 2.2 Categorisation.

In Andorra, the use of cryptocurrencies for payment purposes exists in a regulatory grey area. Several factors should be taken into consideration: nature of the transaction, payment flows, notarial deed and AML requirements.

Andorran laws do not provide any specific details as to the use of digital assets as collateral.

As of today, there have been no enforcement actions in Andorra that have defined the regulatory boundaries for blockchain activities. To this date, there is a lack of significant case law and specific precedents regarding the legal framework surrounding the use of blockchain technology. Additionally, there are no ongoing legal disputes directly related to the blockchain sector.

The Andorran regulatory framework is currently being developed and is subject to ongoing progress and developments. As the blockchain industry continues to expand, it is expected that additional guidance and enforcement actions will contribute to a clearer understanding of the regulatory landscape for market participants in Andorra on the following years.

Andorra has implemented a specific regulatory regime for market participants using blockchain technology and cryptocurrencies. The Digital Assets Act serves as the cornerstone of this framework, addressing the issuance, exchange, custody, and intermediation of digital assets, including cryptocurrencies. It establishes licensing requirements, anti-money laundering measures, consumer protection provisions, and other regulations specific to this sector.

Andorra’s regulatory regime is purpose-built and not retrofitted from existing frameworks, demonstrating the country’s commitment to adapt to the evolving landscape of blockchain and cryptocurrencies. As a small independent country, Andorra’s regulatory framework operates within its national legal framework and is not directly governed by EU regulations or other supranational laws. However, Andorra is aligned with international standards and practices through agreements and measures to ensure compliance and foster co-operation in relevant areas of interest.

As the market evolves, emerging activities like NFT marketplaces, exchange platforms, and data storage solutions are also brought under the ambit of the Digital Assets Act. While currently, there are no authorised markets or platforms by the AFA. As a result, investors are conducting exchanges directly through international operators who operate using foreign platforms and wallets. However, it is anticipated that authorisations for domestic markets and platforms will be granted starting from the second half of 2024. Once these authorisations are in place, investors will have access to regulated and authorised platforms within Andorra, providing a more secure and compliant environment for their digital asset trading activities.

In Andorra, the regulatory framework governing digital asset activities operates under a reservation activity regime. The Andorran Financial Authority (AFA) acts as the exclusive regulatory body overseeing the licensing process for entities engaging in such activities.

  • Registration process – Article 9 of the Digital Assets Act outlines the registration process for participants intending to engage in activities related to digital asset representation. Applicants must submit a request for activity incorporation to the AFA, accompanied by various documentation. This includes personal or corporate details, proof of legal personality, designation of an accredited digital observer, detailed descriptions of intended services and distributed ledger providers, communication methods with clients, security systems, professional fees, jurisdiction of service provision, internal control documentation, and any additional documentation deemed necessary by the AFA.
  • Licensing requirements – as part of the authorisation application, entities are required to include protocols addressing conflicts of interest, market abuse, and AML/CFT, among others. These regulatory measures are designed to establish a secure and transparent environment for digital asset trading within the country. The authorisation procedure for participating in digital asset activities includes payment of fees and the incorporation of an Andorran company with a minimum capital, among others. Additionally, participants must possess a professional liability insurance or provide an equivalent guarantee to the AFA in order to cover negligence liability in the exercise of their professional activities.
  • Registered digital observer (“veedor digital registrat”) – the registered digital observer (“veedor digital registrat”) is a figure appointed as a representative and is responsible for submitting the relevant applications to the AFA on behalf of the applicant. This requirement ensures compliance with regulatory procedures and facilitates the proper handling of NFT related activities. To initiate the authorisation process, the registered digital observer appointed by the participant must request the authorisation of a new participant from the AFA.
  • Specific regimes:
    1. Decentralised finance (DeFi) – the use of decentralised finance (DeFi) protocols in Andorra is regulated under the Digital Assets Act, requiring a licence to operate therein. DeFi activities are classified as special activities and subject to their own legal framework, focusing on registration, authorisation, supervision, monitoring, and control. Article 25 of the Digital Assets Act establishes minimum requirements for a platform to operate in Andorra, which will be verified by the AFA beforehand. This includes the application for an activity licence based on the platform’s configuration and process deployment. These activities are considered special activities and are subject to a distinct legal framework that places emphasis on aspects such as registration, authorisation, supervision, monitoring, and control.
    2. Custody – the Digital Assets Act require precise protocols for entities operating as custodians for digital assets, covering security measures, key recovery, asset segregation, and contingency plans. Article 9 of the Digital Assets Act requires a specific licence for custody and administration of digital assets on behalf of third parties. Custodial entities must meet specified requirements and adhere to protocols, including custody protocols outlined in Article 12 to ensure accurate accounting and proper asset preservation. Moreover, Article 22 defines digital asset custody services as having control over private keys within a cryptographic system. Additionally, custodial entities are subject to the AML/CFT Act.
    3. Non-fungible tokens (NFTs) – while the issuance of non-fungible tokens (NFTs) is excluded from the Digital Assets Act, services related to NFTs are not. Therefore, in such cases, the applicant will need to appoint a registered digital observer (“veedor digital registrat”) to submit the corresponding application to the AFA.
    4. Digital Asset Issuance and Public Offering – the Digital Assets Act foresees the legal framework applicable to the issue of digital assets – both to the public in general and private placement. If fundraising and subsequent sale of digital assets are deemed to qualify as issuance or private placement, it may trigger licensing requirements. In line with the aforementioned, any company wishing to issue digital assets in Andorra will be required to publish the corresponding White Paper. The mere admission of digital assets to trading on a multilateral trading facility or the publication of the purchase and sale prices is not in itself considered to constitute a public offering of digital assets. Only in the event that these situations are accompanied by a communication to the public in general, the preparation and registration of a White Paper is required. Note that the Digital Assets Law also states when a White Paper is not required:
      1. an offering of digital assets addressed exclusively to professional clients;
      2. an offering of digital assets addressed to fewer than 100 natural or legal persons, excluding professional clients;
      3. a digital asset offering with a denomination per unit of at least EUR50 000;
      4. a digital asset offerings to investors purchasing digital assets for a total amount of at least EUR50,000 per investor;
      5. an offer of digital assets for a total amount of less than EUR100,000; and
      6. any subsequent resale of digital assets that has previously been subject to one or more of the above types of exemption.
    5. Decentralised autonomous organisations (DAOs) – according to the Digital Assets Act, DAOs are defined as a digital entity that manages assets and operates autonomously in a decentralised system, but relies on tasks of individuals in order to correctly perform certain functions that otherwise could not be done by the automaton.

In terms of governance, where a DAO is not registered in Andorra, the holder of the node within Andorra that enables its deployment as a developer, miner, validator or other function it supports as a node shall be liable for any damage caused in relation to the smart contracts. In the event that the DAO’s governance systems enable smart contracts to be executed in the Principality of Andorra because there is no node in the Principality of Andorra to enable this, they shall have no legal validity and effectiveness within the Principality of Andorra.

For the time being, DAOs are not recognised as legal entities in Andorra. The use of governance protocols on a decentralised basis may be adopted by legal entities. However, there are no specific regulations on this particular point.

In Andorra, there are no specific guidelines for the marketing of digital assets. However, these activities fall under the principle of reserved activity.

Currently, there are no authorised platforms in Andorra, leading investors to conduct exchanges directly through international operators. Both exchange platforms and custodial wallet providers are subject to anti-money laundering (AML) laws.

To obtain licences under the Digital Assets Act, exchange platforms and custodial wallet providers must implement anti-money laundering (AML) protocols. These protocols and compliance measures need to be included in the application for authorisation. Adhering to AML regulations is essential as it aims to prevent money laundering and ensures that all digital asset transactions are conducted securely and in compliance with the law. The establishment of authorised platforms will provide businesses with a regulated environment, fostering transparency and trust within the blockchain ecosystem. By prioritising regulatory certainty and strict compliance requirements, the industry can promote legitimacy, safeguard investor interests, and contribute to the overall growth and development of the blockchain sector.

Refer to 4.4 International Standards, specifically addressing Financial Action Task Force (FATF) commitments.

There are no specific change in control requirements regarding digital asset firms in Andorra.

In Andorra, as of the present time, there are no specific resolution or insolvency requirements/regimes specifically tailored for digital asset firms.

Regulatory requirements for authorisation purposes are covered under the Digital Assets Act and vary depending on the type of activity carried out. Entities engaging in activities such as issuances, custody, exchange platforms, trading, order execution, financial services participation, and DeFi must comply with these requirements and be licensed in Andorra, according to Article 9 of the Digital Assets Act.

Entities providing these services must meet certain requirements and adhere to specified protocols. In order to operate as a participant’s digital assets in Andorra, the Digital Assets Act requires the implementation of precise protocols addressing security measures, key recovery, asset segregation, and contingency plans. According to Article 12 of the Digital Assets Act, firms engaged in digital asset representation must have internal protocols in place to ensure accurate accounting and proper preservation of assets.

Furthermore, entities engaging in digital asset activities must adhere to anti-money laundering and counter-terrorism financing regulations, as stipulated in the Andorran AML/CFT Act. These requirements ensure compliance with regulatory standards and promote the integrity and security of digital asset operations within Andorra. Refer to protocols mentioned in 4.1.4 Anti-money Laundering and Counter-Terrorism Financing (AML/CTF) Requirements.

Concerning regulatory consequences for regulated firms and investment funds with exposure to digital assets in Andorra, the Digital Assets Act outlines specific provisions:

  • Investment Funds – according to the Digital Assets Act, only collective investment undertakings classified as Other UCIs may create sub-funds investing in digital assets. Undertakings for collective investment in transferable securities (UCITS) and other UCIs under Andorran law may invest in digital assets issued or marketed in Andorra by the registered entity provided that divestments occur simultaneously for all unitholders and each unitholder is a qualified investor. In addition to this, collective investment undertakings shall manage risks in relation to the valuation of assets, liquidity and safekeeping.
  • Broker-Dealers and Other Financial Intermediaries – the Digital Assets Law foresees the legal regime applicable to broker-dealers and other financial intermediaries dealing with digital assets. To this extent, brokers act as investment services providers for the purpose of receiving, transmitting, and executing client orders in relation to one or more digital assets. In return, they receive intermediation for the execution of the purchase or sale. Intermediaries that successively offer or resell the digital assets to third parties will have to carry out this activity in accordance with the initially published White Paper.

Currently, there is no regulatory sandbox specifically designed for blockchain projects in Andorra. However, the Sandbox Regulation, effective as of 10 May 2023, promotes innovation and the development of new technologies and services while protecting consumers and maintaining market stability.

The Sandbox Regulation provides a structured framework to foster innovation while ensuring regulatory compliance and consumer protection. This is an embryonic initiative has the aim of testing new business models that are not regulated.

The Sandbox Regulation creates a controlled testing environment where emerging business models can be explored and evaluated for their viability, serving as a platform for experimentation, allowing stakeholders to navigate regulatory complexities and assess potential risks and opportunities. By offering this safe space for innovation, Andorra seeks to encourage entrepreneurial endeavours and promote the development of cutting-edge solutions within its digital economy landscape.

This regulatory framework allows companies and entrepreneurs to test their blockchain-based innovations, ideas, solutions, and business models in a controlled and limited setting, providing regulatory flexibility. Consequently, it is anticipated that new blockchain projects will emerge in Andorra in the upcoming years.

Andorra’s regulatory landscape for blockchain and cryptocurrencies is evolving with laws favouring technology and innovation. Andorra has implemented specific laws or regulations targeting the blockchain sector or virtual asset service providers (VASPs) through the Digital Assets Act and the Digital Economy Act, which establish a favourable regulatory environment for technology and innovation, including blockchain technology and cryptocurrencies.

Andorra is a member of the Financial Action Task Force (FATF) and has committed to implementing its recommendations. The FATF’s recommendations, including the Travel Rule, provide guidance on AML and CTF measures for virtual assets and VASPs. While there are no specific VASP laws or regulations, Andorra has taken steps to address anti-money laundering and counter-terrorism financing risks through the Digital Economy Act.

In Andorra, the regulatory bodies most relevant to businesses or individuals using blockchain technology are as follows:

  • Andorran Financial Authority (AFA) – the AFA is the supervisory authority for the activity of digital representation of assets, responsible for supervising and regulating financial activities, including those related to blockchain and cryptocurrencies. Its focus is to enforce licensing requirements, anti-money laundering measures, and consumer protection provisions. For this purpose, the AFA registers, initiates, processes, promotes, and resolves sanctioning procedures, and determines the corresponding sanctions when the alleged infringement has been committed by operational entities.
  • Financial Intelligence Unit of Andorra (UIFAND) – the UIFAND plays a crucial role in overseeing businesses and individuals utilising blockchain technologies in relation to anti-money laundering (AML) and counter-terrorism financing (CFT). The UIFAND ensures compliance with AML/CFT regulations, including customer due diligence, risk-based controls, and reporting suspicious transactions. The UIFAND’s responsibilities encompass monitoring compliance, conducting audits, and taking enforcement actions to uphold the financial system’s integrity and combat illicit financial activities in Andorra.
  • Data Protection Agency (APDA) – the APDA is responsible for data protection and privacy. It ensures that blockchain users comply with data protection rules and protects individuals’ rights regarding their personal information.

In response to the significant bankruptcies in the blockchain sector, notable changes have been observed in the approach of various bodies, particularly the AFA. They have adopted a more open approach towards the digital assets’ environment.

Currently, there are no self-regulatory organisations or trade groups in Andorra that have specific regulatory or quasi-regulatory roles pertaining to businesses or individuals involved in blockchain technology.

Currently, Andorra does not have any governmental bodies or law reform bodies dedicated to forming “task forces” or mandated bodies that specifically investigate the benefits and challenges associated with blockchain technology.

To date, there is a lack of significant case law and specific precedents regarding the legal framework surrounding the use of blockchain technology. Additionally, there are no ongoing legal disputes directly related to the blockchain sector.

To date, there have been no enforcement actions in Andorra that have defined the regulatory boundaries for blockchain activities, which could help market participants to better understand the “regulatory perimeter” of permitted and prohibit activity using blockchain.

The Andorran regulatory framework is currently being developed and is subject to ongoing progress and developments. As the blockchain industry continues to expand, it is expected that additional guidance and enforcement actions will contribute to a clearer understanding of the regulatory landscape for market participants in Andorra on the following years.

According to the Digital Assets Act, digital currencies or cryptocurrencies are considered intangible assets for accounting and tax purposes. Their consideration as fixed assets is determined by its own function. Income obtained using cryptocurrencies will have to be declared for personal income tax purposes. The exchange of cryptocurrencies for fiat money or other cryptocurrencies can be an onerous transfer or a free transfer of assets.

Mining shall not be subject to general indirect tax (IGI), if it is not an economic activity. The transfer of cryptocurrencies shall be subject to and exempt from IGI or general indirect tax, in so far as it is treated as a payment instrument allowing the transfer or movement of money or as a payment order.

Income derived from the transfer of virtual currencies, previously acquired as an investment, is considered as a capital gain or loss to be included in the savings tax base, provided that such income does not arise because of its transfer.

In Andorra, while there are not specific ESG requirements applicable to digital assets, the focus on sustainability remains paramount within the banking and financial sector. The Andorran Banking Association’s annual report underscores this commitment to advancing sustainable finance. Aligned with ESG criteria advocated by the European Commission, the Paris Agreement (which Andorra ratified in 2016), and the United Nations’ 2030 agenda, Andorra is dedicated to embracing and implementing these principles. Over the past two decades, Andorran banking entities have steadfastly adhered to corporate social responsibility principles, contributing significantly to sustainable development.

While the above-mentioned initiatives primarily target traditional financial instruments, such as debt issuance programmes and sustainable notes, the principles of sustainability extend throughout the financial sector. Consequently, while there may not be direct ESG requirements for digital assets as of this date, Andorra’s broader engagements in sustainability reflect the country’s dedication to responsible financial practices.

A fundamental purpose of blockchain is the impossibility that data can be modified unilaterally, which is known as data immutability. In this sense, the compliance with certain rights recognised by the Andorran regulations on personal data protection is particularly challenging. More precisely, it is complicated to comply with the rights of erasure and the right to limitation of processing:

  • Right of erasure (or “right to be forgotten”) – compliance with this right is not only due to technical or design factors, but also occurs at the organisational level. In this sense, in order to comply the right to be forgotten all blockchain participants should proceed to the suppression of the data in their copies of the database.
  • Right to limitation of processing – the immutable nature of the data contained in the blockchain means that it is impossible to enforce this right.

Therefore, the nature of this technology hinders the fulfilment of both rights, which is a direct clash with data protection regulations.

Cases & Lacambra

C/Manel Cerqueda i Escaler
3-5 AD700
Escaldes-Engordany
Andorra

+376 728 001

andorra@caseslacambra.com www.caseslacambra.com
Author Business Card

Law and Practice

Authors



Cases & Lacambra is a client-focused international law firm with a cornerstone financial services practice. With a presence in Europe and America, the firm has a tested track-record in complex transactions involving the financial sector, special situations, financial markets regulations, cross-border disputes and transactions with relevant tax aspects. Its financial services group is composed of four partners, two counsels, and three associates, and most of the members of the team have profound knowledge of banking and finance regulations and capital markets transactions. The firm’s practice also extends to include capital markets, derivatives and structured finance matters.

Compare law and practice by selecting locations and topic(s)

{{searchBoxHeader}}

Select Topic(s)

loading ...
{{topic.title}}

Please select at least one chapter and one topic to use the compare functionality.