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Takeover bids have recently given rise to administrative litigation in Spain. Ever since the National Court upheld the appeal against the decision to approve the Cementos Portland Valderrivas, S.A. takeover, the number of appeals against takeover bid approvals has escalated. This has resulted in various precedent-setting judgments by the National Court and the Supreme Court on essential issues regarding takeover bid regulations. This article analyses these and other imminent judgments. [ABSTRACT FROM AUTHOR]

The Spanish Government has completed the implementation of MiFID II, which began last year with the approval of Royal Decree-Law 21/2017 of 29 December. With the approval of Royal Decree-Law 14/2018 of 28 September and Royal Decree 1464/2018 of 21 December, MiFID II is now fully applicable in Spain. This article analyses the main novelties incorporated by European law into the Spanish legal system with regard to the protection of investors in financial products, the improvement of the organisational structure and corporate governance of investment services companies and the security, efficiency, smooth operation and stability of the securities markets. [ABSTRACT FROM AUTHOR]