Spanish regulators continue to re-shape securitization legislation in an effort to bring the country up to par with the leading issuers in Europe. The latest development does away with the cumbersome withholding tax.

Law 23/2005 (see ASR 11/21/05) published on Nov.19 in Spain's official Journal saw its Second Final Provision passed at the beginning of December. The law's final provision exempts securitization bonds issued by Spanish asset-backed and mortgage backed Fondos from withholding tax for non-resident bondholders provided that these bondholders are not tax haven residents, explained the European Securitization Forum.

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