Isabel Aguilar Alonso

Protection of securities under custody in Spain

There is no scope for trusts under current Spanish law; they neither exist nor are recognised in the jurisdiction. Incorporating them into Spanish law would require a substantial transformation of Spanish property law. At the same time, it is not even truly clear whether trusts are indeed a bulletproof solution in the context of safeguarding securities under custody. In any case, Spanish law provides for a set of measures designed to safeguard securities held under custody, particularly traded securities held under custody by an entity participating in Iberclear, the Spanish central securities depository.