Pablo Iglesias-Rodríguez

Gatekeeper liability in Spain after Gowex

This article analyses the implications of the Spanish Supreme Court’s judgment of 19 April 2023 in the Gowex case for the liability of gatekeepers operating in Spain. It examines and offers new insights on the circumstances under which gatekeepers may have a duty to protect investors from damage owing to the existence of a special relationship with them. The Supreme Court’s judgment, and the findings of this article, embrace an expansive view of gatekeepers’ liability towards investors and, therefore, are of major relevance for gatekeepers operating or aiming to operate in Spain.