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The purpose of this Client Briefing is to analyse the recent Binding Decision of the General Directorate of Taxation ("DGT") of 10 May 2011, number V1156-11 (the "Decision"), in relation to the application of the exemption of the Transfer Tax and Stamp Duty (Impuesto sobre Transmisiones Patrimoniales y Actos JurÃdicos Documentados, "ITPAJD"), as established in Article 9 of Law 21994, dated 30 March, on the Subrogation and Modification of Mortgage Loans ("Law 21994") to public deeds for the novation of mortgage credits
The purpose of the amendment is to protect consumer rights by making changes to the rules of repayment of facilities denominated in or indexed to a foreign currency
On August 31, 2011, the U.S. Securities and Exchange Commission (the "Commission") issued a concept release (the "Concept Release") seeking public comment regarding the status under the Investment Company Act of 1940 (the "1940 Act") of companies engaged in the business of acquiring mortgages and mortgage-related instruments, such as real estate investment trusts ("REITs"), many of which rely on Section 3(c)(5)(C) for their exemption from registration under the 1940 Act
