Documentation obligations

Article 18.1 of the LIS requires that transactions carried out between related persons or entities be valued at market value.

Market value will be understood as that which would have been agreed upon by independent persons or entities under conditions that respect the principle of free competition.

Article 18.2 of the LIS establishes that persons or related entities will be considered the following:

1. An entity and its partners or participants.

2. An entity and its directors or administrators, except as regards remuneration for the exercise of their functions.

3. An entity and the spouses or people united by family relations, in a direct or collateral line, by consanguinity or affinity up to the third degree of partners or participants, directors or administrators.

4. Two entities that belong to a group.

5. An entity and the directors or administrators of another entity, when both entities belong to a group.

6. An entity and another entity participated by the first indirectly in at least 25 percent of the share capital or own funds.

7. Two entities in which the same partners, participants or their spouses, or people linked by kinship relations, in a direct or collateral line, by consanguinity or affinity up to the third degree, participate, directly or indirectly, in at least 25 percent percent of the share capital or own funds.

8. An entity resident in Spanish territory and its permanent establishments abroad.

1. Specific documentation
2. Summary table