ABSTRACT
This chapter analyses the regulatory framework for the financial system in Spain. The adoption of the European Union (EU) directives on this matter and the way they have been transposed to Spain from 1986 to the present, including the regulatory developments from the onset of the financial crisis. It covers the regulatory initiatives that were confronted from 1986 onwards. The chapter provides a brief analysis of the grounds of financial regulation in Spain in order to provide a broader picture of the magnitude of the regulatory challenge that the country has faced since then. The Spanish case appears particularly interesting as it has shown one of the most significant transformations during the period considered in the structure of regulation. Spain joins the European Community and a significant adaptation is then required to the European directives and regulations. This process goes in parallel to the development of a number of liberalization movements that were initiated in Spain.
