{"id":18976,"date":"2026-03-17T05:40:39","date_gmt":"2026-03-17T05:40:39","guid":{"rendered":"https:\/\/sff-camara.com\/?p=18976"},"modified":"2026-04-03T07:18:51","modified_gmt":"2026-04-03T07:18:51","slug":"estructuras-double-luxco-en-operaciones-de-financiacion-espanolas-un-viejo-conocido-vuelve-a-cobrar-protagonismo","status":"publish","type":"post","link":"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/estructuras-double-luxco-en-operaciones-de-financiacion-espanolas-un-viejo-conocido-vuelve-a-cobrar-protagonismo\/","title":{"rendered":"Estructuras Double LuxCo en operaciones de financiaci\u00f3n espa\u00f1olas: un viejo conocido vuelve a cobrar protagonismo"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"18976\" class=\"elementor elementor-18976 elementor-18975\">\n\t\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-f377bdd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f377bdd\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-26c6730c \" data-id=\"26c6730c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ba72526 elementor-widget elementor-widget-heading\" data-id=\"7ba72526\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Estructuras Double LuxCo en operaciones de financiaci\u00f3n espa\u00f1olas: un viejo conocido vuelve a cobrar protagonismo<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22afa2a4 elementor-widget elementor-widget-spacer\" data-id=\"22afa2a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f1fdaa8 elementor-widget elementor-widget-text-editor\" data-id=\"4f1fdaa8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/categoria\/sff-magazine-marzo-2026\/\" rel=\"tag\">SFF Magazine Marzo 2026<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31767f27 elementor-widget elementor-widget-spacer\" data-id=\"31767f27\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4070c3d elementor-widget elementor-widget-image\" data-id=\"4070c3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.akd.eu\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"140\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/akd_logo1_RGB_Darkblue-300x140.png\" class=\"attachment-medium size-medium wp-image-19467\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8676ac4 elementor-widget elementor-widget-spacer\" data-id=\"8676ac4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3eef0661 elementor-widget elementor-widget-text-editor\" data-id=\"3eef0661\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTem\u00e1ticas: <a href=\"https:\/\/sff-camara.com\/es\/temticas\/real-estate\/\" rel=\"tag\">Real Estate<\/a>, <a href=\"https:\/\/sff-camara.com\/es\/temticas\/tendencias\/\" rel=\"tag\">Tendencias<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-c7cefb3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c7cefb3\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-00927e5 \" data-id=\"00927e5\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3760b9d elementor-widget elementor-widget-text-editor\" data-id=\"3760b9d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5>Introducci\u00f3n: por qu\u00e9 las estructuras Double LuxCo vuelven a ser relevantes<\/h5><p style=\"font-weight: 400;\">En los \u00faltimos a\u00f1os, <strong>las estructuras de financiaci\u00f3n de adquisiciones y de activos inmobiliarios se han visto sometidas a presi\u00f3n debido a la volatilidad del mercado, las necesidades de refinanciaci\u00f3n y un entorno crediticio m\u00e1s prudente. <\/strong>Al mismo tiempo, las entidades de cr\u00e9dito alternativas y los fondos de cr\u00e9dito privado est\u00e1n desempe\u00f1ando un papel cada vez m\u00e1s relevante, especialmente en operaciones de mid-cap y transacciones impulsadas por promotores que involucran a Espa\u00f1a. Estas din\u00e1micas han renovado el foco en la seguridad jur\u00eddica en la ejecuci\u00f3n de garant\u00edas y en la predictibilidad jurisdiccional. <\/p><p style=\"font-weight: 400;\">En este contexto, las estructuras Double LuxCo est\u00e1n atrayendo nuevamente la atenci\u00f3n gracias a sus principales fortalezas: solidez jur\u00eddica, control eficiente y opciones r\u00e1pidas de ejecuci\u00f3n. <strong>Estas estructuras siguen desempe\u00f1ando un papel central en financiaciones y refinanciaciones vinculadas a Espa\u00f1a, tanto en adquisiciones como en operaciones inmobiliarias, donde los prestamistas buscan un marco de garant\u00edas s\u00f3lido que siga siendo eficaz en contextos transfronterizos.<\/strong> Durante m\u00e1s de dos d\u00e9cadas, las estructuras Double LuxCo han demostrado ser soluciones de estructuraci\u00f3n fiables y eficaces.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-59a5240 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"59a5240\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-7e4c030 \" data-id=\"7e4c030\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-24dcd69 elementor-widget elementor-widget-text-editor\" data-id=\"24dcd69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5>Visi\u00f3n general de la estructura Double LuxCo<\/h5><p style=\"font-weight: 400;\">Una estructura Double LuxCo implica la existencia de dos sociedades holding luxemburguesas. Una sociedad holding luxemburguesa superior (<strong>Top LuxCo<\/strong>) posee todas las acciones de una segunda sociedad luxemburguesa (<strong>Bottom LuxCo<\/strong>), que a su vez suele ser titular del veh\u00edculo de referencia local que posee el activo correspondiente, ya sea inmobiliario, infraestructural o un negocio operativo. Top LuxCo se sit\u00faa por encima de Bottom LuxCo, y Bottom LuxCo \u2014que puede o no ser el prestatario de la deuda frente a terceros\u2014 suele dise\u00f1arse como el \u00fanico punto de ejecuci\u00f3n de las garant\u00edas.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-ac18ebe elementor-hidden-tablet \" data-id=\"ac18ebe\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7b16d1c elementor-widget elementor-widget-text-editor\" data-id=\"7b16d1c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote><h5>\u00abLas estructuras Double LuxCo est\u00e1n atrayendo nuevamente la atenci\u00f3n gracias a sus principales fortalezas: solidez jur\u00eddica, control eficiente y opciones r\u00e1pidas de ejecuci\u00f3n. \u00ab<\/h5><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-0ab24c8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0ab24c8\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0750bd2 \" data-id=\"0750bd2\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c1326ee elementor-widget elementor-widget-text-editor\" data-id=\"c1326ee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Hist\u00f3ricamente, <strong>las estructuras Double LuxCo surgieron como respuesta a los riesgos de ejecuci\u00f3n derivados de determinados reg\u00edmenes de insolvencia locales<\/strong>, en particular en Francia, as\u00ed como para gestionar las implicaciones del marco europeo de insolvencia. En particular, las cuestiones relativas a la determinaci\u00f3n y la posible reubicaci\u00f3n del centro de intereses principales de una sociedad (<strong>COMI<\/strong>) han sido fundamentales en el an\u00e1lisis de estructuraci\u00f3n, ya que afectan directamente a la jurisdicci\u00f3n aplicable y a la eficacia de las estrategias de ejecuci\u00f3n. <\/p><p style=\"font-weight: 400;\">En la actualidad, <strong>las estructuras Double LuxCo siguen utiliz\u00e1ndose ampliamente en financiaciones que involucran activos espa\u00f1oles<\/strong>, as\u00ed como en otras jurisdicciones europeas. Lejos de ser una herramienta de estructuraci\u00f3n rara o agresiva, la Double LuxCo se ha convertido en una soluci\u00f3n est\u00e1ndar de mercado en transacciones de financiaci\u00f3n transfronterizas.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58ca2be elementor-widget elementor-widget-text-editor\" data-id=\"58ca2be\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5>La pignoraci\u00f3n de acciones en Luxemburgo y la Ley luxemburguesa de garant\u00edas financieras (Luxembourg Collateral Law)<\/h5><p style=\"font-weight: 400;\">La eficacia de una estructura Double LuxCo y la ejecuci\u00f3n del paquete de garant\u00edas asociado se basa principalmente en la pignoraci\u00f3n de acciones regida por el derecho luxemburgu\u00e9s, otorgada por Top LuxCo sobre las acciones que posee en Bottom LuxCo, a menudo combinada con garant\u00edas sobre cr\u00e9ditos intragrupo y cuentas bancarias locales. Esta pignoraci\u00f3n est\u00e1 dise\u00f1ada para beneficiarse de la Ley luxemburguesa de 5 de agosto de 2005 sobre garant\u00edas financieras (<strong>Collateral Law<\/strong>), que sigue siendo uno de los reg\u00edmenes de garant\u00edas m\u00e1s favorables para los prestamistas y m\u00e1s s\u00f3lidos de Europa. <\/p><p style=\"font-weight: 400;\"><strong>La Collateral Law ofrece numerosas ventajas para los prestamistas, proporcionando un alto grado de libertad contractual que permite a las partes adaptar los supuestos de ejecuci\u00f3n y los remedios disponibles.<\/strong> La ejecuci\u00f3n est\u00e1 concebida para ser r\u00e1pida y eficiente, sin necesidad de intervenci\u00f3n judicial ni de notificaci\u00f3n previa, y la pignoraci\u00f3n goza de un car\u00e1cter resistente frente a la insolvencia, lo que significa que generalmente puede ejecutarse incluso si se han iniciado procedimientos de insolvencia en Luxemburgo o en el extranjero, e incluso cuando se haya constituido durante el denominado periodo sospechoso.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-a1aff50 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a1aff50\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-83465c5 \" data-id=\"83465c5\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-00ba969 elementor-widget elementor-widget-text-editor\" data-id=\"00ba969\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Una caracter\u00edstica clave es que <strong>la ejecuci\u00f3n no se limita necesariamente a situaciones en las que las obligaciones garantizadas sean exigibles y est\u00e9n vencidas.<\/strong> Esto permite a los prestamistas reaccionar ante una gama m\u00e1s amplia de supuestos desencadenantes, incluidos incumplimientos contractuales o de covenants, mucho antes de que se produzca un impago total. En comparaci\u00f3n con reg\u00edmenes de ejecuci\u00f3n m\u00e1s r\u00edgidos en otras jurisdicciones europeas, la Collateral Law ofrece un alto nivel de previsibilidad y eficacia. <\/p><p style=\"font-weight: 400;\">Adem\u00e1s, la ejecuci\u00f3n de garant\u00edas regidas por la Collateral Law ha resistido de forma consistente los desaf\u00edos ante los tribunales luxemburgueses, que han confirmado reiteradamente la eficacia de estas garant\u00edas y de sus mecanismos de ejecuci\u00f3n.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-f69622c \" data-id=\"f69622c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-beb0c82 elementor-widget elementor-widget-image\" data-id=\"beb0c82\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"574\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-1024x574.jpeg\" class=\"attachment-large size-large wp-image-18986\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-1024x574.jpeg 1024w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-768x430.jpeg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-cc347fa elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cc347fa\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b0c532 \" data-id=\"5b0c532\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eae3126 elementor-widget elementor-widget-text-editor\" data-id=\"eae3126\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5>Control sin ejecuci\u00f3n inmediata \u201cdura\u201d<\/h5><p style=\"font-weight: 400;\">Uno de los aspectos m\u00e1s distintivos de las estructuras Double Luxco es la capacidad de los prestamistas para ejercer un control significativo sobre la estructura y, de forma indirecta, sobre el activo subyacente, sin tener que ejecutar inmediatamente la pignoraci\u00f3n de acciones. Esto es especialmente relevante cuando se trata de estructuras de inversi\u00f3n m\u00e1s arriesgadas o de situaciones de financiaci\u00f3n (pre)en dificultades. <\/p><p style=\"font-weight: 400;\">La pr\u00e1ctica de mercado suele incluir disposiciones que permiten a los prestamistas ejercer los derechos de voto asociados a las acciones de Bottom LuxCo cuando se producen determinados supuestos desencadenantes acordados. Estos derechos pueden incluir, por ejemplo, la destituci\u00f3n y el nombramiento de consejeros a nivel de Bottom LuxCo. Tales mecanismos permiten a los prestamistas estabilizar la gobernanza, proteger el valor del activo y evitar actuaciones perjudiciales, manteniendo al mismo tiempo la opci\u00f3n de apropiaci\u00f3n de las acciones como \u00faltimo recurso.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-016018d elementor-widget elementor-widget-text-editor\" data-id=\"016018d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote><h5>\u00abUno de los aspectos m\u00e1s distintivos de las estructuras Double Luxco es la capacidad de los prestamistas para ejercer un control significativo sobre la estructura y, de forma indirecta, sobre el activo subyacente, sin tener que ejecutar inmediatamente la pignoraci\u00f3n de acciones.\u00bb<\/h5><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4db5b43 elementor-widget elementor-widget-text-editor\" data-id=\"4db5b43\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>La protecci\u00f3n del COMI constituye otro objetivo clave<\/strong><em>.<\/em> La estructura, junto con el marco contractual, est\u00e1 dise\u00f1ada para impedir un traslado hostil u oportunista del COMI de Bottom LuxCo fuera de Luxemburgo, lo que podr\u00eda exponer la estructura a procedimientos de insolvencia extranjeros menos eficientes y socavar o retrasar el resultado esperado de la ejecuci\u00f3n. Para ello, a menudo se utilizan t\u00e9cnicas de localizaci\u00f3n de activos que garantizan que las acciones pignoradas permanezcan claramente situadas en Luxemburgo, reforzando as\u00ed la protecci\u00f3n jur\u00eddica y favoreciendo su reconocimiento conforme a las normas europeas de insolvencia. <\/p><p style=\"font-weight: 400;\">Si finalmente resulta necesaria una ejecuci\u00f3n \u201cdura\u201d, l<strong>a pignoraci\u00f3n de acciones regida por el derecho luxemburgu\u00e9s proporciona un mecanismo claro y eficaz<\/strong>, que permite a los prestamistas apropiarse de las acciones de Bottom LuxCo o disponer de ellas en el marco de la Collateral Law, sin intervenci\u00f3n judicial.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e657e9 elementor-widget elementor-widget-text-editor\" data-id=\"7e657e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5>Protecci\u00f3n del prestamista en situaciones de ejecuci\u00f3n y dificultades financieras<\/h5><p style=\"font-weight: 400;\">M\u00e1s all\u00e1 de sus ventajas en materia de estructuraci\u00f3n y gobernanza, <strong>una estructura Double LuxCo tambi\u00e9n funciona como herramienta de mitigaci\u00f3n de riesgos en situaciones de tensi\u00f3n financiera<\/strong>. Cuando el activo subyacente se encuentra en Espa\u00f1a, los procedimientos locales de insolvencia o reestructuraci\u00f3n pueden retrasar o complicar la ejecuci\u00f3n a nivel del activo. En este contexto, la pignoraci\u00f3n de acciones a nivel de Top LuxCo ofrece una v\u00eda de ejecuci\u00f3n regida por el derecho luxemburgu\u00e9s, en gran medida aislada de las limitaciones procedimentales locales o extranjeras. <\/p><p style=\"font-weight: 400;\">Esta previsibilidad es especialmente relevante en refinanciaciones y transacciones en las que intervienen prestamistas alternativos o entidades de cr\u00e9dito medianas no reguladas, que suelen dar mucha importancia a la capacidad de actuar con rapidez si el rendimiento se deteriora. La misma l\u00f3gica se aplica a la financiaci\u00f3n de activos en dificultades o en transici\u00f3n, en los que los prestamistas buscan la tranquilidad de que su garant\u00eda seguir\u00e1 siendo s\u00f3lida incluso si el perfil financiero u operativo del activo cambia r\u00e1pidamente. En estos escenarios, la combinaci\u00f3n de derechos de gobernanza, mecanismos de ejecuci\u00f3n flexibles y un marco jur\u00eddico fiable refuerza el poder de negociaci\u00f3n, favorece la intervenci\u00f3n temprana y, cuando es necesario, permite asumir de forma ordenada el control de la cadena de tenencia de activos.  <\/p><p style=\"font-weight: 400;\">Por \u00faltimo, cuando se estructura e implementa adecuadamente, <strong>una estructura Double LuxCo no genera consecuencias fiscales adversas.<\/strong><br><\/p><h5>Conclusi\u00f3n: vigencia perdurable<\/h5><p style=\"font-weight: 400;\">Las estructuras Double LuxCo no son una tendencia pasajera. <strong>Siguen siendo una soluci\u00f3n consolidada y resiliente para estructurar financiaciones respaldadas por activos tangibles, especialmente en contextos transfronterizos que involucran a Espa\u00f1a, as\u00ed como a otras jurisdicciones europeas.<\/strong> Su relevancia continua se debe en gran medida a la Collateral Law, que ofrece una combinaci\u00f3n de flexibilidad, capacidad de ejecuci\u00f3n y protecci\u00f3n frente a interrupciones derivadas de procedimientos de insolvencia.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-5ebeebf7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5ebeebf7\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7e2df2c4 \" data-id=\"7e2df2c4\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-75bd40ac elementor-widget elementor-widget-spacer\" data-id=\"75bd40ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ba6f86d elementor-widget elementor-widget-heading\" data-id=\"7ba6f86d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Autores<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-5d40e061 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5d40e061\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-11dca03c \" data-id=\"11dca03c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5365a5a elementor-widget elementor-widget-image\" data-id=\"5365a5a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ArnaudBarchmanWuytiersvanVliet3.jpg\" class=\"attachment-large size-large wp-image-19007\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd2ad97 elementor-widget elementor-widget-spacer\" data-id=\"dd2ad97\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13f6f24 elementor-widget elementor-widget-heading\" data-id=\"13f6f24\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Arnaud Barchman Wuytiers van Vliet<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01e962e elementor-widget elementor-widget-spacer\" data-id=\"01e962e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e341bd8 elementor-widget elementor-widget-heading\" data-id=\"e341bd8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Partner<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf5d7a5 elementor-widget elementor-widget-heading\" data-id=\"cf5d7a5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">AKD<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-06ee9e4 elementor-hidden-tablet \" data-id=\"06ee9e4\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-46a1c04 elementor-widget elementor-widget-image\" data-id=\"46a1c04\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/iordanisarvanitidis3.jpg\" class=\"attachment-large size-large wp-image-19008\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49645c2 elementor-widget elementor-widget-spacer\" data-id=\"49645c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ce9ffd elementor-widget elementor-widget-heading\" data-id=\"5ce9ffd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Iordanis Arvanitidis<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-484f36c elementor-widget elementor-widget-spacer\" data-id=\"484f36c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc8fb0e elementor-widget elementor-widget-heading\" data-id=\"fc8fb0e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Associate<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1d761ac elementor-widget elementor-widget-heading\" data-id=\"1d761ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">AKD<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-1a7dbdb3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1a7dbdb3\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-12009049 \" data-id=\"12009049\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3892cb7f elementor-widget elementor-widget-spacer\" data-id=\"3892cb7f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42ea78f7 elementor-widget elementor-widget-shortcode\" data-id=\"42ea78f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><div class=\"sharethis-inline-share-buttons\"><\/div><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d03730e elementor-widget elementor-widget-spacer\" data-id=\"7d03730e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5049afac elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5049afac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\" elementor-section elementor-inner-section elementor-element elementor-element-26e2d7c0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"26e2d7c0\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2b9db789 \" data-id=\"2b9db789\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-48b70216 elementor-widget elementor-widget-wp-widget-tag_cloud\" data-id=\"48b70216\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"wp-widget-tag_cloud.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"widget widget_tag_cloud widget-collapsible\"><h3 class=\"widget-title\">Buscar publicaciones por tem\u00e1ticas<\/h3><div class=\"tagcloud\"><a href=\"https:\/\/sff-camara.com\/es\/temticas\/activos-digitales\/\" class=\"tag-cloud-link tag-link-302 tag-link-position-1\" style=\"font-size: 11.559322033898pt;\" aria-label=\"Activos Digitales (3 elementos)\">Activos Digitales<span class=\"tag-link-count\"> (3)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/alternative-investment-es\/\" class=\"tag-cloud-link tag-link-291 tag-link-position-2\" style=\"font-size: 21.050847457627pt;\" aria-label=\"Alternative Investment (24 elementos)\">Alternative Investment<span class=\"tag-link-count\"> (24)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/aml-es\/\" class=\"tag-cloud-link tag-link-266 tag-link-position-3\" style=\"font-size: 8pt;\" aria-label=\"AML (1 elemento)\">AML<span class=\"tag-link-count\"> (1)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/arte\/\" class=\"tag-cloud-link tag-link-247 tag-link-position-4\" style=\"font-size: 8pt;\" aria-label=\"Arte (1 elemento)\">Arte<span class=\"tag-link-count\"> (1)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/asesoramiento\/\" class=\"tag-cloud-link tag-link-211 tag-link-position-5\" style=\"font-size: 15.118644067797pt;\" aria-label=\"Asesoramiento (7 elementos)\">Asesoramiento<span class=\"tag-link-count\"> (7)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/asset-management-es\/\" class=\"tag-cloud-link tag-link-213 tag-link-position-6\" style=\"font-size: 22pt;\" aria-label=\"Asset Management (29 elementos)\">Asset Management<span class=\"tag-link-count\"> (29)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/banca-digital\/\" class=\"tag-cloud-link tag-link-164 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href=\"https:\/\/sff-camara.com\/es\/temticas\/tic\/\" class=\"tag-cloud-link tag-link-267 tag-link-position-36\" style=\"font-size: 8pt;\" aria-label=\"TIC (1 elemento)\">TIC<span class=\"tag-link-count\"> (1)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/ue\/\" class=\"tag-cloud-link tag-link-222 tag-link-position-37\" style=\"font-size: 14.525423728814pt;\" aria-label=\"UE (6 elementos)\">UE<span class=\"tag-link-count\"> (6)<\/span><\/a><\/div>\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7ef6ee0c \" data-id=\"7ef6ee0c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-58b52e5e elementor-widget elementor-widget-sidebar\" data-id=\"58b52e5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"sidebar.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<nav id=\"categories-2\" class=\"widget widget_categories\"><h3 class=\"widget-title\">Buscar por ediciones del SFF Magazine<\/h3><form action=\"https:\/\/sff-camara.com\/es\/\" method=\"get\"><label class=\"screen-reader-text\" for=\"cat\">Buscar por ediciones del SFF Magazine<\/label><select  name='cat' aria-label='Categories to search' id='cat' class='postform'>\n\t<option value='-1'>Elegir la categor\u00eda<\/option>\n\t<option class=\"level-0\" value=\"124\">Noticias&nbsp;&nbsp;(44)<\/option>\n\t<option class=\"level-0\" value=\"159\">SFF Magazine Abril 2021&nbsp;&nbsp;(12)<\/option>\n\t<option class=\"level-0\" value=\"174\">SFF Magazine Abril 2022&nbsp;&nbsp;(8)<\/option>\n\t<option class=\"level-0\" value=\"239\">SFF Magazine Diciembre 2023&nbsp;&nbsp;(8)<\/option>\n\t<option class=\"level-0\" value=\"289\">SFF Magazine Diciembre 2024&nbsp;&nbsp;(12)<\/option>\n\t<option class=\"level-0\" value=\"307\">SFF Magazine Diciembre 2025&nbsp;&nbsp;(6)<\/option>\n\t<option class=\"level-0\" value=\"168\">SFF Magazine Julio 2021&nbsp;&nbsp;(13)<\/option>\n\t<option class=\"level-0\" value=\"177\">SFF Magazine Julio 2022&nbsp;&nbsp;(10)<\/option>\n\t<option class=\"level-0\" value=\"215\">SFF Magazine Junio 2023&nbsp;&nbsp;(7)<\/option>\n\t<option class=\"level-0\" value=\"273\">SFF Magazine Junio 2024&nbsp;&nbsp;(10)<\/option>\n\t<option class=\"level-0\" value=\"296\">SFF Magazine Junio 2025&nbsp;&nbsp;(11)<\/option>\n\t<option class=\"level-0\" value=\"205\">SFF Magazine Marzo 2023&nbsp;&nbsp;(9)<\/option>\n\t<option class=\"level-0\" value=\"257\">SFF Magazine Marzo 2024&nbsp;&nbsp;(13)<\/option>\n\t<option class=\"level-0\" value=\"293\">SFF Magazine Marzo 2025&nbsp;&nbsp;(10)<\/option>\n\t<option class=\"level-0\" value=\"336\">SFF Magazine Marzo 2026&nbsp;&nbsp;(13)<\/option>\n\t<option class=\"level-0\" value=\"171\">SFF Magazine Octubre 2021&nbsp;&nbsp;(11)<\/option>\n\t<option class=\"level-0\" value=\"165\">SFF Magazine Octubre 2022&nbsp;&nbsp;(10)<\/option>\n\t<option class=\"level-0\" value=\"230\">SFF Magazine Septiembre 2023&nbsp;&nbsp;(8)<\/option>\n\t<option class=\"level-0\" value=\"282\">SFF Magazine Septiembre 2024&nbsp;&nbsp;(9)<\/option>\n\t<option class=\"level-0\" value=\"299\">SFF Magazine Septiembre 2025&nbsp;&nbsp;(8)<\/option>\n\t<option class=\"level-0\" value=\"53\">Sin categorizar&nbsp;&nbsp;(8)<\/option>\n<\/select>\n<\/form><script>\n( ( dropdownId ) => {\n\tconst dropdown = document.getElementById( dropdownId );\n\tfunction onSelectChange() {\n\t\tsetTimeout( () => {\n\t\t\tif ( 'escape' === dropdown.dataset.lastkey ) {\n\t\t\t\treturn;\n\t\t\t}\n\t\t\tif ( dropdown.value && parseInt( dropdown.value ) > 0 && dropdown instanceof HTMLSelectElement ) 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relacionadas<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5831fc58 elementor-widget elementor-widget-text-editor\" data-id=\"5831fc58\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/categoria\/sff-magazine-marzo-2026\/\" rel=\"tag\">SFF Magazine Marzo 2026<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79ec54f3 elementor-widget elementor-widget-spacer\" data-id=\"79ec54f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46b169be elementor-widget elementor-widget-udesign_widget_posts elementor-widget-theme-post-content\" data-id=\"46b169be\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"udesign_widget_posts.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"posts  row cols-lg-3 cols-md-2 cols-sm-2 cols-1 cols-xl-3 slider-wrapper posts row cols-lg-3 cols-md-2 cols-sm-2 cols-1 cols-xl-3\" data-slider-options=\"{&quot;spaceBetween&quot;:30,&quot;loop&quot;:true,&quot;autoplay&quot;:{&quot;delay&quot;:5000,&quot;disableOnInteraction&quot;:false},&quot;effect&quot;:&quot;slide&quot;,&quot;slidesPerView&quot;:3,&quot;breakpoints&quot;:{&quot;2401&quot;:{&quot;slidesPerView&quot;:3},&quot;1440&quot;:{&quot;slidesPerView&quot;:3},&quot;1200&quot;:{&quot;slidesPerView&quot;:3},&quot;992&quot;:{&quot;slidesPerView&quot;:3},&quot;768&quot;:{&quot;slidesPerView&quot;:2},&quot;576&quot;:{&quot;slidesPerView&quot;:2},&quot;0&quot;:{&quot;slidesPerView&quot;:1}},&quot;statusClass&quot;:&quot;slider-dots-default&quot;}\" data-post-type=\"modern\">\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-18830 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-consejero-independiente tag-gobernanza post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/redefiniendo-la-supervision-el-consejero-independiente-como-ventaja-estrategica-de-luxemburgo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Montclare-Capital-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Montclare-Capital-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Montclare-Capital-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Montclare-Capital-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/redefiniendo-la-supervision-el-consejero-independiente-como-ventaja-estrategica-de-luxemburgo\/\">\r\n\t\tRedefiniendo la supervisi\u00f3n: el consejero independiente como ventaja estrat\u00e9gica de Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/redefiniendo-la-supervision-el-consejero-independiente-como-ventaja-estrategica-de-luxemburgo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-18859 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-seguros tag-tax-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/meet-the-team-certa-insurance\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Certa-Insurance-Meet-the-Team-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Certa-Insurance-Meet-the-Team-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Certa-Insurance-Meet-the-Team-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Certa-Insurance-Meet-the-Team-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/meet-the-team-certa-insurance\/\">\r\n\t\tMEET THE TEAM &#8211; CERTA Insurance\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/meet-the-team-certa-insurance\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-18901 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-alternative-investment-es tag-real-estate post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/fondos-inmobiliarios-en-2026-navegando-un-mercado-entre-la-recuperacion-y-la-complejidad\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Arendt-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Arendt-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Arendt-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Arendt-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t<figcaption class=\"thumbnail-caption\">\r\n\t\t\t\t\t\t\tModel house on digital graph, representing real estate market analysis.\t\t\t\t\t\t<\/figcaption>\r\n\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/fondos-inmobiliarios-en-2026-navegando-un-mercado-entre-la-recuperacion-y-la-complejidad\/\">\r\n\t\tFondos inmobiliarios en 2026: navegando un mercado entre la recuperaci\u00f3n y la complejidad\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/fondos-inmobiliarios-en-2026-navegando-un-mercado-entre-la-recuperacion-y-la-complejidad\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-18934 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/cecabank-impulsa-su-presencia-en-luxemburgo-con-la-suma-de-nuevos-clientes-estrategicos\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Cecabank-Image-March-2026-600x420.jpg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Cecabank-Image-March-2026-600x420.jpg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Cecabank-Image-March-2026-400x280.jpg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Cecabank-Image-March-2026-570x400.jpg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/cecabank-impulsa-su-presencia-en-luxemburgo-con-la-suma-de-nuevos-clientes-estrategicos\/\">\r\n\t\tCecabank impulsa su presencia en Luxemburgo con la suma de nuevos clientes estrat\u00e9gicos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/cecabank-impulsa-su-presencia-en-luxemburgo-con-la-suma-de-nuevos-clientes-estrategicos\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-18958 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-consejero-independiente tag-gobernanza post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/consejeros-independientes-un-pilar-de-la-gobernanza-en-los-fondos-de-inversion-en-luxemburgo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Now-Partners-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Now-Partners-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Now-Partners-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Now-Partners-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t<figcaption class=\"thumbnail-caption\">\r\n\t\t\t\t\t\t\tFinancial growth chart for stock market investment trading.\t\t\t\t\t\t<\/figcaption>\r\n\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/consejeros-independientes-un-pilar-de-la-gobernanza-en-los-fondos-de-inversion-en-luxemburgo\/\">\r\n\t\tConsejeros independientes: un pilar de la gobernanza en los fondos de inversi\u00f3n en Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/consejeros-independientes-un-pilar-de-la-gobernanza-en-los-fondos-de-inversion-en-luxemburgo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-18976 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-real-estate tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/estructuras-double-luxco-en-operaciones-de-financiacion-espanolas-un-viejo-conocido-vuelve-a-cobrar-protagonismo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/estructuras-double-luxco-en-operaciones-de-financiacion-espanolas-un-viejo-conocido-vuelve-a-cobrar-protagonismo\/\">\r\n\t\tEstructuras Double LuxCo en operaciones de financiaci\u00f3n espa\u00f1olas: un viejo conocido vuelve a cobrar protagonismo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/estructuras-double-luxco-en-operaciones-de-financiacion-espanolas-un-viejo-conocido-vuelve-a-cobrar-protagonismo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-19016 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-distribucion-de-fondos post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/nuevas-normas-que-regulan-las-herramientas-de-gestion-de-liquidez-en-fondos-ucits-y-aif-abiertos\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/nuevas-normas-que-regulan-las-herramientas-de-gestion-de-liquidez-en-fondos-ucits-y-aif-abiertos\/\">\r\n\t\tNuevas normas que regulan las herramientas de gesti\u00f3n de liquidez en fondos UCITS y AIF abiertos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/nuevas-normas-que-regulan-las-herramientas-de-gestion-de-liquidez-en-fondos-ucits-y-aif-abiertos\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-19047 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-asset-management-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/entrevista-con-hector-esteban-director-de-expansion-internacional-de-mutuactivos\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ES-Entrevista-Hector-Esteban-1-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ES-Entrevista-Hector-Esteban-1-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ES-Entrevista-Hector-Esteban-1-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ES-Entrevista-Hector-Esteban-1-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/entrevista-con-hector-esteban-director-de-expansion-internacional-de-mutuactivos\/\">\r\n\t\tEntrevista con H\u00e9ctor Esteban, Director de Expansi\u00f3n Internacional de Mutuactivos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/entrevista-con-hector-esteban-director-de-expansion-internacional-de-mutuactivos\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-19183 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-distribucion-de-fondos post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/evaluacion-de-las-stablecoins-metodologias-riesgos-e-implicaciones-para-la-industria-europea-de-fondos\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t<figcaption class=\"thumbnail-caption\">\r\n\t\t\t\t\t\t\tStable Coin. Stablecoins Cryptocurrencies Stable Market Price Value Coin Currency.\t\t\t\t\t\t<\/figcaption>\r\n\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/evaluacion-de-las-stablecoins-metodologias-riesgos-e-implicaciones-para-la-industria-europea-de-fondos\/\">\r\n\t\tEvaluaci\u00f3n de las stablecoins: metodolog\u00edas, riesgos e implicaciones para la industria europea de fondos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/evaluacion-de-las-stablecoins-metodologias-riesgos-e-implicaciones-para-la-industria-europea-de-fondos\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-19213 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-diversidad post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/women-who-inspire-finance-daniela-abreu\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Women-who-inspire-Finance-Daniela-Abreu-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Women-who-inspire-Finance-Daniela-Abreu-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Women-who-inspire-Finance-Daniela-Abreu-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Women-who-inspire-Finance-Daniela-Abreu-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/women-who-inspire-finance-daniela-abreu\/\">\r\n\t\tWomen who inspire: Finance &#8211; Daniela Abreu\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/women-who-inspire-finance-daniela-abreu\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-19227 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/conozca-a-los-nuevos-miembros-del-spanish-financial-forum-marzo-2026\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/06\/Entrevistas-breves-SFF-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/06\/Entrevistas-breves-SFF-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/06\/Entrevistas-breves-SFF-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/06\/Entrevistas-breves-SFF-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/conozca-a-los-nuevos-miembros-del-spanish-financial-forum-marzo-2026\/\">\r\n\t\tConozca a los nuevos miembros del Spanish Financial Forum \u2013 Marzo 2026\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/conozca-a-los-nuevos-miembros-del-spanish-financial-forum-marzo-2026\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-19296 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-tax-es tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/luxemburgo-y-la-carrera-por-el-talento-carried-interest-e-impatriates\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Van-Campen-Liem-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Van-Campen-Liem-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Van-Campen-Liem-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Van-Campen-Liem-Image-March-2026-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/03\/17\/\">marzo 17, 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/luxemburgo-y-la-carrera-por-el-talento-carried-interest-e-impatriates\/\">\r\n\t\tLuxemburgo y la carrera por el talento: carried interest e impatriates\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/luxemburgo-y-la-carrera-por-el-talento-carried-interest-e-impatriates\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1457a4cf elementor-widget elementor-widget-spacer\" data-id=\"1457a4cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Introducci\u00f3n: por qu\u00e9 las estructuras Double LuxCo vuelven a ser relevantes En los \u00faltimos a\u00f1os, las estructuras de financiaci\u00f3n de adquisiciones y de activos inmobiliarios se han visto sometidas a 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