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Hogan Lovells Announces Madrid Office Managing Partner

A partner in a law firm, accounting firm, consulting firm, or financial firm is a highly ranked position, traditionally indicating co-ownership of a partnership in which the partners were entitled to a share of the profits as “equity partners.”

Hogan Lovells announces today that José Luis Vázquez will become Madrid Office Managing Partner, effective 1 July.

José Luis will balance his new responsibilities with the leadership of the Banking & Finance practice in Madrid.

He takes over the role from Lucas Osorio, who will return full time to his practice. Lucas first took on the OMP role in 2014 and he has been instrumental in building up our Madrid office to our present position as a top 20 firm by turnover in Spain.

José María Balaña, Regional Managing Partner for the EMEA region, commented: “Spain is a critical part of our EMEA region, comprising 24 partners and more than 100 lawyers. I am delighted that José Luis Vázquez will become our next Madrid Office Managing Partner and will continue the growth and success of this office.”

José María Balaña Profile

José Luis is a partner in the Corporate & Finance practice group of Hogan Lovells’ Madrid office. He is well-established in the market and regularly advises clients in English, Spanish and Portuguese. Having participated in some of the most high-profile financial transactions in Spain, his practice focusses on structured finance, debt capital markets, energy, infrastructure, acquisition and real estate finance, insolvency, and debt restructurings.

Hogan Lovells Madrid Office

Comprising 24 partners and more than 100 lawyers, our Spanish offices had a record financial year in 2020 and saw a significant increase in activity in some of their most strategic areas, including Corporate & Finance. Our multilingual team regularly assists Spanish and international companies with high-profile cross-border transactions, including deals involving Latin America.

Our lawyers also have deep expertise in energy, infrastructure, real estate, media and technology, insurance, and life sciences.

We recently boosted our capabilities through the appointment of Gonzalo Ardila as head of the Litigation and Arbitration practice in Madrid, the promotion to partner of Inmaculada Lorenzo, and the recent hire of leading insurance practitioner Pablo Muelas García.

Pinsent Masons gets cloud guidance improved for insurers

International law firm Pinsent Masons has seen a number of its recommendations enacted following its response to EIOPA’s consultation on cloud guidance, making it easier for insurers to comply with their regulatory requirements.

The guidance, which sets to place strict regulatory demands on insurers in respect of both the contents of their contracts with cloud providers and their governance of those contracts, has been under review since June 2019, with the final guidelines now being issued.

In its response to the consultation, the firm raised a number of concerns about both the wording of and rationale for some areas of EIOPA’s draft guidance. Those concerns addressed fundamental matters such as the scope of the guidance and potentially confusing concepts and terminology. They also focused on the requirements around the content of insurers’ cloud contracts, their exit planning, the extent of information that insurers would have to document about their contractual requirements, and the location of data in the cloud.

Pinsent Masons’ recommendations have led to the re-drafting of certain definitions, the removal of unclear language and greater clarity and alignment with the European Banking Authority (EBA).

Some of the changes included the removal of references to ‘material outsourcing’ to describe the concept of a ‘critical or important operational function’. EIOPA also agreed to drop plans that require insurers to assume that their purchase of goods or services from, or entry into arrangements with, cloud providers constitute outsourcing arrangements that are subject to its guidance in cases where the matter is unclear. They also deleted wording around having ‘directly measurable’ service levels specified in contracts after the firm said it was it was unclear how insurers could comply with that obligation.

Commenting on the guidelines, head of Fintech propositions at Pinsent Masons, Luke Scanlon said: “When regulators bring out guidance and impose rules which vary slightly from other requirements for regulated entities, this can lead to unintended consequences and cost for financial institutions. Ultimately, this cost is borne by the customer and therefore it is positive to see that EIOPA has taken the views of the sector into account and made some adjustments to its final guidance.

“In our response to the consultation we put forward the views of our clients impacted by this guidance to ensure that the final guidelines are fit for purpose. This is particularly important following recent data from the Bank of England which shows that insurers are falling behind with regards to the adoption of cloud based technology in comparison to banks. We hope that these changes will now facilitate far greater adoption across the sector.”

All new cloud outsourcing arrangements entered into or amended on or after 1 January 2021 will be subject to the guidelines, while insurers will have until the end of 2022 to bring cloud outsourcing contracts entered into prior to that date into line with the new requirements.