How we helped
Castalia provided advisory services to Union Temporal de Empreses (UTE) that had been awarded the role of expert witness to the Kingdom of Spain. We showed that the behavior of the Kingdom of Spain constituted standard, predictable and legitimate market reform. We considered case studies of Chile, Indonesia, Brazil, the Philippines and California as benchmarks. In each of those countries, legitimate and necessary sector reforms, often carried out in order to address a systemic crisis, resulted in some changes to what sector participants believed were their entitlements stemming from regulations. We concluded that the reforms undertaken by the Kingdom of Spain, from the perspective of the legitimate expectations of investors, were in line with the principles of the original policy as well as international regulatory practice.