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Natalia López Condado


Natalia is Counsel of the Financial Regulation & Investment Funds practice within the Finance, Projects and Restructuring group at DLA Piper Madrid office.

With over twenty-five years of professional experience, she has experience with regulatory issues affecting the Asset Management sector and the Private Banking sector in Spain.

Natalia has broad experience in regulatory issues affecting the asset management industry: ELTIF, UCITS, AIFMD, PRIIPs, Cross Border Fund Distribution Directive, incorporation of investment funds and fund managers, master-feeder structures, pre-marketing of funds, as well as regulatory support for M&A transactions.

In the private banking sector in Spain, she advises on business models to be implemented by Spanish and foreign financial institutions, authorization processes before the Bank of Spain and the CNMV, MiFID II policies, marketing of financial products, personalized recommendations, advertising, portfolio management, rules of conduct, CRD IV

Additionally, she has experience in crypto-assets, anti-money laundering regulation and ESG.


  • Advising different financial institutions in the relocation of their private banking business after Brexit and the opening of Spanish branches of credit entities and investment firms.
  • Advising financial institutions on the authorisation process before the CNMV/Banco de España for the provision of financial services (banking, payment and investment services) whether they are by means of a branch or without a permanent establishment.
  • Advising financial institutions on general legal principles under Spanish law: lending, deposit taking, dual-hatting, reverse solicitation, intermediation, etc.
  • Advising a financial institution on the process of setting up an execution hub in Luxembourg.
  • Advising a Spanish bank on the analysis of the different vehicles available to invest in the European real estate sector.
  • Advising financial entities on their incorporation of international master-feeder structures in Spain and Luxembourg/Ireland.
  • Advising several management companies on the impact of AIFMD and the Directive of Cross-Border Distribution of Collective Investment Undertakings in their business in Spain.
  • Advising a Spanish SGIIC on the implementation of a platform to distribute its funds in Portugal.
  • Advising several foreign entities on the marketing of their funds (UCITS and FIA) in Spain and the proceeding to acquire a cross-border passport.
  • Advising financial institutions in the implementation of MiFID II into their business in Spain; Drafting of terms and conditions for private clients; Drafting of MiFID II policies;• Advising on the fee model applicable.
  • Spanish
  • English
  • 1997 - 1998 University of Chicago, Chicago Law School, Illinois, LL.M.
  • 1995 - 1996 Universidad Autónoma de Madrid- Law School- 2 year Ph.D.
  • 1994 - 1995 Georgetown University, Law School- 1 year Ph.D.

    989 - 1994 Universidad Autónoma de Madrid. Law Degree

    Utrecht University, Law School, Netherlands - Erasmus Program

Prior Experience

  • May 2022 – present- DLA Piper Spain – Counsel, Head of the Financial Regulation & Investment Funds practice
  • January 2010 – April 2022 – International law firm – Counsel, Head of the Asset Management & Private Banking area
  • 2002 - 2010 – International law firm – Senior Lawyer, Asset Management & Private Banking
  • 1998 - 2002 – International law firm – Junior Lawyer, Capital Markets

Memberships And Affiliations

  • Member of the Madrid Bar Association.
  • DLA Piper's representative at the Association of Collective Investment Institutions and Pension Funds (INVERCO).
  • Member of the Spanish Compliance Association (ASCOM).