License to provide rail freight and passenger transport services may be denied or its effects limited if the company applying for the license is or will be controlled, directly or indirectly, by one or more persons domiciled in a non-member state of the EU and Spanish or Community railway companies do not benefit, in the aforementioned State, from the right to effective access to the provision of the rail services.
"Article 48. Railway companies.
Railway companies are entities, holders of a railway company license, whose main activity consists of providing passenger or freight transport services by rail, under the terms established in this law. The railway companies must, in any case, provide traction. Railway companies are also considered those that exclusively provide traction.
Article 49. Railway company license.
1. The provision of the railway passenger and freight transport service may not be carried out without first obtaining the corresponding railway company license. [...]
[...]
Article 50. Requirements for obtaining the license.
1. Licenses will be obtained prior accreditation by the applicant of compliance with the following requirements:
a) Cover the form of a public limited company, in accordance with Spanish legislation. The company must have been established for an indefinite period of time and its shares must be nominative. In the event that the company is or will be controlled, directly or indirectly, by one or more persons domiciled in a non-member state of the European Union, the license may be denied or its effects limited when the Spanish or Community railway companies do not benefit, in the aforementioned State, from the right to effective access to the provision of the rail service. [...]"(Law on the railway sector (38/2015, of September 29), in force from 1 October 2015, Articles 48, 49 and 50 [google translation])
Law on the railway sector (38/2015, of September 29), last amended on 23 Septembre 2020, Articles 48, 49 and 50
[<a href="https://www.boe.es/buscar/act.php?id=BOE-A-2015-10440&tn=1&p=20200923">Law</a>]