Last September, the Spanish Government sent to the Parliament a bill (the Bill) to reform the current Spanish Arbitration Act (Ley 60/2003, de 23 de diciembre, de Arbitraje), which is now being discussed in Congress. The Bill improves different aspects of the existing regulation, mainly those concerning the action to set aside the award, arbitrators’ liability, arbitration of corporate disputes and the effect of insolvency proceedings on arbitration agreements. However, the possible suppression of dissenting opinions prejudices arbitration and the regulation on challenge of judicial jurisdiction favors frivolous attempts to avoid abiding by arbitration agreements. respective Additionally, the proposed assignment of functions among judicial bodies in arbitration issues lacks coherence and does not create a long-demanded unification appeal on arbitration matters. While this article welcomes some of the intended modifications, it raises concerns that Spain might be losing a unique opportunity to adopt a modern regulation that would advance its chances of becoming a prime international arbitration seat.