Regulatory Alerts2021-12-29
Circular 6/2021 of the Bank of Spain, of 22 December, amending Circular 4/2017 on financial information standards for credit institutions and Circular 4/2019 for credit finance establishments
The Bank of Spain issued Circular 6/2021 to update Circular 4/2017 and Circular 4/2019, aligning Spanish financial reporting rules with EU International Financial Reporting Standards (IFRS) and EBA guidelines. The regulation introduces changes to FINREP models, simplifies reporting requirements for foreign branches, updates statistical data requests for the Economic and Monetary Union, and revises credit risk coverage estimation methods. These modifications ensure convergence with international standards, avoid regulatory overlaps, and enhance the accuracy of credit risk analysis and macroeconomic forecasting.
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