Regulatory Alerts2012-12-21
Circular 8/2012 of 21 December from the Bank of Spain on Databases of Assets Transferable to Companies under Chapter II of Law 8/2012 on Financial Sector Real Estate Assets
The Bank of Spain issued Circular 8/2012 to mandate that credit institutions establish standardized databases containing all necessary information for assets transferred to real estate asset management companies under Law 8/2012. The regulation requires these databases to be structured according to asset nature, compatible with the technological systems of the receiving companies, and adaptable when specific asset types fall outside the prescribed annex contents, subject to prior Bank of Spain approval. Additionally, multiple institutions contributing to the same management company must coordinate their technological formats to prevent fragmentation, with the rules taking effect the day after publication in the Official State Gazette.
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