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 establishments
The Bank of Spain issued Circular 6/2021 to amend Circular 4/2017 and Circular 4/2019, aligning Spanish financial reporting rules with updated EU accounting standards (IFRS-EU) and EBA guidelines. The regulation updates FINREP models to address IBOR reform, restructured exposures, and statistical data requirements, while simplifying reporting obligations for branches of EEA credit institutions. It also introduces new alternative solutions for collective credit loss coverage estimates and mandates specific transition dates for compliance.
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