Regulatory Alerts2015-07-29
Circular 3/2015 of the Bank of Spain modifying Circular 1/2013 on the Credit Risk Information Centre and Circular 5/2014 on financial reporting standards
The Bank of Spain issued Circular 3/2015 to modify financial reporting and credit risk information requirements for credit institutions, addressing operational difficulties in implementing FINREP and preparing for AnaCredit. The regulation postpones, modifies, or repeals specific reporting modules and deadlines to allow for deeper analysis of technical and conceptual issues, thereby reducing compliance costs. It also establishes new submission schedules for consolidated financial data and adjusts the periodicity of certain statistical reports.
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