Regulatory Alerts2004-01-08
Circular 5/2003, of December 19, to Approved Valuation Companies and Services, amending Circular No. 3/1998 of January 27 on Information to be Submitted to the Bank of Spain (BOE of January 8, 2004)
The Bank of Spain issued Circular 5/2003 to amend Circular 3/1998, mandating that approved valuation companies and services submit updated statistical and financial statements electronically with period-accumulated data. The regulation standardizes valuation unit definitions, requires monetary figures to be reported in thousands of euros, and establishes protocols for sharing aggregated valuation data with insurance and securities regulators. It aligns reporting requirements with the new ECO/805/2003 valuation standards, setting the initial quarterly submission deadline for the second quarter of 2004.
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