Regulatory Alerts2012-10-05
Royal Decree 1336/2012 of 21 September amending certain royal decrees in relation to the powers of the European Supervisory Authorities
The Spanish Ministry of Economy and Competitiveness issued Royal Decree 1336/2012 to complete the transposition of EU Directive 2010/78/EU into Spanish law by mandating the Bank of Spain and the National Securities Market Commission (CNMV) to formally collaborate, exchange information, and communicate with the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority. The decree amends seven existing royal decrees governing credit cooperatives, banking creation, securities market prospectuses, financial conglomerate supervision, transparency requirements, and financial institutions' own funds to align national supervisory procedures with European supervisory frameworks. These amendments establish binding notification timelines, cross-border prospectus recognition mechanisms, joint inspection participation rights, and formalized conciliation periods to ensure coherent and efficient oversight of cross-border financial groups and prevent the recurrence of crisis-era practices.