Regulatory Alerts2013-05-06
Order ECC/747/2013 of 25 April modifying Order ECO/697/2004 on the Risk Information Central
The Spanish Ministry of Economy and Competitiveness issued Order ECC/747/2013 to amend the regulatory framework of the Risk Information Central (CIR) managed by the Bank of Spain. The modification requires reporting entities to declare operation amounts in euro units rather than thousands, introduces variable declaration thresholds based on the sector of activity, and aligns the definition of overdue risks with the EU standard of 90 days instead of three months. These changes aim to enhance the quality and quantity of data in the CIR registry while maintaining confidentiality regarding the identities of reporting entities in information reports.
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