Regulatory Alerts2020-12-04
Circular 5/2020 of 25 November from the Bank of Spain on financial reporting and statement models for payment and e-money institutions, amending Circulars 6/2001 and 4/2017
The Bank of Spain issued Circular 5/2020 to establish the specific accounting regime, public and reserved financial reporting standards, and statement models for payment institutions and e-money institutions in Spain. The regulation aligns these entities' financial reporting with the framework for credit institutions and IFRS as adopted by the EU, while introducing a simplified, proportionate set of disclosure requirements that reflect the lower scale and complexity of their activities. It also amends Circulars 6/2001 and 4/2017 to update foreign exchange reporting rules and clarify accounting treatments for non-performing loans and in-kind dividends, with full application mandated from 1 January 2021.
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