Regulatory Alerts2013-05-24
Circular 1/2013 of the Bank of Spain on the Risk Information Centre and amending Circular 4/2004 on financial information standards
The Bank of Spain issued Circular 1/2013 to overhaul the Risk Information Centre (CIR) by mandating granular, euro-denominated, operation-by-operation risk reporting to enhance macroprudential supervision and financial stability. The regulation introduces detailed data requirements for borrowers, collateral, and restructured loans while establishing proportional thresholds to reduce administrative burdens for smaller entities and non-supervised lenders. Additionally, it amends Circular 4/2004 to require new financial statements for derivatives and equity instruments and harmonizes reporting with balance of payments statistics.
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