Regulatory Alerts2017-03-29
Resolution of 28 March 2017 of the Bank of Spain correcting errors in Circular 7/2016
The Bank of Spain issued a resolution on 28 March 2017 to correct an error in Circular 7/2016 regarding the accounting specifics for banking foundations. The correction modifies the reporting requirements for investments in financial assets by explicitly including those held indirectly through an intermediate company, in addition to those held directly on the balance sheet. This change applies to the breakdown of investments by counterparty in the FB.3 financial statement when the aggregated book value reaches 5% of the foundation's net equity.
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