Regulatory Alerts2023-11-14
Circular 3/2023 of the Bank of Spain, of 31 October, amending Circular 2/2016 on supervision and solvency and Circular 1/2022 on liquidity and prudential rules
The Bank of Spain issued Circular 3/2023 to amend Circular 2/2016 and Circular 1/2022, aligning Spanish regulations with EU Directive 2013/36/EU and implementing recent legislative reforms regarding non-EU credit institutions and remuneration reporting. The circular updates prudential reporting obligations by introducing new templates for gender pay gaps and maximum fixed-to-variable remuneration ratios, while also clarifying authorization criteria for non-EU entities operating in Spain without branches. These modifications apply to both credit institutions and financial credit establishments, ensuring alignment with European Banking Authority guidelines and enhancing supervisory oversight of compensation practices.
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