Regulatory Alerts2001-10-29
Circular 6/2001 of the Bank of Spain: Holders of Currency Exchange Establishments
The Bank of Spain issues Circular 6/2001 to establish the authorization procedures, reporting obligations, and operational standards for holders of currency exchange establishments and their agents. The regulation mandates specific transparency measures, including the public display of exchange rates and commissions, and requires the maintenance of daily transaction records for six years. It further defines capitalization requirements, notification timelines for changes in ownership or premises, and the submission of quarterly or annual financial summaries based on transaction thresholds.
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