Regulatory Alerts2010-09-28
Circular 6/2010 of the Bank of Spain on Advertising of Banking Services and Products
The Bank of Spain issued Circular 6/2010 to establish the general principles, minimum content, and internal control procedures for advertising banking services and products by credit and payment entities. The regulation replaces the previous prior authorization system with a framework based on preventive criteria, internal compliance mechanisms, and the power to demand cessation or rectification of non-compliant advertising. It mandates that entities maintain detailed internal registers of campaigns and adhere to strict transparency rules regarding costs, risks, and comparative claims to ensure consumer protection.
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