Regulatory Alerts2016-11-29
Circular 7/2016 of the Bank of Spain on Accounting Specifics for Banking Foundations and Amendments to Circulars 4/2004 and 1/2013
The Bank of Spain issued Circular 7/2016 to establish specific accounting rules for banking foundations, adapting financial reporting to their unique nature and obligations regarding credit entity participations. The regulation mandates the identification of reserve funds in internal accounting, requires detailed disclosures in financial notes regarding management protocols and financial plans, and specifies the submission of reserved and public financial statements. Additionally, it amends Circular 4/2004 to align with EU FINREP definitions and Circular 1/2013 to update risk information and restructured loan reporting.
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