Regulatory Alerts2020-06-16
Circular 2/2020 of the Bank of Spain modifying Circular 4/2017 on financial information standards and financial statement models for credit institutions
The Bank of Spain issued Circular 2/2020 to amend Circular 4/2017, aligning Spanish credit institutions' financial reporting and supervisory data requirements with updated international standards and EU regulations. The revision simplifies the definition of a 'business' for accounting purposes, updates disclosure rules for transparency, and modifies specific financial statement formats to improve data quality on doubtful exposures and real estate financing. Additionally, the circular introduces transitional provisions and technical adjustments to ensure compliance with ECB reporting deadlines and post-Brexit statistical requirements.
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