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1999-03-24

Circular 4/1999 of the Bank of Spain, March 24. Approved Valuation Companies and Services. Modification of Circular 3/1998

The Bank of Spain issued Circular 4/1999 to modify reporting requirements for approved valuation companies and services in preparation for the euro. The regulation mandates that statistical information be expressed in euros and updates the rules for civil liability insurance policies. These changes aim to facilitate statistical processing and reflect the experience gained from previous circulars.

Spain

Banco de Espana

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Circular 4/1999, of March 24, of the Bank of Spain. Approved Valuation Companies and Services. Modification of Circular 3/1998, of January 27, regarding information to be submitted to the Bank of Spain (BOE of April 7)

Taking into account the process of our country's integration into the single currency, and with the aim of facilitating the statistical treatment of the information submitted to the Bank of Spain by valuation companies and services, it is necessary to express such information in euros.

Likewise, once the adaptation period for valuation companies under Royal Decree 775/1997 has elapsed, and in accordance with the experience acquired in the application of this Circular, the rules for controlling the civil liability policies that must cover the companies should be slightly modified.

Consequently, by virtue of the powers granted, the Bank of Spain has ordered:

SINGLE REGULATION

Letter c) of number 1 of the First Rule shall constitute a new number 4 of the same rule [with the current letter d) of said number 1 becoming the new letter c) thereof], with the following content: [ 1 ]

«4. Information on civil liability insurance policy (to be sent to the Financial Entities Inspection Office):

A complete copy of any modification in the content of the company's civil liability policy, or, in the event of its replacement, a complete copy of the new policy, including both general and special conditions, all within one month from its signing. Independently of this, the payment of the premium shall be justified periodically within the natural month following its due date.»

The amounts appearing in States I, II, III, IV, V, VI, and VIII of the Annex shall be expressed in thousands of euros, rounded.

In notes 1 and 5 of Annex IX, the respective amounts shall be expressed in euros.

[1]

Texts incorporated into the reference regulation.

ENTRY INTO FORCE

This Circular shall enter into force the day following its publication in the Official State Bulletin.