Regulatory Alerts2018-07-03
Circular 3/2018 of the National Securities Market Commission on Periodic Information of Issuers with Securities Admitted to Trading on Regulated Markets Regarding Semi-Annual Financial Reports, Interim Management Statements, and Quarterly Financial Reports
The Spanish National Securities Market Commission (CNMV) issued Circular 3/2018 to adapt the content of semi-annual financial reports, interim management statements, and quarterly financial reports to new international accounting standards, specifically IFRS 9 and IFRS 15. This regulation replaces Circular 1/2008 and its subsequent modifications to ensure internal coherence and align with changes in national accounting rules for credit institutions and insurance entities. It establishes updated submission deadlines, extending the first semi-annual report deadline to three months, and simplifies specific disclosure requirements such as segment information and related party transactions.
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