Regulatory Alerts2020-07-15
Circular 4/2020 of the Bank of Spain on Advertising of Banking Products and Services
The Bank of Spain issued Circular 4/2020 to update and strengthen the regulatory framework for banking advertising, adapting it to digital media and extending its scope to include real estate lenders and credit intermediaries. The circular mandates that financial institutions implement robust internal controls, commercial communication policies, and specific advertising content standards to ensure messages are clear, objective, and non-misleading. It establishes new notification requirements for new market entrants and defines precise procedures for the cessation or rectification of non-compliant advertising by supervisory authorities.
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