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 the regulatory framework for banking advertising, extending its scope to include real estate lenders and intermediaries while adapting rules to digital media. The circular mandates stricter internal controls, standardized record-keeping, and specific content requirements to ensure advertising is clear, objective, and non-misleading. It establishes a dual approach combining preventive internal governance with corrective supervisory powers to enforce compliance and protect consumers.
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