Regulatory Alerts2023-11-14
Circular 3/2023 of the Bank of Spain modifying Circular 2/2016 on supervision and solvency and Circular 1/2022 on liquidity and prudential rules
The Bank of Spain issued Circular 3/2023 to align Spanish regulatory frameworks with EU directives by updating reporting obligations for remuneration and gender pay gaps for credit institutions and financial credit establishments. The circular introduces new reporting templates and modifies authorization criteria for non-EU entities providing services in Spain without a branch. These changes ensure compliance with European Banking Authority guidelines and enhance supervisory oversight of compensation practices.
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