Regulatory Alerts2009-12-18
Circular 2/2009 of the Bank of Spain, of December 18, to Approved Valuation Companies and Services, Modifying Circular 3/1998 on Information Reporting
The Bank of Spain issued Circular 2/2009 to modify Circular 3/1998, requiring approved valuation companies and services to update their accounting formats to align with the 2007 General Accounting Plan and standardize shareholder information reporting. The regulation mandates that all information submissions be made electronically with electronic signatures, replacing previous paper-based procedures to enhance supervisory efficiency and data uniformity. It establishes specific deadlines for submitting balance sheets, profit and loss accounts, and shareholder participation data, with a transitional provision requiring telematic submissions by July 16, 2010.
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