Regulatory Alerts2021-12-01
Circular 4/2021 of the Bank of Spain on reserved market conduct, transparency and client protection reporting models and complaint registers
The Bank of Spain issued Circular 4/2021 to establish mandatory reserved reporting models on market conduct, transparency, and client protection for a wide range of supervised financial entities, including credit institutions, payment institutions, and mortgage lenders. The regulation defines specific accounting criteria, balance segmentation by holder type, and submission deadlines for semi-annual statements, while also requiring entities to maintain a complaint register with minimum predefined content available to the supervisor. The circular introduces a simplified regime for smaller entities to ensure proportionality and will enter into force 20 days after publication, with the first reports due in March 2023 covering the second half of 2022.