Regulatory Alerts2015-11-17
Circular 6/2015 of the Bank of Spain on Remuneration and Corporate Governance Reports for Savings Banks and Obligations of Banking Foundations
The Bank of Spain issued Circular 6/2015 to regulate corporate governance and remuneration reporting for savings banks that do not list securities, adapting CNMV models to the non-listed context. The circular establishes detailed requirements for banking foundations holding significant stakes in credit institutions, mandating the submission of a management protocol and a comprehensive financial plan for regulatory approval. It further defines the composition, valuation, and usage of reserve funds and diversification plans required for foundations with controlling interests or those exceeding specific participation thresholds.
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