Regulatory Alerts2016-04-27
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Circular 4/2016 of the Bank of Spain, of April 27, amending Circular 4/2004 on financial information standards and Circular 1/2013 on the Risk Information Central
The Bank of Spain issued Circular 4/2016 to update the accounting framework for Spanish credit institutions, primarily by revising Annex IX of Circular 4/2004 to align with international standards and recent regulatory changes. The circular mandates stricter criteria for credit risk management, introduces a new 'under special surveillance' classification for performing loans, and requires enhanced estimation of loan loss provisions. Additionally, it amends Circular 1/2013 to adapt the Risk Information Central reporting requirements to these new accounting and classification standards.
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