Regulatory Alerts2020-12-04
Added · Updated
Circular 5/2020 of 25 November from the Bank of Spain on financial reporting and statement models for payment and e-money institutions, amending Circulars 6/2001 and 4/2017
Circular 5/2020 establishes the accounting regime for payment institutions, electronic money institutions, and hybrid financial credit establishments, requiring them to prepare specific public and reserved financial statements. It introduces simplified reporting requirements compared to credit institutions, mandates separate disclosure of payment and e-money activities in the notes, and sets the effective date for these rules as January 1, 2021. The circular also amends Circular 6/2001 to update currency exchange reporting models and modifies Circular 4/2017 to align with European accounting standards and clarify the treatment of non-cash dividend distributions.
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