Regulatory Alerts2016-06-30
Added · Updated
Circular 6/2016 of the Bank of Spain on the Content and Format of the SME Financial Information Document and Risk Rating Methodology
The Bank of Spain issued Circular 6/2016 to mandate credit institutions and financial credit establishments to provide SMEs and self-employed workers with a standardized "SME Financial Information" document containing detailed credit history and risk ratings. This regulation implements Law 5/2015 by defining the specific content, format, and data requirements for the document, including declarations to the Risk Information Central and historical credit data. Furthermore, it establishes a standardized methodology for evaluating and assigning risk qualifications based on financial situations, qualitative variables, and behavioral variables.
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