Regulatory Alerts1999-01-28 | D1/22Added · Updated
Circular D1/223 on the indication of exchange commissions for euro zone monetary units during the transitional period
Credit institutions must separately indicate the conversion rate fixed by the European Council and the specific exchange commission when dealing in banknotes of euro zone member states between 1 January 1999 and 31 December 2001. This requirement applies to both the price indication for banknote exchanges and the mandatory details on spot exchange transaction slips, ensuring that all other costs and provisions are listed distinctly and are not included in the quoted rate. The obligation stems from the Royal Decree of 17 December 1998, which amends previous regulations on homogeneous financial services pricing to ensure fair competition and consumer information during the transitional period.
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