Regulatory Alerts2007-01-26
Circular 1/2007 of the Bank of Spain on Information to be Provided by the Spanish Payment Systems Society and Approval of Its Regulations
The Bank of Spain issues this circular to authorize the statutes and basic operating rules of the Spanish Payment Systems Society (SESP) while establishing ongoing reporting obligations for the entity. It mandates the submission of annual accounts, external audit reports, governance details, and incident notifications, and grants the regulator authority to set transaction limits and request additional operational data. The circular also repeals numerous previous circulars governing the National Electronic Clearing System, ensuring their expiration coincides with the entry into force of the new regulatory framework.
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