Regulatory Alerts2010-07-30
Circular 4/2010 of the Bank of Spain on Credit Institution Agents and Agreements for the Provision of Financial Services
The Bank of Spain issued Circular 4/2010 to update reporting obligations for credit institution agents and agreements with foreign entities, aligning regulations with the Securities Market Law and consolidating supervisory frameworks. The Circular mandates that Spanish credit institutions and foreign branches declare authorized agents and professional promoters within specified deadlines, while eliminating redundant periodic reporting requirements. It establishes public dissemination of agent information, requires internal controls to ensure professional competence and regulatory compliance, and repeals the previous Circular 6/2002.
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