Regulatory Alerts2020-02-05
Circular 1/2020 of the Bank of Spain modifying Circular 1/2013 on the Risk Information Central
The Bank of Spain issues Circular 1/2020 to amend Circular 1/2013 regarding the Risk Information Central (CIR), primarily to align reporting requirements with Law 5/2019 on real estate credit contracts. The amendment expands the perimeter of reporting entities to include real estate lenders and credit intermediaries, while granting these intermediaries access to CIR risk reports under the same conditions as reporting entities. Additionally, the circular updates data collection modules to ensure coherence with ECB Regulation 867/2016 and clarifies procedures for data declaration, risk accumulation calculations, and the handling of guarantees.
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