Monetary Circular 1/1995 of February 28 by the Bank of Spain: Advertising Use of Banknotes or Coins or Their Reproductions

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Monetary Circular No. 1/1995, of February 28, by the Bank of Spain. Advertising use of banknotes or coins or their reproductions (BOE of March 10) [1]

[1]

Note that Article 15 of the Autonomy Law has been newly redacted by Law 8/2012, of October 30, additional provision fifth.

The security of fiduciary traffic has been the constant that has inspired the various regulatory norms that, throughout this century, have addressed the possible advertising use of legal tender banknotes or coins.

From the simple prohibition of such use, established by the Royal Order of August 20, 1927, to its submission to the prior authorization of the Bank of Spain, by Ministerial Order of June 30, 1965, that objective has been, precisely, the guiding thread of said regulation.

The generalization of advertising activity in our society, along with the rapid evolution, diversification, and improvement of the technical means it employs, nonetheless demanded an improvement in the legal treatment of the advertising use of banknotes or coins, providing precise content to the authorization of the Bank of Spain and subjecting its non-compliance to the corresponding administrative sanction.

These purposes have been fully addressed by the recent Law 13/1994, of June 1, on the Autonomy of the Bank of Spain, whose Article 15.5 subjects the advertising use of banknotes or coins, or their reproductions, to the authorization of the Bank of Spain, under the terms and with the requirements that shall be established by regulation.

In compliance with said legal mandate, this Monetary Circular establishes those requirements that the aforementioned advertising must meet, in order to obtain the mandatory authorization of the Bank of Spain.

As can be deduced from its operative part, these requirements, in line with those usual in countries in our vicinity, tend to prevent that activity from inducing the public to error or confusion regarding legal means of payment, establishing simple rules on the dimension and appearance of the reproductions that are permitted to be used.

Since the aim is to guarantee security in fiduciary traffic, it has not been considered necessary to include in the regulation scenarios such as the advertising use of filmed images of banknotes or coins, or their reproduction in books or other types of publications for didactic purposes, which by their very nature are not susceptible of inducing confusion.

Therefore, having seen the mandatory reports, in agreement with the Council of State and in accordance with what is established in Articles 3 and 15.5 of Law 13/1994, of June 1, the Bank of Spain has ordered [2]:

[2]

Note that the reference made to Article 15.5 of Law 13/1994, of June 1, must be understood as referring to Article 15.4 of the same.

FIRST RULE

The use for advertising purposes of total or partial reproductions of banknotes or coins that have or have had legal tender status in Spain shall be subject to the prior authorization of the Bank of Spain, which shall be granted if the following requirements are met:

1st The size of the reproduction must be notably larger or smaller than that of the original. This requirement shall be considered met when the dimensions of the reproduction are more than double or less than half of those corresponding to the original banknote or coin.

2nd On the same support, the obverse or the reverse may be reproduced, but never both.

3rd In the case of metal coins, the physical support of the reproduction cannot be made of metal, alloys, or any rigid or semi-rigid material.

4th The advertising cannot consist of the adhesion or printing of texts or images, by any means, on original banknotes or coins.

SECOND RULE

1. The authorization requests referred to in this Monetary Circular shall be addressed to the Issuance and Cash Office of the Bank of Spain, and must be accompanied by a report in which the reproductions intended to be made are described in detail. Said report shall contain, at least, information on the support, color, size, estimated print run, graphic arts workshop performing it, means of dissemination, and planned scope of dissemination. Additionally, any other relevant data regarding the authorization requested shall be stated.

2. The Bank of Spain shall resolve within a maximum period of one month from the receipt of the request in the General Registry of the Bank, or any of its branches, understanding that the authorization is granted if no express resolution has been issued after that period has elapsed.

3. The resolutions issued by the Bank of Spain regarding authorization requests regulated in this Monetary Circular shall always be reasoned and shall conclude the administrative route, as provided in Article 2.1 of Law 13/1994, of June 1.

4. In matters not provided for in the preceding subsections, the provisions of Royal Decree 1778/1994, of August 5, which adapts to Law 30/1992, of November 26, on the Legal Regime of Public Administrations and Common Administrative Procedure, the regulations governing the procedures for granting, modifying, and terminating authorizations, shall apply.

5. The General Administration of the State, the Administrations of the Autonomous Communities, nor the Entities that make up the Local Administration shall not require authorization. Nor shall Entities of Public Law with their own legal personality linked to or dependent on any of the aforementioned Public Administrations require authorization.

THIRD RULE

1. In accordance with what is provided in Article 15.5, third paragraph, of Law 13/1994, of June 1, the production of the advertising regulated in said provision and in this Monetary Circular without the mandatory authorization or with non-compliance with the conditions fixed therein shall constitute an administrative offense punishable by a fine of up to 100 million pesetas. [3]

2. For the imposition of the sanction referred to in the preceding subsection, which shall conclude the administrative route, the procedure established in Royal Decree 1398/1993, of August 4, approving the Regulation of the procedure for the exercise of sanctioning power, shall be followed.

3. The amount of the corresponding fine shall be determined in accordance with the following criteria:

a) The nature and severity of the offense.

b) The dissemination of the advertising campaign subject to the offense.

c) The degree of similarity between the reproductions and the original banknotes or coins.

d) The circumstance of having proceeded to remedy the offense.

e) The existence of essential omissions or falsification of data in the authorization request, or the lack of concordance of such data with those of the advertising actually carried out.

f) The professional training of the offender in relation to the facts and the applicable regulations.

g) The previous conduct of the person or entity responsible, taking into account the final sanctions that may have been imposed on them for the same offense during the last five years.

4. In the event that the offense was committed by a legal person, the following criteria for gradation shall also be taken into account, with respect to its administrators:

a) The degree of material participation in the facts occurring in the interested party.

b) The decision-making or representation powers that the interested party holds in the entity.

c) The degree of knowledge that, for professional reasons, the interested party should have of the concurrent facts and the applicable regulations.

[3]

Note that the reference made to Article 15.5 of Law 13/1994, of June 1, must be understood as referring to Article 15.4 of the same.

ENTRY INTO FORCE

This Monetary Circular shall enter into force in accordance with what is provided in the first subsection of Article 2 of the Civil Code.

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