Regulatory Alerts2022-04-01
Added · Updated
Royal Decree of 20 March 2022 amending the Royal Decree of 16 March 2009 on the protection of deposits and life insurance by the Financial Services Compensation Fund
This Royal Decree partially transposes Directive 2014/49/EU by amending Article 11 of the Royal Decree of 16 March 2009 to align deposit protection rules with investor protection standards for securities firms. It abolishes the proportional rule requiring clients to prove their claim amounts, shifting the burden of proof to securities firms, which must now provide necessary data to failing custodian banks or curators for direct reimbursement to identifiable beneficiaries. The amendment clarifies that personal data retention is limited to 10 years post-procedure, mandates specific data fields for identification, and removes redundant provisions regarding double reimbursement and client consent for offsetting claims between deposit and investor protection schemes.