Regulatory Alerts2024-04-03
Added · Updated
Royal Decree of 29 February 2024 implementing the Law of 23 November 2023 on the Guarantee Fund for Financial Services
This Royal Decree implements the Law of 23 November 2023 concerning the Guarantee Fund for Financial Services by aligning calculation methods for periodic contributions with revised EBA guidelines (EBA/GL/2023/02) and establishing rules for payment obligations and investor protection scheme participation. It defines minimum eligibility criteria for financial collateral, sets a cap of 30% of available financial resources for payment obligations, and mandates a 12-month notice period for entities withdrawing from the fund to protect investors. Additionally, it outlines the application process, cumulative conditions, and rights and obligations for entities seeking to participate in the fund to complement investor protection schemes.