Bank of Spain Circular 4/2021, of November 25, to credit institutions and other supervised entities, on models of confidential statements on market conduct, transparency and customer protection, and on the register of complaints.
The purpose of this regulation is to establish the content and frequency of the model reserved statements on market conduct, transparency and customer protection to be submitted to the Bank of Spain by the institutions mentioned in the regulation. Likewise, it determines the minimum content of the information that said entities must have at the disposal of the Bank of Spain regarding claims.
The content of this circular consists of eight regulations, an additional provision, a derogatory provision, a final provision and two annexes:
- Chapter I includes two rules, which refer to the general provisions and regulate the purpose and scope of application of the circular. As regards the scope of application, this comprises credit institutions; credit financial institutions (including hybrid credit financial institutions); payment institutions (including those with hybrid character); entities providing payment services under the exemption regime provided for in Article 1 of Royal Decree-Law 19/2018, of 23 November, on payment services and other urgent measures in financial matters; electronic money institutions (including those of a hybrid nature); entities providing the account information service; holders of establishments for the purchase and sale of foreign currency; real estate lenders; real estate credit intermediaries; and branches in Spain of credit institutions and payment institutions and electronic money institutions that are authorized in a Member State of the European Union or in a third state.
- Chapter II, on models and criteria for the preparation and presentation of the reserved statements on matters of conduct, consists of four standards. The recognition and valuation criteria to be applied in the preparation of the reserved statements will be those established in the specific accounting regulations for each type of entity, except as expressly provided for in this circular. Likewise, the models of reserved statements that the entities must send to the Bank of Spain and their specificities are determined, in terms of format, frequency and mode of presentation. The statements are structured in three main blocks: by products; by fees and commissions and interest income; and by claims. In addition, a specific statement is included referring to the activity of real estate lenders and real estate credit intermediaries.
- Chapter III contains a standard on the development and internal control of conduct information.
- Chapter IV consists of a single rule, referring to the register of complaints that institutions must have at the disposal of the Bank of Spain, and includes a description of the minimum content of the minimum content of the register.
- The sole additional provision includes the possibility for the Bank of Spain to communicate the indications, correlations and balances it deems necessary in relation to the statements covered by this standard.
- The sole repealing provision provides that, as of July 1, 2023, paragraph 1 of Rule 12 of Bank of Spain Circular 2/2019 of March 29, 2019, on the requirements of the Information Document on Fees and Commissions Statement, and payment account comparison websites, pursuant to which credit institutions must submit to the Bank of Spain information related to the number of basic payment accounts opened, and applications to open such type of payment accounts rejected, during the calendar year prior to the reporting year, shall be null and void.
- The sole final provision states that this Circular will enter into force 20 days after its publication in the BOE. It also regulates the submission of confidential statements to the Bank of Spain during 2022. It establishes that the first reserved statements on conduct matters to be submitted to the Bank of Spain will be those corresponding to the second half of 2022. In addition, entities will have until December 31, 2022 to complete the register of complaints.
- With respect to the Annexes, the first establishes the models of confidential statements on conduct that institutions must send to the Bank of Spain; the second defines the minimum content of information on complaints that must be made available to the Bank of Spain.
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