Banco de España Circular 5/2020 of 25 November 2020 to payment institutions and electronic money institutions, on public and confidential financial reporting rules and formats, establishes the accounting regime for electronic payment institutions and stipulates the public and confidential financial statement formats these institutions and their groups must prepare.
This Circular sets out the reporting requirements for electronic money institutions in two differentiated groups of financial statements to be reported to the Banco de España. The first group includes a sub-set of financial statements from among those filed by credit institutions in conformity with Circular 4/2017 of 27 November 2017, which must also be reported by electronic money institutions. The second group of requirements comprises the financial statements specifically established to reflect separately electronic money issuance activities, activities providing other closely linked operating or auxiliary services and other economic activities pursued by electronic money institutions.
It should be borne in mind that reporting requirements vary, having regard to the principal of proportionality, on the basis of the nature of the reporting electronic money institution (Spanish institution, branch operating in Spain whose headquarters are in a Member State of the European Economic Space or branch operating in Spain whose headquarters are not in a Member State of the European Economic Space). Accordingly, each type of institution should report the statements stipulated for it under Circular 5/2020.
Statements under Circular 4/2017 of 27 November 2017 to be reported by electronic payment institutions.
Circular 5/2020 takes as a reference the accounting rules for credit institutions, either setting criteria analogous to these rules or referring directly to the rules of Circular 4/2017 of 27 November, to credit institutions, on public and confidential financial reporting rules and formats. Specifically, from the data relating to June 2021, in the financial statements reported by credit institutions, those that electronic money institutions have to report, along with their periodicity, are set in the following rules of Circular 5/2020:
- Rule 6: Public individual primary financial statements (statements PI 1 to PI 5).
- Rule 7. Public consolidated primary financial statements (statements PC 1 to PC 5).
- Rule 12: Confidential individual financial statements (statements FI 1, FI 2 and FI 182).
- Rule 13. Confidential consolidated financial statements (statement FC 40).
- Rule 14 Confidential individual European Monetary Union requirements statements (EMU statements)
To prepare the PI, PC and FI statements, the formats and criteria for preparation of the equivalent financial statements regulated in Circular 4/2017 of 27 November 2017 to credit institutions shall be used. These may be found here:
To prepare the FC statements, the formats and criteria for preparation of the equivalent statements regulated in Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 shall be used. These may be found here:
To prepare the EMU statements, the formats and criteria for preparation of the equivalent statements regulated in Circular 4/2017 of 27 November 2017 to credit institutions shall be used. These may be found in the following link on reporting of the Balance Sheet of Monetary Financial Institutions:
EP statements of Circular 5/2020 of 25 November 2020, to be reported by payment institutions.
Rule 12 and Annex 2 of Circular 5/2020 regulate the EP financial statements that electronic money institutions have to report to reflect their specific activity and its frequency. Also, Rule 6 and Annex 1 of the Circular establish a specific statement (EPS 1) for branches of foreign electronic money institutions operating in Spain whose headquarters are in a Member State of the European Economic Space.
The formats of the EP statements and the correlations applicable may be found here:
Other information from supervised institutions
- Confidential statements on Institutions’ Conduct and claims received
- Information on Capital structure
