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HomeLatest NewsThe BOE publishes the new CNMV circular that simplifies accounting standards

The BOE publishes the new CNMV circular that simplifies accounting standards

Date: January 28, 2023 Time: 22:27:15

The Official State Gazette (BOE) publishes this Saturday the new circular of the National Securities Market Commission (CNMV), which enters into force on January 1 and updates and simplifies accounting obligations and standards, and intermediate financial statements .

Specifically, explains the CNMV in a press release, the text significantly simplifies the obligations, rules and states contained therein, eliminates necessary redundancies and adapts the information requirements to the new reality of the infrastructures of the Spanish market.

The regulation, which replaces Circular 9/2008, is applicable to the governing bodies of regulated markets, the governing bodies of multilateral trading systems and organized trading systems, and those of central counterparty.

Also to the central securities depositories, as well as to the companies that own all the shares or a participation that attributes control, direct or indirect, of the aforementioned entities and the Sociedad de Bolsas.

The new Circular 4/2022 consists of three chapters, the first of which includes the scope of application and the way of presenting the information to the CNMV, as well as the applicable regulations and the general and specific accounting criteria.

In this sense, the agency highlights that the document does not include accounting regulatory developments related to the treatment of transactions and circumstances provided for by the General Accounting Plan.

It only incorporates the accounting treatments that these market infrastructures must apply to those transactions and events that, due to their specificity, are not contemplated in the aforementioned general regulations.

The second chapter refers to the annual accounts of the market infrastructures and includes the provisions related to their preparation, submission to the CNMV and publicity, providing in an annex the balance sheet and profit and loss account that are also included in them.

While the third includes the relationship of the models of intermediate statements of a confidential nature, both individual and consolidated, to be sent to the CNMV and the periodicity and term of remittance, which are presented in attached shipments.

The circular enters into force on January 1, 2023 and will be applicable to the interim financial statements and audited annual accounts of the Spanish market infrastructures referring to periods that will begin on or after that date.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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