The Spanish Securities Commission (CNMV) has opened a consultation on proposals to simplify financial reporting by market infrastructures, generally replacing monthly submissions with quarterly reporting while adding cash flow statements and consolidated revenue and fee information. The draft amendments to Circular 4/2022 would also explicitly cover infrastructures authorised under the European Union’s distributed ledger technology pilot regime and update accounting templates. The changes form part of the CNMV’s supervisory simplification plan. Individual balance sheets, income statements and segmented revenue and fee reports would move to quarterly submission. New individual and consolidated cash flow statements and consolidated segmented revenue and fee reports would follow the same frequency. Quarterly reports would generally be due by the end of the following month, with two months allowed for the fourth quarter. The proposals would remove certain activity ratios unrelated to revenue or fees and eliminate redundant annual accounts templates. Consolidated income statement and cash flow templates would also be adapted to International Financial Reporting Standard 18, including its income and expense classifications and required profit subtotals. The draft would additionally establish reporting and audit obligations for entities covered by the circular that belong to the General Investment Guarantee Fund (FOGAIN). These entities would submit contribution information annually to the fund’s management company and the CNMV by Jan. 30. Those required to prepare a Client Asset Protection Report would commission auditors to verify that contribution information is correct, complete and consistent with information submitted to the CNMV. Verification conclusions would be sent to the fund’s management company before May 31 of the following year. The proposed changes would apply from Jan. 1, 2027, to financial periods beginning on or after that date. Financial statements and annual accounts for 2026 would remain outside the amendments, even if submitted in 2027.
Spanish Securities Commission consults on quarterly reporting and revised accounting requirements for market infrastructures
The Spanish Securities Commission (CNMV) is consulting on moving market infrastructures’ financial reporting generally to a quarterly schedule, alongside new cash flow statements and consolidated revenue and fee disclosures. The draft also explicitly covers infrastructures authorised under the European Union’s distributed ledger technology pilot regime, updates accounting templates and adds reporting and audit requirements for entities belonging to the General Investment Guarantee Fund. The amendments would apply to financial periods beginning on or after Jan. 1, 2027, excluding 2026 accounts and statements submitted in 2027.