The BOE publishes the new CNMV circular that simplifies accounting rules

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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 which 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, standards and states contained therein, eliminates unnecessary redundancies and adapts the information requirements to the new reality of Spanish market infrastructures.

The rule, which replaces the Circular, applies to governing companies of regulated markets, entities operating multilateral trading facilities and organised trading systems, and central counterparty.

Also to the central securities depositories, as well as to the companies that have the ownership of all the shares or of a participation that attributes the control, direct or indirect, of the aforementioned entities and to the Stock Exchange Company.

The new three-chapter Circular, the first of which sets out the scope and manner of submitting information to the CNMV, as well as the applicable regulations and general and specific accounting criteria.

In this regard, the agency emphasizes 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 facts that, due to their specificity, are not contemplated in the general regulations referred to above.

The second chapter refers to the annual accounts of market infrastructures and includes the provisions relating to their preparation, referral to the CNMV and publicity, providing in an annex the balance sheet and profit and loss account models to be included in them.

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While the third includes the list of models of intermediate states of a reserved nature, both individual and consolidated, to be sent to the CNMV and the periodicity and period of referral, which are presented in two annexes.

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

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