On 4th May 2012 the Official Journal of Spain (BOE) published the Bank of Spain’s Rules Instrument 4/2012, which sought to introduce the Foreign Transactions Enquiry (abbrev. ETE) as a means of obtaining information on transactions with non-residents and on overseas assets and liabilities. The deadline for submission of the completed form ends on 20 January of this year.

1. Objective scope: content of the information

The Bank of Spain must be informed of all transactions conducted by natural or legal persons resident in Spain with residents of other States, as well as of statements of overseas assets and liabilities and changes in the same1.

‘Transactions with foreigners’ are those transactions2 carried out on one’s own account, whatever their nature and regardless of how they are settled3.

2. Subjective scope: obligation to report

It is incumbent on natural or legal persons (whether public or private) resident in Spain to submit the ETE if such persons carry out transactions with a non-resident or hold assets or liabilities in countries other than Spain. Payment service providers registered with the Bank of Spain are exempted from this obligation. Also, in the case of a group of companies, each group company must file the completed form independently, unless the requirements of the rules instrument allow for joint filing.

3. Reporting periods and exceptions

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4. Formal requirements

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5. Consequences of non-compliance

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