Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 80

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 80
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uly charged, plus interest for late payment. 
The Authority may impose penalties for non-compliance with its resolutions (from 500,000 to 2,000,000 euros). Additionally, sanctions could be imposed on managers and directors (from 250,000 to 1,000,000 euros). 
The Authority will be entirely financed by financial entities, which will be required to pay a varying annual fee based on the number of complaints filed against them, and the number of complaints resolved against them, in the preceding year. In particular, 40% of the costs incurred by the Authority in a given year will be distributed among institutions on a pro rata basis based on their respective weight within the absolute number of complaints brought in such year, while 60% of the costs will be distributed on a pro rata basis based on their respective weight within the absolute number of complaints resolved in favor of customers brought in such year.
Insolvency Law
In 2022 Law 16/2022 of September 5 on the reform of the consolidated text of the Insolvency Law (Law 16/2022) was passed. Law 16/2022 transposes Directive (EU) 2019/1023 of the European Parliament and of the Council of June 20, 2019 on frameworks for preventive restructuring, debt waivers and disqualifications, and on measures to increase the efficiency of restructuring, insolvency and debt waiver procedures. The new insolvency legal framework provides for (i) the creation of a new state of insolvency (“the likelihood of insolvency”), prior to imminent and actual insolvency, which enables access to certain pre-bankruptcy institutions, (ii) the removal of out-of-court payment agreements and refinancing agreements, introducing instead “Restructuring Plans” and (iii) the new “Special procedure for micro-enterprises” applicable to debtors, whether natural or legal persons, that meet certain characteristics.
Organic Law 1/2025, of January 2, on Measures to Improve the Efficiency of the Public Justice Service
This Law introduces the following changes:
(i) New Regime for Late Payment Interest
In consumer actions, if companies fail to cooperate in reaching an agreement on disputes related to either clauses that are declared null and void by the Supreme Court, resolutions registered in the General Register of Contract Terms, or judgments of the Court of Justice of the European Union (CJEU), courts may impose compensation for late payment. This compensation will consist of an annual interest equal to the legal