Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 192

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 192
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| viii. | The Directorate-General of Insurance and Pension Funds in relation to the indirect acquisition of control of                                                                                                                                        
 Bansabadell Mediación, Operador de Banca-Seguros vinculado del Grupo Banco Sabadell, S.A., Spanish bank-assurance operator subsidiary of Banco Sabadell, in accordance with Royal Decree-law 3/2020, of                                             
 February 4, on urgent measures by which various directives of the European Union in the field of public procurement in certain sectors are incorporated into the Spanish legal system; private insurance; pension plans and funds; in the tax field 
 and tax litigation. On October 4,                                                                                                                                                                                                                   |

134

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential.

| 2024, the Directorate-General of Insurance and Pension Funds confirmed its non-opposition to the indirect acquisition of control of Bansabadell Mediación, Operador de Banca-Seguros 
 vinculado del Grupo Banco Sabadell, S.A. by BBVA.                                                                                                                                    |

| xi. | The FINRA in relation to the acquisition of indirect control of Sabadell Securities USA, Inc., U.S. 
 broker-dealer subsidiary of Banco Sabadell.                                                         |

| • | According to informal discussions between representatives of BBVA and FINRA in May 2024, BBVA understands that                                                                                                                                         
 such application for authorization may only be submitted by Sabadell Securities USA, Inc. in accordance with applicable regulations and that if Sabadell Securities USA, Inc. fails to submit the application prior to the settlement of the exchange  
 offer, BBVA would be required to cause Sabadell Securities USA, Inc. to submit the application as soon as practicable after the settlement of the exchange offer. As of the date of this offer to exchange/prospectus, BBVA is not aware that Sabadell 
 Securities USA, Inc. has applied for or received authorization from FINRA.                                                                                                                                                                             |

| • | If the exchange offer is completed without the prior filing of an application with FINRA, Sabadell Securities                                                                                                                        
 USA, Inc. may be subject to the sanctions regime established by FINRA under FINRA Rule 1017 and applicable FINRA Sanctions Guidelines, including the suspension and expulsion of Sabadell Securities USA, Inc. as a member of FINRA. |

The relevant authorization or