Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 83

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 83
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 3.0) was published in the Official Journal and most of the changes apply from December 24, 2024. The main changes aim to increase clearing at EU central counterparties and reduce reliance on certain UK central counterparties through the so-called “active accounts”. ESMA has issued a consultation paper to obtain feedback from market participants in order to prepare level 2 legislation. 
In addition, as part of the RIS, the European Commission has published a proposal to amend the Regulations for packaged retail investment products (PRIIPs). The proposed changes are mainly focused on providing alternatives for the use of digital channels and the inclusion of a new ESG section within the Key Information Document (KID).
The European Union has also been very active in terms of adopting legislation to preserve financial stability. In this regard, the BBVA Group has been subject to initial margin requirements under Regulation (EU) 648/2012, regarding OTC derivatives, central counterparties and trade repositories, since September 2019, as well as similar legislation in other geographical areas. In addition, BBVA Group entities classified as financial counterparties are required to post and receive initial margins when dealing with other in-scope entities. 
Digital Operational Resilience Act (DORA)
Regulation 2022/2554, on digital operational resilience for the financial sector (DORA), is a EU regulation aimed at ensuring the operational resilience of financial entities against digital and cybersecurity risks, which entered into force in January 2025. 
Enacted as part of the EU's broader Digital Finance Package, it establishes a uniform framework for financial institutions, including banks, investment firm, and asset managers, to manage and mitigate technological risks. DORA mandates stringent requirements for risk management, incident reporting, oversight of third-party information and communication technology (ICT) service providers and testing of operational resilience. Its impact on financial entities is significant, as it drives the need for enhanced IT systems, stronger governance structures and robust third-party risk management. As a result, DORA is already affecting financial entities and its relationship with counterparties and providers.
Temporary Tax on Credit Institutions in Spain 
On December 28, 2022, the Law for the establishment of the temporary tax on credit institutions and financial credit establishments was published in the Official State Gazette.
This law establishes a temporary tax on extraordinary profits applicable to credit institutions operating in Spain during the years 2023 and 2024 whose aggregate interest income and fee and commission income in 2019 was €800 million or more. 
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