Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 95

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 95
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 relationship by increasing the number and frequency of applied controls, identifying transaction types requiring additional scrutiny, and taking appropriate measures to set limits on transaction amounts and the number of transactions (effective as of February 25, 2025).
On July 20, 2024, the Communiqué on Amendments to the Communiqué on the Deposit and Participation Scheme for Non-Resident Turkish Citizens sets forth certain regulation applicable to time deposit and participation accounts (“YUVAM”) that are the result of converting foreign currency deposit accounts and participation funds of certain non-resident persons that were denominated in foreign currency into Turkish lira deposits or accounts, and which provide additional returns according to the procedures determined by the CBRT. YUVAM accounts can be opened by converting foreign currency deposits or accounts through a document proving that the relevant funds were transferred from outside Turkey.
Following the Decision of the Fund Board of the Savings Deposit Insurance Fund of December 5, 2024, the amount of deposits and participation funds subject to insurance, increased to 950,000 Turkish lira6, effective at the beginning of 2025. 
The decision by Turkey’s Banking Regulation and Supervision Agency (BRSA) dated December 19, 2024, which applied a 200% risk weight to commercial cash loans, is no longer in effect. On December 20, 2024, the BRSA announced a new regulation that reduced the risk weight for these loans to a range of 20% to 100%, depending on the credit rating of the borrowing companies.
Garanti BBVA is required to conduct its investment banking business in accordance with the Turkish Capital Market Law and various related regulations issued by Capital Market Board of Turkey. As a commercial bank, Garanti BBVA has a license to carry out the following activities: (i) receipt and transmission of orders in relation to capital market instruments, (ii) execution of orders in relation to capital market instruments (except shares and derivative instruments based on stock indices or stocks) in the name and account of the customer or in its own name and in the account of the customer, (iii) dealing for its own account (except for derivative instruments based on stock indices and stocks) and (iv) safekeeping and administration of capital market instruments in the name of the customer and portfolio custody service.
6 Approximately €25,995 EUR (based on an exchange rate of €1 = 36.55 Turkish lira) as of January 2025.
For additional information on certain recent legal and market developments, see “—