Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000023
Chunk: 63

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 63
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 border activities within the EU and harmonized and efficient supervision.

Undertakings for Collective Investments

Directive (EU) 2024/927, amending the Alternative Investment Fund Managers Directive (AIFMD) and Undertakings for Collective Investment in Transferable Securities (UCITS) Directive was approved in 2024 and must be transposed into national legislation before April 16, 2026. The main change introduced by the regulation relates to the delegation of functions and liquidity management. In this regard, the International Organization of Securities Commissions (IOSCO) and the European Securities and Markets Authority (ESMA) are expected to publish, respectively, recommendations, additional regulation and guidelines on liquidity management. In addition, there is certain regulatory and supervisory concern regarding the contribution to systemic risks and the use of leverage by non-banking financial intermediaries.

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#### Regulatory Update for Mexico
The below summary includes certain updates to the information included in “ Item 4. Information on the Company—Business Overview—Supervision and Regulation—Principal Markets—Mexico ” in our 2024 Form 20-F.

Constitutional and Institutional Reform

On September 15, 2024, a constitutional reform regarding the Judiciary System was published in Mexico’s Federal Official Gazette. The reform primarily establishes the popular election of federal judges, including the Supreme Court Justice (SCJN). Furthermore, it reduces the number of SCJN justices from 11 to 9. The reform took effect the day after its publication, with extraordinary elections scheduled for 2025.

Additionally, on December 20, 2024, a further constitutional reform was published in Mexico’s Federal Official Gazette to eliminate several Constitutionally Autonomous Bodies (OCAs), transferring their functions to other entities of the federal government. Among others, the National Institute of Transparency (INAI) will have its responsibilities redistributed to government agencies and the Federal Economic Competition Commission (COFECE) will be replaced by a decentralized body stemming from the Federal Executive, which will also be in charge of telecommunications’ antitrust matters. Congress had 90 days to issue legislation to implement this amendment. However, regarding COFECE, the decree provides that it will take effect within 180 days of the issuance of the corresponding legislation, without setting a deadline for it. As of the date of this report, no such legislation had been issued.

As a result of the aforementioned reform, on March 20, 2025, a decree was published in the Federal Official Gazette