Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 16

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 16
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 1464/2018 of December 21, developing the revised text of the Spanish Securities Markets Act, approved by Royal Legislative Decree 4/2015 of October 23, and Royal Decree-Law 21/2017 of December 29, on urgent measures for the adaptation of

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Spanish law to European Union regulations on securities market matters, and partially amending Royal Decree 217/2008, of February 15, on the legal regime of investment services companies and other entities that provide investment services and partially amending the Regulations of Law 35/2003 of November 4, on Collective Investment Institutions, approved by Royal Decree 1309/2005 of November 4, and other royal decrees on securities market matters. Together COBS, the PRIIPs Regulation, the UK PRIIPs Regulation and MiFID II (including as implemented in Spain and the United Kingdom) are referred to as the “ European Regulations”. The European Regulations set out various obligations in relation to (i) the manufacture and distribution of financial instruments and (ii) the offering, sale and distribution of packaged retail and insurance-based investment products and certain contingent write-down or convertible securities such as the Preferred Securities. In addition, in October 2018, the Hong Kong Monetary Authority (the “ HKMA”) issued guidance on enhanced investor protection measures on the sale and distribution of debt instruments with loss absorption features and related products (the “ HKMA Circular”). Under the HKMA Circular, debt instruments with loss absorption features, being subject to the risk of being written-down or converted to ordinary shares, and investment products that invest mainly in, or whose returns are closely linked to the performance of such instruments, are to be targeted in Hong Kong at professional investors (as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the “ SFO”) and any rules made under the SFO, a “ Hong Kong professional investor”) only and are generally not suitable for retail investors in either the primary or secondary markets. Further, in Singapore, the Securities and Futures Act 2001 (2020 Revised Edition) of Singapore (as amended, the “ SFA”), the Financial Advisers Act (Chapter 110 of Singapore) (the “ FAA”), the Guidelines on Fair Dealing—Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers (the “ Guidelines on Fair Dealing”) and the Code of Conduct for Private Banking in Singapore (the “ PB Code”)