Company: BBVXF
Filing Date: 2025-03-21
Form Type: 6-K
Source: 0000842180-25-000016
Chunk: 16

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-03-21
Form: 6-K
Chunk 16
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, outlining its main features and distribution model, is still under negotiation in the European Council and Parliament. On the other hand, the ECB — responsible for deciding on the issuance of the digital euro — continues with the preparation phase to lay the project´s foundations and has published several reports describing its progress.

Another area of focus for regulators has been crypto-assets. At the international level, the FSB published a progress report in October on the roadmap for

implementing the IMF (International Monetary Fund) and FSB policies and regulatory responses to crypto-assets. The report noted progress in implementation across jurisdictions, but also identified challenges, urging authorities to advance in implementing the framework.

At the European level, the new Markets in Cryptoassets Regulation (MiCA), which establishes a series of obligations for issuers and service providers of crypto-assets, was fully implemented. ESMA (European Securities and Markets Authority) and the EBA finalized MiCA's second level regulation.

Additionally, the ESAs worked on developing the second-level regulation for the European Digital Operational Resilience Regulation (DORA), which will apply from 2025 and aims to ensure the resilience of the EU financial sector.

#### Other regulatory developments
Revitalizing the Capital Markets Union (CMU) is one of the EU's major priorities for the next political cycle. The publication of several reports in 2024, such as the Letta Report, the Noyer Report, and the Draghi Report, highlights its significant political importance. These reports analyze the current state of the CMU and propose various initiatives to reinvigorate the European capital market. Key regulatory initiatives in 2024, the following are worth highlighting those relating to MiFID/MiFIR, EMIR or the Index Regulation, as well as the reform of the securitization framework and the new Regulation for European Long-Term Investment Funds (ELTIFs).

In 2024, the new anti-money laundering and counter-terrorism financing rules, known as the new AML package, were published. This package includes the establishment of the new European AML Authority (AMLA), the Regulation, and the 6th Directive on the prevention of money laundering and terrorist financing (AML&CFT).

| PILLAR 3 2024 |     | 2. GENERAL ASPECTS AND INFORMATION REQUIREMENTS |     | P.27 |

2.3. Contents of the 2024 Prudential Relevance Report

Article 431 (3) CRR

Article 13 of the CRR establishes that