Company: BBVXF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001628280-25-047437
Chunk: 66

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-10-30
Form: 6-K
Chunk 66
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 BBVA funds’ ability to comply with their disclosure obligations under the Sustainable Finance Disclosure Regulation (“

#### SFDR
”) as they seek to gather the required information; and

• Review of SFDR: following the 2023-2024 consultation, the Commission launched a Call for Evidence on May 2, 2025 to prepare reforms aimed at simplifying the regime and potentially introducing an EU-wide product labelling system. The legislative proposal is expected in the last quarter of 2025; until then, uncertainty remains over the final categories and the start date for any new labels.

The European Commission (“

#### EC
”) recently communicated, through a letter addressed to the European Supervisory Authorities, its decision to deprioritize 115 Level 2 legislative acts within the framework of the European Union's financial services regime in order to simplify the regulatory framework, reduce the burdens associated with its implementation, and allow more time to review legislation before establishing new mandates in the next EC regulatory cycle. The decision includes not adopting Level 2 acts considered non-essential before October 1, 2027 and proposing to modify or eliminate the empowerments for non-essential Level 2 acts that have a mandatory deadline when related Level 1 acts are being reviewed. The measure primarily affects the area of sustainable finance. Among the postponed provisions are the following:

• Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS): delegated acts related to sectoral standards, applicable to third countries, as well as modified versions of the ESRS, have been deprioritized;

• SFDR: revisions of several regulatory technical standards (RTS) related to negative impact indicators, alignment with the taxonomy, and product-level disclosures are postponed;

• EU Taxonomy Regulation: technical updates linked to environmental disclosures are postponed according to the SFDR calendar; and

• ESG ratings Regulation: technical standards related to transparency, methodology, and data format are also postponed.

Recent developments in financial services legislation include the following:

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The European Commission has published a regulatory package called Retail Investment Strategy (“

#### RIS
”) which aims to increase the participation of retail investors in European capital markets. Directive 2014/65/EU on markets in financial instruments (MiFID) is included among the different EU directives to be reviewed, with relevant changes proposed in retail investor protection. The European Parliament and European Council have also published their alternatives to the European Commission proposal. The amendment of MiFID is not expected to be approved