Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 79

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 79
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)—the 27 EU member states plus Iceland, Liechtenstein, and Norway—the ability to transfer money within a maximum of 10 seconds, at any time of day, every day of the week.
Additionally, if there is a fee, such fee cannot be higher than the fee applied to regular transfers. Furthermore, in order to prevent sending money to fraudulent accounts, payment service providers must offer users the possibility of verifying that the IBAN number of the account to which the money is being sent matches the name of the recipient.
The Regulation establishes a transitional period for its implementation, granting entities in the eurozone until January 9, 2025 to receive transfers and to apply fees for this service, which must not exceed those for standard transfers. Furthermore, entities will have until October 9, 2025, to implement the capability to send instant transfers, incorporate the verification service to ensure that the beneficiary’s name matches the IBAN, and offer customers the possibility to set limits on transferred amounts.
New Draft Bill on Financial Customer Defense Authority
The Congress of Deputies is currently debating the draft bill for the creation of the Financial Customer Defense Authority (the “Authority”). The final approval could take place during the year 2025. The below discussion is based on the latest proposal as of the date of this Annual Report, and any final resolution (if passed) may include additional or different provisions.
Based on the current proposal, the Authority will have faculties to hear and adopt binding resolutions, with respect to financial entities only, in connection with claims of financial customers or potential customers (i) not exceeding 20,000 euros, regarding breaches of conduct regulations (included voluntary codes of good practices) and abusive clauses; or (ii) with an undetermined amount (this will need to be further developed by subsequent regulation). The Authority’s resolution will not be binding when the amount of the claim is equal to or greater than 20,000 euros or is related to good practices. In relation to abusive clauses, the Authority will decide on the existence of abusive clauses if these have been previously declared as such by the Supreme Court and the Court of Justice of the European Union and a final ruling has been registered with the Spanish registry of general terms and conditions of contracting. 
The Authority shall resolve complaints from individuals and companies, including potential customers. Resolutions may be appealed, regardless of whether they are binding or not, before the civil courts in Spain. 
With respect to claims of an economic nature, the resolution may order the refund of amounts determined to be und