Opinion of the European Central Bank of 18 December 2020 on the application of money laundering and terrorist financing requirements to virtual currency service providers (CON/2020/35)
Date: 2020-12-18
Institutions: European Central Bank
Subjects: banking supervision

EN 

ECB-PUBLIC 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 18 December 2020  

on the application of money laundering and terrorist financing requirements to  

virtual currency service providers 

(CON/2020/35) 

Introduction and legal basis 

On 29 October 2020 the European Central Bank (ECB) received a request from the Ministerio de Asuntos 

Economicos  y  Transformación  Digital  (the  Spanish  Ministry  of  Economic  Affairs  and  Digital 

Transformation) for an opinion on a draft law amending the Law on the prevention of money laundering 

and terrorism financing (hereinafter the ‘draft law’). 

The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 

Functioning of the European Union and the third indent of Article 2(1) of Council Decision 98/415/EC of 

29  June  1998  on  the  consultation  of  the  European  Central  Bank  by  national  authorities  regarding  draft 
legislative provisions 1, as the draft law relates to Banco de España. In accordance with the first sentence 

of  Article 17.5  of  the  Rules  of  Procedure  of  the  European  Central  Bank,  the  Governing  Council  has 

adopted this opinion. 

1. 

Purpose of the draft law 

1.1  The  main  purpose  of  the  draft  law,  which  amends  the  current  Law  on  the  prevention  of  money 
laundering  and  terrorist  financing2  (hereinafter  the  Anti-Money  Laundering/Combatting  the 

Financing  of  Terrorism  law  (‘AML/CFT  law’)),  is  to  implement  Directive  (EU)  2018/843  of  the 
European  Parliament  and  of  the  Council 3  into  Spanish  law.  The  draft  law  also  introduces  some 

amendments to include additional categories of virtual currency service providers.  

1.2  More  concretely,  and  as  part  of  the  amendments  which  implement  Directive  (EU)  2018/843,  the 
draft  law  extends  the  addressees  of  the  AML/CFT  law4  to  include  the  providers  of  exchange 

services  between  virtual  currencies  and  fiat  currencies,  as  well  as  custodian  wallet  service 

providers  (defined  as  those  natural  or  legal  persons  that  provide  private  cryptographic  key 

safeguarding  services  on  behalf  of  their  clients,  for  the  holding,  storing  and  transferring  virtual 

1  

2  

3  

4  

Council  Decision  98/415/EC  of  29 June  1998  on  the  consultation  of  the  European  Central  Bank  by  national 
authorities regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42). 

Law  10/2010  of  28  April  2010  on 
‘BOE’ no. 103 of 29 April 2010. 

the  prevention  of  money 

laundering  and 

terrorist 

financing,  

Directive  (EU)  2018/843  of  the  European  Parliament  and  of  the  Council  of  30  May  2018  amending  Directive  (EU) 
2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial 
system  for  the  purposes  of  money  laundering  or  terrorist  financing,  and  amending  Directives  2009/138/EC  (OJ  L 
156, 19.6.2018, p. 43). 

See new Article 1(2)(v) of Law 10/2010  (section 2 of the sole Article of the draft law). 

 
 
 
 
                                                 
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currencies in a manner similar to that of the custody of traditional financial funds or assets). Going 

beyond  a  transposition  of  Directive  (EU)  2018/843,  the  draft  law  also  incorporates  additional 

categories of virtual currency service providers, as addressees of the AML/CFT law. 

1.3  The  draft  law  requires  the  providers  of:  (i)  exchange  services  between  virtual  currencies; 

(ii) exchange  services  between  virtual  currencies  and  fiat  currencies;  and,  (iii)  custodial  wallet 

service providers, who are located in Spain or provide services to residents in Spain, to be entered 
in  the  register  established  for  this  purpose  by  Banco  de  España 5.  Banco  de  España  will  be 

required  under  the  draft  law  to  supervise  the  compliance  of  these  service  providers  with  the 

obligation  to  register,  as  well  as  their  compliance  with  the  requirements  of  good  business  and 

professional  repute  to  be  determined.  According  to  the  draft  law,  these  requirements  will  be 
established  in  an  administrative  norm 6.  In  addition,  Banco  de  España  will  exercise  sanctioning 
powers,  in  line  with  the  Spanish  banking  law7,  in  cases  of  non-compliance  with  the  registration 
requirement8.  

2. 

General observations 

2.1  This opinion does not address the issue of whether the draft law is compatible with Directive (EU) 

2018/843.  The  ECB  has  limited  its  assessment  of  the  provisions  of  the  draft  law  to  the  issue  of 

whether  the  conferral  of  a  new  task  on  the  Banco  de  España  complies  with  the  prohibition  on 

monetary financing.  

3. 

Conferral of a new task on the Banco de España 

3.1  New tasks of Banco de España 

3.1.1  It is envisaged that the tasks of operating the register, as well as supervision of compliance by the 

relevant service providers with the obligation to register subject to the fulfilment of requirements of 

good  business  and  professional  repute,  will  be  conferred  on  the  Banco  de  España.  It  should  be 

noted that the primary AML/CFT authority in Spain is the Comisión de Prevención del Blanqueo de 

Capitales  e  Infracciones  Monetarias  (Commission  for  the  Prevention  of  Money  Laundering  and 

Monetary  Offences),  which  is  a  body  under  the  Ministry  of  Economic  Affairs  and  Digital 
Transformation,  responsible  for  developing  and  coordinating  Spain’s  policies  on  AML/CFT9.  In 

order to carry out its tasks, the Commission is supported by the Servicio Ejecutivo de la Comisión 

de Prevención del Blanqueo de Capitales e Infracciones Monetarias (SEPBLAC, Executive Service 

of  the  Commission  for  the  Prevention  of  Money  Laundering  and  Monetary  Offences)  and  the 

5  

6  

7  

8   

9  

See section 1 of the new Second Additional Disposition of Law 10/2010 (section (52) of the sole Article of the draft 
law). 

See section 3 of the new Second Additional Disposition of Law 10/2010 (section (52) of the sole Article of the draft 
law). 

Law  10/2014  of  26  June  2014  on  the  regulation,  supervision  and  solvency  of  credit  institutions,  ‘BOE’  no.  156  of 
27 June 2014, page 49412. 

See section 4 of the new Second Additional Disposition of Law 10/2010 (section (52) of the sole Article of the draft 
law). 

Article 44 of Law 10/2010.  

2 

 
 
                                                 
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Commission’s  Secretariat10.  SEPBLAC  acts  as  the  Financial  Intelligence  Unit,  and  is  also 

responsible for supervision in relation to AML/CFT matters in all financial and non-financial sectors, 

in cooperation with sectoral supervisors. Accordingly, since Banco de España is the supervisor of 

credit  institutions  and  other  non-credit  financial  institutions,  such  as  payment  institutions  and 

electronic money institutions, Banco de España also cooperates with SEPBLAC in the supervision 

in  relation  to  AML/CFT  matters  in  financial  institutions  under  an  agreement  signed  for  this 
purpose. 11  In  this  respect,  Banco  de  España  has  the  power  to  carry  out  inquiry  measures, 

formulate  recommendations  and  propose  to  the  Commission’s  Secretariat  the  formulation  of 
requirements 12.  

3.1.2  The  ECB  emphasises  that  a  proposed  conferral  of  new  tasks  on  a  national  central  bank  (NCB) 

participating  in  the  European  System  of  Central  Banks  (ESCB)  must  be  assessed  against  the 

prohibition  on  monetary  financing  under  Article  123  of  the  Treaty.  For  the  purposes  of  that 
prohibition, Article 1(1)(b)(ii) of Council Regulation (EC) No 3603/9313 defines ‘other type of credit 

facility’ as, inter alia, ‘any financing of the public sector’s obligations vis-à-vis third parties’.  

3.1.3  Ensuring that Member States implement a sound budgetary policy is one of the key objectives of 

the  prohibition  on  monetary  financing,  which  may  not  be  circumvented.  Therefore,  the  task  of 

financing  measures,  which  are  normally  the  responsibility  of  the  Member  States,  and  which  are 

financed from their budgetary sources rather than by the NCBs, must not be entrusted to NCBs. To 

decide  what  constitutes  financing  of  the  public  sector’s  obligations  vis-à-vis  third  parties  –  which 

can be translated as the provision of central bank financing outside the scope of central bank tasks 

– it is necessary to carry out, on a case-by-case basis, an assessment of whether the task to be 

undertaken  by  an  NCB  is  a  central  bank  task  or  a  government  task,  i.e.  a  task  within  the 

responsibility  of  the  Member  States.  In  other  words,  adequate  safeguards  must  be  in  place  to 

ensure  that  circumventions  of  the  objective  of  the  prohibition  on  monetary  financing,  which  is  to 

maintain sound budgetary policy by Member States, do not take place.  

3.1.4  As part of its discretion in the exercise of its duty – on the basis of Article 271(d) of the Treaty and 

Article 35.6 of the Statute of the European System of Central Banks and of the European Central 

Bank  (hereinafter  the  ‘Statute  of  the  ESCB’)  –  to  ensure  that  NCBs  honour  the  obligations  laid 

down  by  the  Treaty,  the  Governing  Council  has  endorsed  safeguards  in  the  form  of  criteria  for 

determining  what may be  considered as falling within the scope of ‘the public sector’s obligations 

vis-à-vis third parties’ within the meaning of Article 1(1)(b)(ii) of Regulation (EC) No 3603/93 or, in 

other words, what constitutes a government task, as follows: 

First, central bank tasks are, in particular, those tasks that are related to the tasks that have been 

conferred upon the ECB and the NCBs by the Treaty and the Statute of the ESCB. These tasks are 

mainly defined in Article 127(2), (5) and (6), and Article 128(1) of the Treaty, as well as in Article 22 

and Article 25.1 of the Statute of the ESCB. 

10  
11  
12  
13  

Article 45 of Law 10/2010.  
Article 44 and Article 47 of Law 10/2010.  

Article 44(2)(m) of Law 10/2010.  
Council  Regulation  (EC)  No  3603/93  of  13  December  1993  specifying  definitions  for  the  application  of  the 
prohibitions referred to in Articles 104 and 104b (1) of the Treaty (OJ L 332, 31.12.1993). 

3 

 
                                                 
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Second,  as Article 14.4 of  the  Statute of the ESCB  allows NCBs to perform ‘functions other  than 

those specified in [the Statute of the ESCB]’, new tasks, i.e. tasks that are not related to tasks that 

have been conferred upon the ECB and the NCBs, are not precluded per se. However, new tasks 

that  are  undertaken  by  an  NCB  and  which  are  atypical  of  NCB  tasks  or  which  are  clearly 

discharged on behalf of, and  in the exclusive interest of the  government or  of other public sector 

entities, should be considered government tasks. 

Third, an important criterion for qualifying a new task as atypical of an NCB task, or as being clearly 

discharged  on  behalf  of  and  in  the  exclusive  interest  of  the  government  or  other  public  sector 

entities,  is the  impact of the task on the institutional,  financial and  personal  independence  of that 

NCB. 

In particular, the following aspects should be taken into account: 

(a)  whether  the  performance  of  the  new  task  creates  conflicts  of  interest  with  existing  central 

bank tasks which are  not  adequately  addressed, and its performance does not  necessarily 

complement those existing central bank tasks. If a conflict of interest arises between existing 

and  new  tasks,  sufficient  safeguards  to  mitigate  that  conflict  should  be  in  place.  The 

complementarity  between  a  new  task  and  existing  central  bank  tasks  should  not  be 

interpreted  broadly  so  that  it  could  lead  to  the  creation  of  an  indefinite  chain  of  ancillary 

tasks. Such complementarity should be examined in relation to the financing of those tasks; 

(b)  whether without new financial resources the performance of the new task is disproportionate 

to  the  NCB’s  financial  or  organisational  capacity,  and  may  have  a  negative  impact  on  the 

capacity to properly perform the existing central bank tasks; 

(c)  whether  the  performance  of  the  new  task  fits  into  the  institutional  set-up  of  the  NCB  in  the 

light of central bank independence and accountability considerations; 

(d)  whether the performance of the new task harbours substantial financial risks; 

(e)  whether the performance of the new task exposes the members of the NCB decision-making 

bodies  to  political  risks  that  are  disproportionate  and  may  also  have  an  impact  on  their 

personal  independence  and,  in  particular,  on  the  guarantee  of  term  of  office  set  out  in 

Article 14.2 of the Statute of the ESCB. 

3.2  Tasks related to the tasks conferred upon the ECB and the NCBs by the Treaty and the Statute of 

the ESCB 

 The  tasks  of  operating  a  register  and  supervising  compliance  by  the  relevant  virtual  currency 

service providers with the obligation to register subject to the fulfilment of the requirements of good 

business and professional repute to be determined, are not related to the tasks conferred upon the 

ECB and the NCBs by the Treaty and the Statute of the ESCB.  

3.3  Tasks which are atypical of central bank tasks 

The  tasks  of  operating  a  register  and  supervising  compliance  by  the  relevant  virtual  currency 

service providers with the obligation to register subject to the fulfilment of the requirements of good 

business and professional repute to be determined, are not atypical of central bank tasks insofar as 

they complement the existing roles of a number of NCBs as supervisors for the financial sector in 

relation  to  AML/CFT  matters.  In  this  respect,  it  is  noted  that  the  majority  of  ESCB  NCBs  are 

4 

 
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supervisors  in  relation  to  AML/CFT  matters,  a  role  which  is  complementary  to  their  role  as 

supervisors of credit and/or financial institutions. In the implementation of Directive (EU) 2018/843 

into national law, Member States have conferred the specific tasks of operating a register (and/or 

the related supervisory tasks) in respect  of virtual currency service providers, on a  wide range of 

public  authorities  including  financial  supervisory  authorities  (some  of  whom  are  central  banks), 

financial intelligence units, revenue services and Government ministries. More concretely, the ECB 

has  identified  two  Member  States  that  have  directly  conferred  these  particular  tasks  on  their 
NCBs 14,  five  Member  States  that  have  conferred  these  tasks  on  their  national  supervisory 
authorities 15, and three other Member States that have, either directly or indirectly, conferred these 
tasks, in whole or in part, on their respective NCBs 16. In addition, the ECB understands that certain 

Member States which have not yet legislated on this matter are considering conferring these tasks 

on their respective NCBs.    

Banco de España, as the body responsible for the supervision of credit institutions on the basis of 
Article  7.6  of  Law  13/1994  on  the  autonomy  of  Banco  de  España17  and  on  the  basis  of  Law 

14  

15  

16  

In  the  Netherlands,  Article  23(b)  of  the  Law  on  money  laundering  and  terrorist  financing  prevention  (Wet  ter 
voorkoming van  witwassen en financiering van) requires anyone who offers professional or commercial services in 
or from the Netherlands for the exchange between virtual currency and fiduciary currency or custody wallets services 
to register with De Nederlandsche Bank (DNB). Articles 23(c) to 23(f) of this same Act set out the actions that DNB 
may  undertake  in  order  to  ensure  compliance  with  the  obligation  to  register.  In  Portugal,  the  Law  No. 83/2017  on 
theprevention  of  money  laundering  and  terrorist  financing  (Lei  de  medidas  de  combate  ao  branqueamento  de 
capitais  e  ao  financiamento  do  terrorismo)  considers  virtual  asset  service  providers  as  obliged  entities  required  to 
comply with AML/CFT rules, and Banco de Portugal is the authority responsible for the registration and supervision 
of these entities for AML/CFT purposes.   
In Austria, Article 32(a) of the Law on financial market anti-money-laundering,  the Finanzmarkt-Geldwäschegesetz , 
confers these tasks on the Financial Market Authority (FMA). In Germany, pursuant to section 32(1) of the Law on 
German  banking,  the  Bundesanstalt  für  Finanzdienstleistungsaufsicht,  keeps  a  register  of  all  licensed  service 
providers  and  is  responsible  for  the  respective  ongoing  supervision.  In  Finland,  pursuant  section  5  of  the  Law 
No. 572/2019  on  the  providers  of  virtual  currencies  (Laki  virtuaalivaluutan  tarjoajista)  Finanssivalvonta  keeps  a 
register  of  the  virtual  asset  service  providers  which  ensures  that  these  providers  comply  with  their  statutory 
requirements  concerning,  for  instance,  the  reliability  of  the  provider.  In  Luxembourg,  pursuant  Articles  1(20c)  and  
7-1(1) of the Law 12 November 2004 on the fight against money laundering and terrorist financing as amended by 
the  Law  of  25  March  2020  on  Loi  du  12  novembre  2004  relative  à  la  lutte  contre  le  blanchiment  et  contre  le 
financement du terrorisme, entities providing exchanges services between  virtual currencies and fiat currencies, or 
between  virtual  currencies,  as  well  as  custodian  wallet  providers,  need  to  register  with  the  Commission  de 
Surveillance du  Secteur Financier. The registration of the above-mentioned services providers shall be subject, as 
per Article 7-1(3) of the AML/CFT Law, to an assessment of their professional standing. In Malta, according to the 
Law on virtual asset providers of 1 November 2018, the providers of the above-mentioned services need to register 
in  a  financial  register  maintained  by  the  Malta  Financial  Services  Authority.  The  AML/CFT  supervision  of  such 
licensed providers is executed by the Financial Intelligence Analysis Unit.  
In Italy, Legislative Decree No. 90/2017 (Decreto Legislativo 25 maggio 2017, N. 90), amending Legislative Decree 
No.  231/2007  setting  out  the  Italian  anti-money  laundering  rules,  virtual  asset  service  providers  are  required  to 
register with the Organismo degli Agenti e dei Mediatori, a body subject to the supervision of Banca d’Italia, which is 
responsible  for  maintaining  the  registers  of  financial  agents  and  credit  brokers.  In  Lithuania,  the  Law  of 
3 November 2019  on  prevention  of  money  laundering  and  terrorist  financing,  amending  the  Law  of  19  June  1997 
(Pinigų  plovimo  ir  teroristų  finansavimo  prevencijos  įstatymas),  requires  providers  of  exchange  services  between 
virtual currency and fiduciary currency and custody wallet service providers to notify the Registrar of Legal Entities 
about  their  activity  no  later  than  within  5  business  days  from  the  beginning  or  termination  of  such  activities.  The 
Financial  Crime  Investigation  Authority  (the  FIU)  supervises  the  activities  of  operators  in  the  area  of  money 
laundering and/or terrorist financing prevention. The instructions that the FIU may address to these providers shall 
be approved in coordination with Lietuvos bankas and the Ministry of Finance. In Slovenia, according to Article 4(a) 
of the Law of 19 November 2016 on prevention of money laundering and terrorist financing (Zakon o preprečevanju 
pranja  denarja  in  financiranja  terorizma),  the  register  of  providers  of  exchange  services  between  virtual  and  fiat 
currencies  and  custodian  wallet  providers  is  maintained  and  managed  by  the  Office  for  the  prevention  of  money 
laundering. However, pursuant to Articles 4(20d) and 151 of the above-mentioned Act, Banka Slovenije supervises 
compliance with the relevant statutory requirements.  

17  

Law 13/1994 on the autonomy of Banco de España, "BOE" no. 131 of 2 June 1994.  

5 

                                                 
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10/2014  on  the  regulation,  supervision  and  solvency  of  credit  institutions 18,  also  cooperates  with 

SEPBLAC as supervisor in relation to AML/CFT matters for credit institutions. Banco de España is 

also responsible for the supervision of other financial institutions and hence, as sectoral supervisor 

also cooperates with SEPBLAC in their supervision regarding AML/CFT matters.  

Given  Banco  de  España’s  existing  role  in  the  supervision  in  relation  to  AML/CFT  matters  of 

financial institutions – a role which numerous other ESCB NCBs fulfil in relation to such institutions 

in  their  respective  Member  States  –  as  well  as  the  fact  that  a  number  of  Member  States  have 

conferred  on  their  NCBs  the  specific  tasks  of  operating  a  register  (and/or  the  related  supervisory 

tasks)  in  respect  of  virtual  currency  service  providers,  Banco  de  España’s  new  tasks  under  the 

draft law are not atypical of central bank tasks.  

3.4  Tasks clearly discharged on behalf of and in the exclusive interest of the government 

For the same reasons, the tasks conferred by the draft law, of operating a register and supervising 

compliance by the relevant virtual currency service providers with the obligation to register subject 

to  the  fulfilment  of  the  requirements  of  good  business  and  professional  repute  to  be  determined, 

are  not  tasks  discharged  on  behalf  of  and  in  the  exclusive  interest  of  the  government.  Banco  de 

España already plays a role in the supervision in relation to AML/CFT matters of credit and certain 

financial institutions. There is no indication that, in carrying out the new tasks conferred by the draft 

law, Banco de España would be acting exclusively in the interest of another public authority. 

3.5  Extent to which performance of the new tasks creates conflicts of interest with existing central bank 

tasks 

Since Banco de España’s new tasks under the draft law complement its existing tasks, no conflicts 

of interest arise with other aspects of Banco de España’s mandate.  

3.6  Extent  to  which  the  performance  of  the  new  tasks  is  disproportionate  to  Banco  de  España’s 

financial or organisational capacity 

 The  ECB  notes  that  it  is  essential  to  ensure  that  Banco  de  España  has  available  to  it  sufficient 

resources, including personnel, for the performance of assessments and the issuance of directions 

under  the  draft  law,  so  that  its  capacity  to  perform  its  ESCB-related  tasks  is  not  affected.  In  this 

regard, the draft law does not specifically address how the additional expenses that arise from the 

grant  to  Banco  de  España  of  additional  powers  will  be  financed.  The  ECB  understands  that  the 

additional  resources  required  by  Banco  de  España  to  exercise  those  additional  powers  will  be 

financed by Banco de España’s existing budgetary framework and  so there will be no specific cost 

recovery mechanism designed to ensure the full recovery of the costs incurred in establishing and 

maintaining  the  register  and  the  supervision  of  compliance  with  the  relevant  obligations  and 

requirements.  However,  the  performance  of  the  new  tasks  by  Banco  de  España  is  not 

disproportionate to its financial or organisational capacity.   

3.7  Extent to which performance of the new tasks fits into the Banco de España’s institutional set-up, in 

light of central bank independence and accountability considerations 

18  

Law  10/2014  of  26  June  2014  on  the  regulation,  supervision  and  solvency  of  credit  institutions,  ‘BOE’  no.  156  of 
27 June 2014. 

6 

                                                 
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The performance of the new tasks appears to be aligned with the Banco de España’s institutional 

set-up. As mentioned in paragraph 3.3, Banco de España cooperates with the supervisor in relation 

to AML/CFT matters in the supervision of credit and financial institutions.  

3.8  Extent to which the performance of tasks harbours substantial financial risks 

The  performance  of  the  new  tasks  does  not  harbour  substantial  financial  risks  for  Banco  de 

España. The draft law does not directly address Banco de España’s potential liability in the event of 

any  legal  action  or  other  legal  proceedings  for  damages  in  relation  to  the  exercise  of  its  powers 

under  the  draft  law.  In  this  respect,  Article  32  of  Law  40/2015  on  the  legal  regime  of  the  public 
sector19  establishes  the  right  for  natural  or  legal  persons  to  be  compensated  by  public 

administration  bodies  in  the  exercise  of  their  functions  for  any  damage  those  natural  or  legal 

persons suffer to their property and/or rights, except in cases of force majeure. Banco de España is 

included  as  a  public  administration  body  for  those  purposes  by  virtue  of  Article  1.2  of  Law 
13/1994 20.  Further,  Article  25  of  the  internal  rules 21  of  Banco  de  España  states  that  Banco  de 

España’s direct liability extends to claims for compensation for damages and losses that individuals 

make against employees of Banco de España in the exercise of their functions, except in cases of 

gross negligence or bad faith.  

3.9  Extent  to  which  the  performance  of  the  new  tasks  exposes  members  of  Banco  de  España’s 

decision-making  bodies  to  disproportionate  political  risks  and  has  an  impact  on  their  personal 

independence 

 The performance of the new tasks conferred by the draft law does not expose members of Banco 

de  España’s  decision-making  bodies  to  any  disproportionate  political  risk  or  have  an  impact  on 

their personal independence.  

3.10  Conclusion  

The new tasks conferred by the draft law on Banco de España, of establishing and maintaining a 

register  and  supervising  compliance  by  the  relevant  virtual  currency  service  providers  with  the 

obligation to register subject to the fulfilment of the requirements of good business and professional 

repute to be determined, can be regarded as central bank tasks, as they would complement Banco 

de  España’s  existing  functions  in  relation  to  the  supervision  in  relation  to  AML/CFT  matters  in 

financial  institutions.  The  new  tasks  conferred  by  the  draft  law  are  not  atypical  of  central  bank 

tasks, and have been conferred upon a number of other ESCB NCBs.   

This opinion will be published on EUR-Lex.  

Done at Frankfurt am Main, 18 December 2020. 

19  
20  
21  

Law 40/2015 of 1 October 2015 on the legal regime of the public sector, ‘BOE’ no. 236 of 2 October 2015. 

Law 13/1994 1 June 1994] on the autonomy of Banco de España, ‘BOE’ no. 131, of 7 February 1994, p. 17400.  
Resolution of 28 March 2020, of the Governing Council of Banco de España by virtue of which the Internal Rules of 
Banco de España are approved.  

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ECB-PUBLIC 

[signed] 

The President of the ECB 

Christine LAGARDE 

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