Legal notice and other documents
Disclosure Regulation 2019/2088
Code of conduct
Reform of the Spanish system of securities registration, clearing and settlement
Legal terms and conditions
BBVA Marketing Communications Policy for business in Spain
Documentation on Structured Bonds
Administration of securities
Remote banking terms and conditions
For the reasons stated below, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) does not have its own engagement policy under the terms set out in the stock market regulations.
On the one hand, BBVA has delegated the management of a large part of its discretionary managed portfolio contracts to BBVA Asset Management, S.A., S.G.I.I.C. (BBVA AM). In these cases, the engagement policy will be that of the delegated entity. You can consult it on the website www.bbvaassetmanagement.com.
Moreover, with regard to these discretionary management contracts whose management has not yet been delegated, the investment in the shares of companies that are traded on a regulated market located in a European Union Member State represents a very low percentage of the total investments, and in no case represents a significant percentage of the shares or voting rights of the listed companies.
On the other, BBVA, as the entity that provides the discretionary managed portfolio service, does not have in its contracts with its customers a clause that expressly delegates the voting rights associated with the investments that are part of the managed assets. The engagement activities to be carried out by BBVA AM, if any, are limited by this.
Information on the integration of sustainability risks into the investment decision-making process and in the investment advice*
In general, BBVA integrates ESG (Environmental, Social and Governance) factors into its investment selection process.
Through various internal and external studies, BBVA has been able to verify that the inclusion of information on variables related to environment, social or corporate governance factors improves portfolios in terms of profitability/risk, as it allows for more informed investment decisions and better overall risk control. However, in specific contexts in which this information has no influence, it is not taken into consideration.
In keeping with this approach, in the fields of discretionary portfolio management, of recurring advice on investments (advised portfolios) and ad hoc advice on Spanish investment funds (BBVA Invest), BBVA has taken steps to integrate the extra-financial aspects and ESG factors into investment decisions or recommendations, both in the monitoring of investments and in the risk control and analysis processes. To this end, BBVA takes into consideration an ESG assessment of the various assets in which it invests through managed portfolios or those for which it provides recommendations through the advised portfolio service and BBVA Invest, in order to determine their sustainability by incorporating the entity's own criteria, along with information from specialized vendors and/or analysts.
To complement the above, BBVA has delegated the management of a large part of its discretionary managed portfolio contracts to BBVA ASSET MANAGEMENT, S.A, S.G.I.I.C (BBVA AM). In these cases, the risk integration policy of the delegated entity will apply. You can find out more about it here.
There are also specific investment advisory contexts in which BBVA does not integrate sustainability risks. In these cases, BBVA provides an ad hoc investment advisory service involving certain financial instruments other than the financial products defined in Regulation (EU) 2019/2088. The sustainability risks in these cases do not influence the provision of this service, since there is no variety of financial instruments available that allows a pre-selection to be made based on the different assessment of the potential impact of this type of risk on the return of the product; rather, the advice refers to a single type of specific product.
*Statement modified on 2 November 2022 to provide more information on the integration of sustainability risks in investment advice, such that it covers not only financial products and instruments within the scope of Regulation (EU) 2019/2088, but also other products outside its scope, in keeping with the criteria recently provided by the European Commission. There are also discretionary management portfolios that are not going to be delegated to BBVA AM for the time being, and formal improvements have been included in the text in order to clarify the explanation of how sustainability risks are integrated into the different processes at BBVA.
Statement on the main adverse impacts of these investment decisions on sustainability factors
BBVA considers the main adverse impacts of investments on sustainability factors in two ways:
1. As a participant in the financial markets, when providing the discretionary portfolio management service.
You can read the BBVA Statement on the main adverse impacts of investment decisions on sustainability factors and its summary at the following link.
2. As a financial advisor, when providing investment advisory services.
You can read the BBVA Statement on the consideration of principal adverse impacts on sustainability factors involving investment advisory services at the following link.
Information on the consistency between the remuneration policies and the integration of sustainability risks on 03/10/2021
BBVA has a remuneration policy that is generally applicable both to its employees and to those of the companies that are part of its Group ("General Remuneration Policy of the BBVA Group") and that includes specific provisions applicable to personnel categories whose professional activities have a significant impact on the risk profile ("Identified Group"). In addition, the Bank has a remuneration policy exclusively applicable to the Directors of BBVA ("BBVA Directors' Remuneration Policy").
Both policies are based on the same principles, and their definition took into consideration not only the enforcement of the legal requirements that are applicable to credit entities and to the various sectors in which BBVA conducts its business, but also consistency with best market practices. It also includes elements intended to reduce exposure to excessive risks and to align the remuneration to the goals, values and long-term interests of the Group.
In the process of continuously reviewing BBVA's remuneration policies, the Board of Directors and Remuneration Committee continue considering, among others, the increasing importance of sustainability for the Bank and society as a whole.
For these purposes, and in keeping with the BBVA Strategic Plan, which specifies sustainability as one of its strategic priorities, the Board of Directors is promoting the integration of sustainability and the fight against climate change into the day-to-day business and activities of the Group by laying out objectives to facilitate its implementation and monitor its evolution.
Thus, in 2021 and within the scope of remuneration, an indicator related to the mobilization of sustainable finance, directly linked to the Group's activity, was included in the variable remuneration scheme of directors and employees, with the aim of meeting the climate change targets.
In 2023, the Bank's General Shareholders' Meeting approved a new BBVA Directors' Remuneration Policy, which maintains an adequate balance between the remuneration's fixed and variable components, as well as other elements that ensure a prudent risk management, the business model's robustness and a profitable growth.
In line with the new developments introduced in the BBVA Directors' Remuneration Policy, the Board of Directors also approved a new update to the General Remuneration Policy of the BBVA Group in 2023.
As a result of this update to the remuneration policies, a new corporate variable remuneration model applicable to the entire "Identified Group" has been implemented, which includes BBVA's executive directors and rest of Senior Management. The main new development is the introduction of a specific long-term component (LTI) in their annual variable remuneration, which is geared towards reinforcing the alignment of the remuneration with the creation of value and sustainable profitability in the long term and with an appropriate and effective management of risks.
Among the indicators employed to calculate this long-term incentive is a portfolio decarbonization indicator, which is directly linked to the BBVA Group's strategic priority of helping customers transition to a sustainable future, and a social indicator that measures the evolution of the percentage of women in managerial positions, which is fully aligned with the Bank's strategic priority of having the best, most committed and diverse team. Both indicators have a specific weight in aligning the remuneration schemes to the fulfillment of the sustainable targets.
* This section was amended on 05/30/2023 to reflect the updating of BBVA's remuneration policies in 2023.
It is mandatory for all financial institutions to have digital copies of certain personal documents of their customers in order to verify their identity, their economic or professional activity or the origin of their funds, according to the Act 10/2010 on the Prevention of Money Laundering.
Failure to comply with this legal requirement may force us to cancel all accounts contracted by clients that do not provide this documentation.
(400 kB) -- Law 10/2010 on money laundering prevention
In order to continue offering these services, we need your cooperation.
The following are the documents that may be required:
- Identification document (ID, Foreign National's Identification Number, Passport, etc.).
- Declaration of Economic Activity (DAE). A document filled in and signed by the customer giving details of his/her economic activity, either at the branch office or via Customer Login on bbva.es (My Profile).
- Document proving your economic or professional activity. Depending on the customer type or activity, one of the following should be presented:
- Proof of current salary (no more than 3 months old).
- Certificate of employment issued by your employer.
- Certificate of earnings, pension or benefits.
- Most recent year's personal income tax return.
- Current employment contract.
- Declaration of inclusion in the taxpayers register (form 036).
- Registration of activities with the public revenue service (Spanish Government license for business activities).
- Last yearly or quarterly VAT or personal income tax statement.
- Most recent bill from a professional association.
- Social Security self-employed proof of payment (no more than three months old).
For more information, contact your usual adviser or go to a BBVA branch.
MiFID II is a European regulation that has been transposed into Spanish law, and its aim is to improve the protection of investors in financial products. It also aims to establish a single European financial instrument market by improving the transparency and efficiency of the markets.
With regard to European regulations, MiFID II mainly comprises the following standards:
- Directive 2014/65 of the European Parliament and of the Council of May 15, 2014, on financial instrument markets.
- Delegated Regulation 2017/593, supplementing MiFID II, on the organizational requirements and operating conditions of investment services companies and the terms defined for the purposes of this Directive.
- Delegated Directive (EU) 2017/593, supplementing MiFID II, on the safeguarding of financial instruments and funds belonging to customers, obligations regarding product governance, and the rules applicable to the delivery or collection of fees, commissions, or other monetary or non-monetary benefits.
The transposition of MiFID II into Spanish law has been carried out through the following standards:
- Royal Legislative Decree 4/2015, of October 23, approving the revised text of the Securities Market Law.
- Royal Decree 217/2008, of February 15, on the legal system governing investment services companies and other companies that provide investment services, which partially modifies the terms of Law 35/2003, of November 4, on Collective Investment Institutions.
- Royal Decree 1464/2018, of December 21, developing the revised text of the Securities Market Law, 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 Spanish Law to European Union regulations on the securities market, and partially amending Royal Decree 217/2008, of February 15, on the legal regime of investment service companies and other institutions that provide investment services, and partially amending the Regulation under Law 35/2003, of November 4, on Collective Investment Institutions, approved by Royal Decree 1309/2005, of November 4, and other royal decrees on the securities market.
- Royal Decree - Law 21/2017, of December 29, on urgent measures for the adaptation of Spanish law to match European regulations on the securities market. This RDL exclusively transposes the regulations related to the operation and management of trading venues.
MIFID II lays out the obligation to classify customers based on their level of knowledge of and previous experience with financial services and instruments:
- Professional customers are those who have the experience, knowledge, and qualifications required to make their own investment decisions and correctly evaluate risks. For example, business owners who individually satisfy at least two of the following conditions: their assets total at least 20 million euros; their annual turnover is equal to or greater than 40 million euros; their equity totals at least 2 million euros.
- Eligible counterparties are those legal entities and public bodies that are thus classified by the securities market regulations. For example: credit entities, investment services companies. insurance companies and governments.
- Retail customers are all those customers who are not considered Professional or Eligible Counterparties. Most investors fall into this category, which receives the highest level of protection.
However, a customer can request a change in classification to receive a higher or lower level of protection, as long as certain requirements are met. If you need more information, please visit your BBVA branch.
SEPA (Single Euro Payments Area) is an area in which consumers and companies can carry out domestic and international charges and payments, in the same basic conditions and with the same rights and obligations, regardless of their location. Within the SEPA zone, all borders have been eliminated when it comes to making or receiving payments in euros.
The SEPA area consists of the 28 European Union member states, together with Iceland, Liechtenstein, Norway, San Marino, Switzerland and Monaco.
What is it?
SEPA: New outlook for payments in Europe
After adoption of the euro as a single currency, the SEPA project represents another step towards the economic and monetary integration of Europe: the creation of an authentic domestic market where there is single way of making payments effectively, securely, simply and transparently.
The payment instruments included in SEPA are:
- Debit entries.
- Payments by card: The main new features introduced are that it is now mandatory to include a chip in all cards, and all transactions must be authorized with a PIN. With these measures, the aim is to increase the level of security of all transactions. It affects both credit and debit cards.
The mandatory deadline for migration to SEPA payment and collection instruments was February 1, 2014, except for niche products that, because of their specific characteristics and low volume of operations, were migrated during a second phase in February 2016 (in Spain, C58 credit advances and receipts sent by C32).
- Unified format for executing payments and collections in euros within the EEA.
- Ability to consolidate accounts to facilitate centralization of cash management functions.
- Facilities for expanding business beyond the local market.
- With B2B debits (between companies), certainty of collection for the creditor.
The SEPA transfers scheme (in force since January 2008) enables the simple, standardized sending of payments within its geographic area.
SEPA transfers have the following features:
- Denominated in euros.
- No limit on amount.
- Between bank accounts, leaving behind the cash transfer system.
- With expense clause <Shared>.
- Use of the IBAN as account identifier.
- Maximum completion time one day. There is a possibility of sending same-day SEPA transfers (the payee receives the funds that day) and instant SEPA transfers (the payee receives the funds instantly).
- 140 characters of payment information, which is transferred in full from the payer to the payee.
CORE and B2B debits
This is an instrument for making collections via direct debit from the debtor's account.
Key features of SEPA debits are:
- Denominated in euros.
- No account limit
- With expense clause <Shared>.
- Use of the IBAN as account identifier.
- 140 characters of information, which is sent in full from the creditor to the debtor. An expanded item with up to 640 characters at some Spanish entities.
Core Debit Entries
This involves the basic diagram for debit entries. These can be used to make transfers to both individuals and companies.
|SEPA Core Debit|
|SEPA Core Debit
Your details are conveyed in the debit transaction.
|SEPA Core Debit
One additional day for debits with an EBA recipient.*
|SEPA Core Debit
An expanded item at some Spanish entities.
|SEPA Core Debit
Op.authorized: 8 weeks.
Unauthorized transactions: 13 months.
|SEPA Core Debit
|SEPA Core Debit
XML ISO20022 Core AEB
|SEPA Core Debit
* EBA is the clearing house for cross-border and domestic debit entries to companies that do not operate through Iberpay (the Spanish clearing house).
B2B debit entries
The outline among businesses (B2B debits) offers the creditor a greater collection guarantee, since the debtor relinquishes the right to refunds on authorized operations. For this reason, the debtor's entity can apply for the authorization of the mandate before recording the first charge on the account.
New developments for Debits
- Financing of debit entries: SEPA Core and B2B debits can be financed. In Spain the format is that of SEPA debit entries, including indication of financing established in the Spanish banking notebooks.
- Simplified operations for Core debit entries: as of November 2016, there is a single submittal period for SEPA Core debits, regardless of their type (first, recurring, one-time, etc.): D-1 for domestic debit entries or those with a payee entity that operates through Iberpay (EBA requires submittal one additional day in advance). It is also no longer compulsory to indicate the first SEPA debit of a series as the first (FRST) before sending recurring debits (RCUR).
BBVA and SEPA
BBVA offers issuance of SEPA transactions including transfers, debits, and financed debiting (Core and B2B). SEPA operations can be sent conveniently through the BBVA electronic banking channel or by using your regular online channels.
In addition, BBVA offers other value-added services: information on the requirements for SEPA instruments, programs to create SEPA files, consulting for start-up, re-calculation service for debiting due dates, expanded 640-character descriptions for debits, data conversion services, same-day crediting to BBVA payees, same-day debiting of BBVA accounts, information on modifications to debtor accounts, etc.
For more details about the channels and formats available in each country, contact your BBVA branch.
- Document of the CNMV: Reform Document 09_2014. See document.
- Royal Decree 878/2015 of October 2. See document.
- Act 11/2015 on the resolution of credit institutions. See document.
- Legislative Royal Decree 4/2015 of October 23. See document.
- Compliance with Article 39.7 of EMIR-Segregation and Portability. See document.
- BME Clearing regulations. See document.
- Latibex regulations. See document.
- MAB regulations. See document.
- Stock Exchange regulations. Madrid Stock Exchange. See document.
- Iberclear regulations. See document.
The links to the websites of the market infrastructures included on this page have been included for information purposes, and the information provided in it is of a purely illustrative nature. The information supplied should not be considered financial advice under any circumstances, nor should it be understood as a recommendation to carry out operations nor shall it constitute the basis for a decision to be taken in any given direction. Banco Bilbao Vizcaya Argentaria, S.A. or any other company of the BBVA group (hereinafter, ‘BBVA’) assumes no commitment to communicate changes or to update the content of this page. BBVA considers the links to the websites of the market infrastructures included on this page to be reliable sources. Nevertheless, although reasonable measures have been taken to ensure the information contained is not incorrect or erroneous, BBVA does not declare or guarantee, neither expressly nor implicitly, that it is accurate, complete or up-to-date, and it should not be relied upon as though it were. BBVA expressly declines any responsibility for error or omission in the information contained in the document.
Legal terms and conditions
- Terms and conditions for the “PLAN READY” promotion
- Terms and conditions of the "PLAN READY" promotion (through June 30, 2022)
- Terms and conditions of the "PLAN C" Promotion
- Terms and conditions of the "PLAN C" promotion (through June 30, 2022)
- Terms and conditions for the "PLAN CL" promotion
- Terms and conditions of the "PLAN CL" promotion (through June 30, 2022)
- Terms and Conditions of the Adiós Comisiones Program
- Terms and conditions of the "€250" Promotion
- Terms and conditions of the "Bills Cashback" Promotion
BBVA has an advertising or business communications policy that sets forth suitable criteria and procedures to ensure compliance with the standards, principles and general criteria of applicable regulations governing advertising, as follows:
- Orders EHA/1718/2010 and EHA/1717/2010 of June 11, Article 4, on the regulation and control of advertising.
- Rule 6 of Bank of Spain Circular 4/2020 of June 26.
A structured product is a combination of two or more financial instruments that comprise a single structure. This is a single and indivisible package that combines a product linked to interest rates with one or more financial derivatives. Once the issuer provides the final terms of each structured bond to us, the related documents will be made available in this section. Said documentation describes in detail all the characteristics and conditions specific to each issue.
Starting January 1, 2021, as a result of the UK's departure from the European Union (Brexit):
- Transfers in EUR issued to and received from the UK will have the same fees as transfers outside the European Economic Area.
- SEPA debit entries issued to the United Kingdom must indicate the debtor's address, as this is a requirement imposed by British authorities.
When a SEPA debit issuer sends debit entries to the United Kingdom, it must fill out the "debtor address" field; otherwise, the debit entry will be rejected. For all other debit entries sent to any other SEPA country, this field continues to be optional.
- Transfers to the United Kingdom must include the payer's address, otherwise the transfer could be rejected.
Consult the discretionary portfolio management service agreement with delegation (Private Banking Portfolios) in effect on this date. We will generate the contract with your personalized data in the application process.
View the discretionary asset portfolio management service agreement in effect on this date. We will generate the contract with your personalized data in the application process.
View the fund portfolio discretionary management service contract (CII) called BBVA Multiestrategia Portfolio in effect on this date. A customized contract will be created with your personal details during the contract process.
View the non-independent investment advisory service contract (Private Banking and Equity Portfolios) and the independent investment advisory service contract. We will generate the contract with your personalized data.
View the 2/2016 version of the standard contract for the discretionary and individualized global management of investment portfolios and of the contract for investment advice, together with the contract amendments derived from the entry into force of the MiFID II Guidelines, which we have added for your information. These versions are not the ones BBVA currently signs with its customers.