I

Over the last few years the instability of the global financial system and, in particular, of Spanish has revealed some shortcomings in financial regulation. There is international consensus on the fact that the legislation in force until 2008 failed to prevent the quality and quantity of financial institutions ' capital from being insufficient to absorb the losses incurred in a context of strong turbulence. Nor did it mitigate the highly pro-cyclical behaviour of the institutions, which excessively increased credit in expansion phases and reduced it substantially in recession, initially aggravating financial instability and worsening, in the second instance, the effects and duration of the economic crisis.

In the face of the previous observation and given the enormous interconnectedness of the international financial markets, the first reaction for the reform of the financial regulation arose from the main international forums. In this way, following the political impetus of the world leaders meeting in Washington in November 2008 on the Group of 20, the Basel Committee on Banking Supervision agreed in December 2010 on the " Global regulatory framework for strengthening banks and banking systems " (known as Basel III Agreements), which, in order to avoid future crises and improve international cooperation, came to significantly strengthen the quantitative and qualitative requirements of capital banks. The central axes of this agreement were implemented at the end of June 2013 in harmonised European Union legislation, by means of two legal instruments: Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013, on the prudential requirements of credit institutions and investment firms, and amending Regulation (EU) No 648/2012; and Directive 2013 /36/EU of the European Parliament and of the Council of 26 June 2013, on the access to the business of credit institutions and the prudential supervision of credit institutions credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006 /48/EC and 2006 /49/EC. These European standards have, in turn, a role and dimension that go beyond the mere adoption of the Basel III Agreements, as they make substantial progress in the creation of a single banking regulation on solvency. This harmonisation exercise is essential for the establishment of the Banking Union, which will be firmly supported by this common financial regulation, in order to establish the single mechanisms for the supervision and resolution of banks. credits from the euro area.

Regulation (EU) No 575/2013 of 26 June 2013 will enter into force on 1 January 2014 and Directive 2013 /36/EU of 26 June 2013 is to be incorporated into national law for the same date. The adaptation of the Spanish legal order to the new European standards requires a updating and recasting of the set of normative texts which, in a dispersed manner, contain the rules of banking and banking discipline currently in force. As a result, the adaptation of our right to the new set of rules must be articulated, in the interests of legal certainty and in terms of ensuring the highest effectiveness of the rule, in a double standard. On the one hand, a new plant text that adequately refounds and adjusts all national rules on the solvency of credit institutions. And on the other, a rule that, as a matter of urgency, will adapt our order before the next 1 January 2014 to the regulatory changes that are more pressing, in order to provide the supervisors and the financial institutions with the legal guarantees necessary to operate in accordance with Regulation (EU) No 575/2013 of 26 June 2013 and to make the substantive adaptations to Directive 2013 /36/EU of 26 June 2013.

II

To this second objective, of urgent and extraordinary need, responds this royal decree-law whose main measures pivot around three axes:

First, the standard makes direct incorporation as a regulation of Spanish management and discipline of Regulation (EU) No 575/2013 of 26 June 2013, of imminent application, extending and adapting the functions of the The supervisory authorities of the Bank of Spain and the National Securities Market Commission are responsible for the new powers laid down in European Union law. This ensures the operational control of supervisors in order to ensure that the obligations of credit institutions and investment firms derive from the new European legislation are met.

In the second place, there are some new developments regarding the limitation of variable pay. Essentially, to limit it to a maximum of one hundred per cent in respect of fixed remuneration, with the exception of the approval of the shareholders ' meeting or equivalent body, in which case it can be reached two hundred per cent.

And finally, a further series of adjustments are made to narrow the scope of Regulation (EU) No 575/2013 of 26 June 2013 in order to avoid any unintended consequences for our regulation. To the extent that credit institutions are not subject to this rule, it is essential to maintain, on a provisional basis and until the specific arrangements applicable to them are approved, the legal regime in force with character prior to the entry into force of this royal decree-law.

The Securities Market Act is also amended in order to introduce into it the reforms arising from Directive 2013 /36/EU, relating to investment firms, and which are in parallel with the prior In the case of credit institutions.

On the other hand, the figure of the legal entity identifier, as provided for by Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012, is regulated for the first time in Spain. 2012, relating to OTC derivatives, central counterparties and trade repositories. At the beginning of next year, the counterparties of a derivative contract should be identified, unequivocally and internationally, through the use of a code known as the Entity Identifier. Through this royal decree, its issuance and management in Spain is attributed to the Commercial Registry.

The third additional provision seeks to make it possible for municipalities that initially, and having been able to do so, did not apply for the measures of Title II of Royal Decree-Law No 8/2013 of 28 June, to present the applications and the plan corresponding adjustment within an additional period. In a good number of cases this situation has been due to problems of governance in the corresponding municipalities. In order to solve this situation, approval by the Local Government Board is possible, or if it does not exist because it is a municipality of less than 5,000 inhabitants and that they are not obliged to have that body, by the Mayor. This would unlock a situation of interference with the political situation in the financial operation of the municipalities concerned.

In short, the objective of this provision is to facilitate the largest possible incorporation of municipalities into the above mentioned extraordinary measures by removing obstacles that should not affect the achievement of stability and rebalancing. of those entities.

The urgency and necessity of this provision is that the extraordinary measures to support municipalities with financial problems must be requested before the Ministry of Finance and Public Administrations within the same year. Measures considered necessary to resolve as quickly as possible the serious financial situation of the councils concerned.

The fourth additional provision provides for the prudential treatment of preference shares as of the entry into force of Regulation (EU) 575/2013 of 26 June, without altering the existing tax regime for This type of instrument, as set out in Law 13/1985 of 25 May, of investment ratios, own resources and reporting obligations of financial intermediaries.

Also, a transitional provision is incorporated in order to mitigate the effects that the necessary repeal of the requirement of principal capital of the Spanish credit institutions, established by the Real estate, could produce. Decree-law 2/2011 of 18 February for the strengthening of the financial system. This forecast is intended to achieve a twofold objective: on the one hand, to reconcile the obligations on capital requirements laid down in the new Regulation (EU) No 575/2013 of 26 June 2013 with which on the same subject were taken over by our country by means of the Memorandum of Understanding under the aid programme for the recapitalisation of the financial sector, agreed within the Eurogroup; and on the other hand, to ensure that the Bank of Spain is appropriate and immediately empowered to avoid any unwise reduction of own resources derived from the mere approval of the new solvency rules.

Within the final provisions, the Law 13/1994, of 1 June, of Autonomy of the Banco de España is amended, increasing the powers of this institution, enabling it to develop technical guides and to answer questions binding, providing it with instruments for the proper interpretation and implementation of the supervisory rules. Likewise, the aforementioned Law 9/2012 of 14 November, of restructuring and resolution of credit institutions is amended, in order to correct the current assets situation of the Banking Resolution Fund (FROB) which has emerged from the losses arising from their unique nature as a restructuring and resolution authority, thus ensuring, in the final analysis, the fulfilment of the functions conferred on it by the rule. The special powers that the FROB has attributed to it as resolution authority, and its direct impact on the satisfaction of the public interest, demand an imminent action to solve its patrimonial situation dispelling any doubts about their solvency. To this end, the possibility of increasing the Fund's own resources by the capitalization of loans, loans or any other borrowing operation in which the General Administration of the State is listed as a creditor is enabled. In addition, the management of its cash operation is relaxed.

Also amended Law 9/2012 of 14 November, in an aspect of singular importance, when the provision that established a time limit to the application of Chapter VII of the Law, referred to the management of hybrid instruments of capital and subordinated debt. This elimination implies the definitive validity in our country of the mechanisms of absorption of losses arising from the restructuring or resolution of a credit institution, by its shareholders and subordinate creditors. In this way, Spain adopts, on a permanent basis and in advance with respect to the majority of the Member States of the European Union, the instruments necessary to distribute the losses of an entity according to the principle of correct risk-taking and minimisation of the use of public resources. This is a measure which is fully aligned with what is already required by the most advanced international rules and, in particular, the European Union's regulation on competition and State aid.

Additionally, the doubts arising in the practice regarding the extension of the creditor position of Sareb in the proceedings are clarified to those who acquire their credits for any degree. Given the mandate of the orderly liquidation that Sareb has, the sale of its credits is frequent and the uncertainty in the application of its insolvency regulation is having a negative impact on the transactions, hence the need to proceed to its imminent review.

A third final provision has also been introduced in the Royal Decree-Law by which the additional 30th of Law 2/2012 of 29 June of the State Budget for the year is amended. 2012. The stated provision of the General State Budget Law for the year 2012 used the extension of the deadline for the reimbursement of the settlements of the system of financing of the Autonomous Communities and Cities with Statute of Autonomy corresponding to 2008 and 2009 which resulted in the State's favour, by which the Communities which applied for it, were extended to 120 equal monthly payments on outstanding amounts, provided that the conditions were met established in the disposition.

The current circumstances advise the modification of the conditionality established for such an extension to 120 monthly payments, in the event of non-compliance with the objective of stability, subject to the continuation of the extension to what is established by the Ministry of Finance and Public Administrations, by means of a Resolution of the General Secretariat for Autonomous and Local Coordination, provided that the Autonomous Community so requests, and that it establishes the fulfillment of its information provision obligations.

The extraordinary and urgent need for this measure is that the modification which is the subject of the measure has an impact on the budgets of the Autonomous Communities and given that the respective budgets of those for 2014 are in the process of being processed, it becomes necessary that the modification takes effect before the approval of these laws by the Autonomous Communities.

Certain measures are finally introduced to allow certain deferred tax assets to continue to compute as capital, in line with the regulation in force in other European Union states, in a way that the Spanish credit institutions may operate in a homogeneous competitive environment.

III

In short, this royal decree-law has as its main objective, as it has already been mentioned, to make the most urgent adaptations of the Spanish legal system to the substantive novelties derived from the directive 2013 /36/EU of 26 June and of Regulation (EU) No 575/2013 of 26 June and to address other urgent reforms. For these purposes, those precepts whose immediate entry into force is necessary for the basic functioning of financial institutions have been incorporated into this rule, thus avoiding any disruption of prudential regulation which could generate severe difficulties in the Spanish financial system, at an especially sensitive time for the Spanish financial system.

The fulfilment of this objective is even more important today in view of the new scenario designed in the European Union for the development of the Banking Union and, in particular, the need not to generate the least legal uncertainty about a sector such as the banking sector that has recovered the path of stability and confidence for some months.

By virtue of the urgency of the adoption of the measures, to allow for their immediate effectiveness, making use of the authorization contained in Article 86 of the Constitution, on the proposal of the Ministers of Economy and Competitiveness and of Finance and Public Administrations, and after deliberation by the Council of Ministers at its meeting on 29 November 2013,

DISPONGO:

Article first. Amendment of Law 13/1985 of 25 May of coefficients of investment, own resources and reporting obligations of financial intermediaries.

Law 13/1985, of 25 May, of investment coefficients, own resources and reporting obligations of financial intermediaries is amended in accordance with the following paragraphs:

One. Article 6 is worded as follows:

" Article 6.

1. In accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, and amending Regulation (EU) No 575/2013, n. No 648/2012, with this law and with the provisions that develop it, the consolidable groups of credit institutions, as well as the integrated credit institutions or not in a consolidated group of credit institutions, shall maintain at all times a sufficient volume of own resources in relation to the investments made and the risks incurred.

2. The consolidated groups of credit institutions, as well as credit institutions that are not integrated into one of these consolidable groups, will specifically have robust, effective and comprehensive strategies and procedures to assess and maintain on a permanent basis the amounts, rates and distribution of domestic capital that they consider appropriate to cover the nature and level of the risks to which they are or may be exposed. Those strategies and procedures shall be regularly reviewed within the internal review to ensure that they remain comprehensive and proportionate to the nature, scale and complexity of the activities of the credit institution concerned.

3. It may also be imposed:

(a) The obligation to have a minimum amount of liquid assets to be used to deal with potential outflows from liabilities and liabilities, including in the event of serious events that could affect the liquidity and maintaining an adequate structure of sources of financing and maturities in its assets, liabilities and commitments in order to avoid potential imbalances or liquidity strains that may damage or risk the situation entity's financial.

(b) A minimum limit to the ratio of the institution's own resources to the total value of its exposures to the risks arising from its business.

The obligations provided for in the preceding letters may be more stringent depending on the capacity of each credit institution to obtain Tier 1 capital. "

Two. A new paragraph is added at the end of Article 8 (3), with the following wording:

" The Banco de España may waive individual compliance with the requirements laid down in the second to eighth parts of Regulation (EU) No 575/2013 of 26 June on credit institutions integrated into a system institutional protection where such a system is constituted through a contractual agreement between several credit institutions and complies with the requirements laid down in Article 10 of that Regulation and with the provisions laid down in points i, ii, v and vi. "

Three. Article 10a (1) is amended, which shall be read as follows:

" 1. It shall be the responsibility of the Banco de España, as the authority responsible for the supervision of credit institutions and their consolidable groups:

(a) Review the systems, whether they are agreements, strategies, procedures or mechanisms of any kind, applied to comply with the solvency rules contained in Regulation (EU) No 575/2013 of 26 June 2009; law and in the provisions that develop it. This review shall include the remuneration policies and practices referred to in Article 30b (1a) of Law 26/1988 of 29 July on the discipline and intervention of credit institutions.

b) Evaluate the risks to which entities are or may be exposed.

(c) Without prejudice to the provisions of the preceding subparagraph, to assess the risks arising from possible developments or changes in the economic situation which have become apparent in the stress tests, taking into account the nature, size and complexity of the entity's activity. These stress tests must be carried out by the Banco de España at least once a year.

(d) From the review and assessment referred to in the preceding letters, determine whether the systems referred to in point (a) and the own funds held ensure sound management and coverage of their risks.

e) Require each credit institution that has government standards to include remuneration policies and practices consistent with the promotion of sound and effective risk management to comply with the rules on remuneration policies and practices to be established.

f) Use the information collected in accordance with the disclosure criteria set out in Article 10 ter.1 to compare trends and practices in remuneration. The Bank of Spain shall provide the European Banking Authority with such information.

g) Collect information on the number of persons, in each credit institution, with remuneration of at least EUR 1 million, at intervals of the same amount, including its responsibilities in the position it occupies, the scope of the business involved and the main components of the salary, the incentives, the long-term premiums and the contribution to the pension. This information shall be transmitted to the European Banking Authority.

h) Develop, if appropriate, technical guides, directed at supervised entities and groups, indicating the criteria, practices, methodologies or procedures that it considers appropriate for the performance of the monitoring regulations. These guidelines, which must be made public, may include the criteria that the Banco de España itself will follow in the exercise of its supervisory activities. These guides shall refer to the following subjects:

1. Evaluation of the risks to which entities are exposed and appropriate compliance with the rules of ordination and discipline.

2. Remuneration practices and risk-taking incentives compatible with adequate risk management.

3. Financial and accounting information and external audit obligations.

4. Proper management of risks arising from the holding of significant holdings of credit institutions in other financial institutions or non-financial corporations.

5. º Instrumentation of restructuring or resolution mechanisms of credit institutions.

6. Corporate governance and internal control.

7. º Any other matter included in the scope of the Bank of Spain's competence.

To this end, the Banco de España will be able to make its own, and transmit as such to the entities and groups, as well as to develop, supplement or adapt the guides that, on these issues, approve the agencies or committees International assets in banking regulation and supervision.

The analyses and assessments referred to in points (a), (b) and (c) above shall be updated at least annually. "

Four. A new Article 10a is added. One with the following wording:

" Article 10a. One. Corporate governance measures.

1. When fixing the variable components of the remuneration, the credit institutions shall establish the appropriate ratios between the fixed components and the variables of the total remuneration, applying the following principles:

a) The variable component will not be greater than one hundred percent of the fixed component of each person's total remuneration.

(b) However, the shareholders of the institution may approve a level higher than that provided for in the preceding paragraph, provided that it does not exceed two hundred per cent of the fixed component of the total remuneration. Approval of this higher level of variable remuneration will be performed according to the following procedure:

1. The shareholders of the entity shall take their decision on the basis of a detailed recommendation of the administrative board or equivalent body setting out the reasons and scope of the decision and including the number of persons concerned and their charges, as well as the expected effect on the maintenance by the institution of a sound capital base.

2. The shareholders of the entity shall take their decision by a majority of at least two-thirds, provided that at least half of the shares or equivalent rights are present or represented in the vote. If the previous quorum is not possible, they shall take their decision by a majority of at least three quarters of the equivalent shares or rights present or represented.

3. The board of directors or equivalent body shall inform all shareholders in good time of the matter to be submitted for approval.

4. The board of directors or equivalent body shall immediately communicate to the Banco de España the recommendation addressed to the shareholders, including the highest level of the variable component of the proposed remuneration and its justification, and shall demonstrate that this level does not affect the obligations of the institution under the solvency rules.

5. The board of directors or equivalent body shall immediately communicate to the Banco de España the decision taken by its shareholders, including the highest percentage of the variable component of the remuneration approved, and the Banco de España will use the information received to compare the practices of the entities in this field. The Banco de España will provide this information to the European Banking Authority.

6. Where appropriate, persons directly affected by the application of higher maximum levels of variable remuneration may not exercise, directly or indirectly, the voting rights that they may have as shareholders of the entity.

The entries made in this letter to the shareholders will also apply to the members of the General Assemblies of the savings banks and credit unions.

(c) The Banco de España may authorise institutions to apply a theoretical discount rate, in accordance with the guidance published by the European Banking Authority, to 25% of the total variable remuneration, provided that it is paid by deferred instruments for a period of five years or more. The Bank of Spain may set a maximum percentage below.

2. The limitations provided for in the preceding paragraph shall apply to categories of employees whose professional activities have a significant impact on the risk profile of the institution, its group, parent company or subsidiaries. In particular, it will apply to senior management, risk-taking employees, those who exercise control functions, as well as any worker who receives a global remuneration that includes him in the same remuneration scale as that of the senior managers and employees who take risks, whose professional activities have an important impact on their risk profile.

3. The credit institutions shall submit to the Banco de España how much information they require to verify compliance with this obligation and, in particular, a list indicating the categories of employees whose professional activity affects significant in the risk profile of those. This list shall be submitted annually and in any case where significant alterations have occurred. The Bank of Spain shall determine the form of presentation of that list. "

Five. Article 11 (1) is amended.

" 1. Where a credit institution or a consolidated group of credit institutions does not comply with the requirements laid down in this Act, in Regulation (EU) No 575/2013 of 26 June or in other rules of organisation and discipline to determine The Bank of Spain has data that would allow the Bank of Spain to have data that would allow it to assume that the default would be based on the following 12 months, the Bank of Spain Spain may lay down the measures it considers to be more appropriate than those referred to in paragraph 3 of this Article. this article, taking into account the situation of the entity or group. "

Six. Article 11 (3) is amended, and two new paragraphs 4 and 5 are added, renumbered the current 4, 5 and 6 as 6, 7 and 8 respectively:

" 3. Among the measures that the Banco de España may adopt, in accordance with paragraph 1, are the following:

(a) obliging credit institutions and their groups to maintain their own resources in addition to those required at a minimum.

The Banco de España will impose this obligation, at least, when it appreciates serious deficiencies in the organizational structure or in the procedures and mechanisms of internal control, including in particular those mentioned in the article. (2) of this law, or as long as it determines, in accordance with the provisions of Article 10 (1) (d), that the systems and own funds held under that provision do not ensure sound management and coverage of the risks. In both cases, the measure should be taken when the Banco de España considers it unlikely that the mere implementation of other measures will improve such deficiencies or situations within an appropriate time frame.

(b) Require credit institutions and their groups to strengthen established procedures, mechanisms and strategies to comply with the provisions of Articles sexto.2 and 10a.

(c) Require credit institutions and their groups to submit a plan to restore compliance with the supervisory requirements set out in this law and in Regulation (EU) No 575/2013 of 26 June and set a deadline. for its implementation; or to introduce into the plan the necessary improvements in terms of its scope and time of execution.

(d) Require credit institutions and their groups to implement a specific policy of provision of provisions or a specific treatment of assets in terms of their own resource requirements.

e) Restrict or limit the business, operations or network of entities or request the abandonment of activities that pose excessive risks to the soundness of the entity.

f) Require credit institutions to limit variable remuneration when they are inconsistent with the maintenance of a sound capital base.

g) Require the risk reduction inherent in the entities ' activities, products, and systems.

h) Require credit institutions and their groups to use net profits to strengthen their own resources.

i) Banning or restricting the distribution by the entity of dividends or interest to shareholders, partners or holders of additional Tier 1 capital instruments, provided that the prohibition does not constitute an alleged default by the institution of its payment obligations.

j) Impose additional reporting obligations, including information on the capital and liquidity situation

k) Require, or increase the frequency of reporting.

l) Impose specific liquidity requirements, including restrictions on maturity gaps between assets and liabilities.

m) Require the communication of supplemental information.

4. The obligation to maintain own resources higher than those laid down in accordance with paragraph 3 (a) shall be required at least in the following cases:

(a) If the entity does not meet the requirements set out in Article sex.2 of this Act or in Article 393 of Regulation (EU) No 575/2013 of 26 June.

(b) If there are risks or items of risk that are not covered by the own resources requirements set out in this law, in the rules that develop it or in Regulation (EU) No 575/2013 of 26 June.

(c) If it is likely that the implementation of other measures alone is sufficient to sufficiently improve the systems, procedures, mechanisms and strategies at an appropriate time.

(d) If any non-compliance with the requirements for the use of internal models that could result in insufficient own resource requirements is detected, or if the valuation adjustments with respect to positions or specific portfolios within the trading book, in accordance with Article 105 of Regulation (EU) No 575/2013 of 26 June, do not allow the entity to sell or cover its positions in a short period of time without Incur significant losses under normal market conditions.

e) If there were reasonable grounds to consider that the risks could be underestimated despite compliance with the applicable requirements of Regulation (EU) No 575/2013 of 26 June and of this Law and its rules of development.

(f) If the institution notifies the Bank of Spain, in accordance with Article 377.5 of Regulation (EU) No 575/2013 of 26 June, that the results of the stress tests referred to in that Article exceed significant requirements for own resources derived from the correlation trading book.

5. For the purposes of determining the appropriate level of own resources on the basis of the review and evaluation carried out in accordance with Article 10a, the Bank of Spain shall assess whether additional own resources are required in addition to the of own resources requirements to cover risks to which an institution is or may be exposed, taking into account the following:

(a) The quantitative and qualitative aspects of the assessment process of the entities referred to in Article sex.2.

(b) The results of the review and evaluation carried out in accordance with Article 10a.

c) The assessment of systemic risk. "

Seven. Article 11 (6) is amended as follows:

" 6. The provisions of the foregoing paragraphs are without prejudice to the application of the penalties provided for in each case according to Law 26/1988 of 29 July, of discipline and intervention of the Credit Entities. "

Article 2. Amendment of Royal Decree 1298/1986 of 28 June adapting the legal rules governing credit institutions to the legal system of the European Economic Community.

Royal Legislative Decree 1298/1986 of 28 June adapting the legal rules on credit institutions to the legal order of the European Economic Community is amended as follows:

One. Article 1 (2) (e) is deleted.

Two. A new paragraph is added at the end of Article 6 (2):

" By way of derogation from the first subparagraph of this paragraph, the Banco de España may publish the results of the stress tests carried out in accordance with Article 32 of Regulation (EU) No 1093/2010 of 24 June 2010. November, or transmit the result of the same to the European Banking Authority, in order to publish it. "

Article 3. Amendment of the Law 24/1988, of July 28, of the Stock Market.

Law 24/1988 of 28 July of the Stock Market is amended as follows:

One. Article 70.1 (a) is worded as follows:

" (a) The derivatives of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on the prudential requirements of credit institutions and investment firms and amending the Regulation (EU) No 648/2012.

However, the obligations of the preceding paragraph, in the terms and with the exceptions provided for in Regulation (EU) No 575/2013 of 26 June, shall not apply to investment firms which are not authorised to provide the ancillary service referred to in Article 63.2.a), which provide only one or more of the investment services or activities listed in Article 63.1.a), (b), (d) and (g) of this law, and which are not permitted to be held in storage the money or the securities of its customers and which, for this reason, can never be in a debt situation those clients.

The calculations in order to verify compliance by the investment firm of the obligations set out in this point (a) shall be carried out at least semi-annually, by matching the reference dates of the information with those at the end of the calendar semester.

Investment services companies shall communicate to the National Securities Market Commission, in the form and content that it determines, the results and all necessary elements of calculation. "

Two. A new Article 70d is added, with the following wording:

" Article 70 quinquies. Corporate governance measures.

1. When fixing the variable components of the remuneration, the investment firm must establish the appropriate ratios between the fixed components and the variables of the total remuneration, applying the following principles:

a) The variable component will not be greater than one hundred percent of the fixed component of each person's total remuneration.

(b) However, the shareholders of the investment firm may approve a level higher than that provided for in the preceding paragraph, provided that it does not exceed two hundred per cent of the fixed component of the remuneration. Approval of this higher level will be performed according to the following procedure:

1. The shareholders of the investment firm shall take their decision on the basis of a detailed recommendation from the administrative board or equivalent body setting out the reasons and scope of the decision. and include the number of persons concerned and their charges, as well as the expected effect on the entity's maintenance of a sound capital base.

2. The shareholders of the investment firm shall take their decision by a majority of at least two thirds, provided that at least half of the shares or rights are present or represented in the vote equivalents. If the previous quorum is not possible, they shall take their decision by a majority of at least three quarters of the equivalent shares or rights present or represented.

3. The Management Board shall inform all shareholders in good time of the matter to be submitted for approval.

4. The Management Board shall immediately communicate to the National Securities Market Commission the recommendation addressed to shareholders, including the highest level of the variable component of the proposed remuneration and its justification, and shall demonstrate that this level does not affect the obligations of the institution under the solvency rules.

5. The Board of Directors shall immediately communicate to the National Securities Market Commission the decision taken by its shareholders, including the highest percentage of the variable component of the remuneration approved, and the National Securities Market Commission shall use the information received to compare the practices of the entities in that matter. The National Securities Market Commission shall provide this information to the European Banking Authority.

6. Where appropriate, personnel directly affected by the application of higher maximum levels of variable remuneration may not exercise, directly or indirectly, the voting rights that they may have as shareholders of the entity.

(c) The National Securities Market Commission may authorise institutions to apply a theoretical discount rate, in accordance with the guidance published by the European Banking Authority, to 25% of the remuneration total variable, provided that it is paid by deferred instruments for a period of five years or more. The National Securities Market Commission may set a maximum percentage below.

2. The limitations provided for in the preceding paragraph shall apply to categories of employees whose professional activities have a significant impact on the risk profile of the institution, its group, parent company or subsidiaries. In particular, it will apply to senior management, risk-taking employees, those who exercise control functions, as well as any worker who receives a global remuneration that includes him in the same remuneration scale as that of the senior managers and employees who take risks, whose professional activities have an important impact on their risk profile.

3. Investment firms shall submit to the National Securities Market Commission how much information they require to verify compliance with this obligation and, in particular, a list indicating the categories of employees whose Professional activity has a significant impact on your risk profile. This list shall be submitted annually and in any case where significant alterations have occurred. The National Securities Market Commission shall determine the form of presentation of that list.

4. The obligations referred to in paragraph 1 of this Article shall not apply to investment firms which are not authorised to provide the ancillary service referred to in Article 63.2.a), which provide only one or more of the following: investment services or activities listed in Article 63.1.a), (b), (d) and (g) of this law, and which are not allowed to deposit money or securities of their clients and which, for this reason, may never be in a debt situation in respect of those clients. "

Three. Paragraph 3 shall be amended and paragraphs 4 and 5 shall be added to Article 87a, which shall be drawn up in the following terms, with paragraph 4 being paragraph 6

" 3. In addition, where an investment firm does not comply with the requirements set out in Regulation (EU) No 575/2013 of 26 June, this Law or its implementing rules, it shall determine minimum own resources requirements, require an organisational structure or appropriate internal control, accounting or assessment mechanisms and procedures or where the National Securities Market Commission has data to allow for a reasonable presumption of non-compliance with such data; obligations over the next twelve months, the National Securities Market Commission may adopt, inter alia, the following measures:

(a) obliging investment firms and their groups to maintain their own resources in addition to those required at a minimum. The National Securities Market Commission shall at least do so whenever it considers serious deficiencies in the organisational structure of the investment firm or in the internal control, accounting or control procedures and mechanisms. (a) valuation, including in particular those referred to in Article 70.3 of this Law, or whenever it advises, in accordance with paragraph 1 (c) of this Article, that the systems and the own funds held to which it relates Precept does not guarantee sound management and coverage of risks. In both cases the measure must be taken when the National Securities Market Commission considers it unlikely that the mere implementation of other measures will improve such deficiencies or situations within an appropriate time frame.

(b) Require investment firms and their groups to strengthen or modify the internal control, accounting or valuation procedures, mechanisms or strategies adopted for the implementation of such measures; organizational or resource requirements.

(c) Require investment firms and their groups to submit a plan to restore compliance with the supervisory requirements set out in this Law and in Regulation (EU) No 575/2013 of 26 June, and set a deadline for their implementation; or introduce into the plan the necessary improvements in terms of their scope and time of execution.

(d) Require investment firms and their groups to implement a specific policy of provision of provisions or a specific treatment of assets in terms of own resource requirements.

(e) Restrict or limit the business, operations or network of investment services companies or request the abandonment of activities that pose excessive risks to the soundness of the entity.

f) Require investment firms and their groups to limit variable remuneration when this is not compatible with the maintenance of a sound capital base.

g) Require the risk reduction inherent in the activities, products, and systems of investment services companies.

h) Require investment firms and their groups to use net profits to strengthen their capital base.

i) Banning or restricting the distribution by the company of investment services of dividends or interest to shareholders, partners or holders of additional Tier 1 capital instruments, as long as the prohibition does not constitutes an alleged default by the entity of its payment obligations.

j) Impose additional reporting obligations, including information on the capital and liquidity situation, or increase the frequency of their remission.

4. The obligation to maintain own resources higher than those laid down in accordance with paragraph 3 (a) above shall be required at least in the following cases:

(a) If the investment firm does not meet the requirements set out in Article 70.3 or Article 393 of Regulation (EU) No 575/2013 of 26 June.

(b) If there are risks or items of risk that are not covered by the own resources requirements set out in this law, in the rules that develop it or in Regulation (EU) No 575/2013 of 26 June.

(c) If there are reasonable grounds for considering that the implementation of other measures alone is not sufficient to sufficiently improve the systems, procedures, mechanisms and strategies at an appropriate time.

d) If any non-compliance with the requirements for the use of internal models that could result in insufficient own resource requirements, or if the valuation adjustments with respect to positions are detected, is detected. or specific portfolios within the trading book, in accordance with Article 105 of Regulation (EU) No 575/2013 of 26 June, do not allow the entity to sell or cover its positions in a short period of time without Incur significant losses under normal market conditions.

e) If there are reasonable grounds to consider that the risks are underestimated in spite of compliance with the applicable requirements of Regulation (EU) No 575/2013 of 26 June, and of this law and its implementing rules.

(f) If the entity notifies the National Securities Market Commission, in accordance with Article 377.5 of Regulation (EU) No 575/2013 of 26 June, that the results of the stress tests referred to in that Regulation Article significantly exceeds the requirements of own resources derived from the correlation trading book.

5. For the purposes of determining the appropriate level of own resources on the basis of the review and assessment carried out in accordance with paragraph 1 of this Article, the National Securities Market Commission shall assess whether it is necessary to require additional own resources in addition to the own resources requirements to cover risks to which an institution is or may be exposed, taking into account the following:

(a) The quantitative and qualitative aspects of the assessment process of the entities referred to in Article 70.3.

(b) The results of the review and evaluation carried out in accordance with paragraph 1 above.

c) The assessment of systemic risk.

The provisions of this paragraph shall be without prejudice to the application of the penalties which in each case proceed in accordance with the provisions laid down in this Law. "

Four. A new wording is given to the last paragraph of Article 95, in the following terms:

" Rules of order and discipline of the Securities Market are considered to be laws and provisions of a general nature containing precepts specifically referred to the entities within the meaning of Article 84.1 of this Law or to the activity related to the stock market of the persons or entities referred to in Article 84.2 and which are subject to compliance with them. Those provisions shall be understood to include those approved by bodies of the State, the Autonomous Communities which have jurisdiction in the matter, the regulations of the European Union and other rules adopted by the Member States. European Union institutions resulting from direct application, as well as the Circulars approved by the National Securities Market Commission provided for in Article 15 of this Law.

In particular, Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and undertakings shall be considered as a rule of organisation and discipline. investment, and amending Regulation (EU) No 648/2012. '

Article 4. Amendment of Law 26/1988 of 29 July on Discipline and Intervention of Credit Entities.

Article 1 (5) of Law 26/1988, of July 29, on Discipline and Intervention of credit institutions, is worded as follows:

" 5. Laws and provisions of a general nature which contain provisions specifically relating to credit institutions and which are required to comply with them are considered to be rules of organisation and discipline. Such provisions shall be understood to include those approved by bodies of the State, the Autonomous Communities which have jurisdiction in the matter, the regulations of the European Union and other rules adopted by the institutions. of the European Union resulting from direct application, as well as the Circulars approved by the Banco de España, in the terms provided for in this Law.

In particular, Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and undertakings shall be considered as a rule of organisation and discipline. investment, and amending Regulation (EU) No 648/2012. '

Additional disposition first. Competent authorities.

They are competent authorities for the purposes of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on the prudential requirements of credit institutions and undertakings investment, and amending Regulation (EU) No 648/2012, the Banco de España and the National Securities Market Commission, within the scope of their respective powers.

Additional provision second. Legal entity identifier of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories.

1. The functions of issuing and managing the code of legal entity which, within the scope of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012, of 4 July 2012, are to be issued and managed in Spain. on OTC derivatives, central counterparties and trade repositories, shall identify the interveners in a derivative contract for the purposes of their registration in the trade repositories.

Intervinlieutenants shall be understood as counterparties, financial and non-financial, of a derivative contract, to the beneficiaries, to the intermediary entities, to the central counterparties, to the members compensators and senders, in accordance with the provisions of Regulation (EU) No 648/2012 of 4 July 2012 and their implementing rules.

2. The Trade Register shall be the sole issuer and manager in Spain of the code of legal entity.

3. Where the rules of the European Union or a provision of a general nature provide for other uses for the code of legal entity, the Trade Register shall also exercise the functions conferred on it by paragraph 1 with for these uses.

4. The organisational and technical aspects of the issue and management function of the entity identifier code may be developed.

5. The Minister of Justice is enabled to set the tariffs for the calculation of the registration fees for the issuance and management of the legal entity identifier code.

Additional provision third. Extension of the deadline for the implementation of the measures of Royal Decree-Law 8/2013 of 28 June, of urgent measures against the late payment of public administrations and support for local entities with financial problems.

1. Since the entry into force of this royal decree-law, the deadline provided for in Royal Decree-Law 8/2013 of 28 June, of urgent measures against the late payment of public administrations and support to local entities with problems is extended. In order to ensure that the municipalities which have not done so can apply to the Ministry of Finance and Public Administrations to avail themselves of one or more of the measures provided for in Article 32 of the said Royal Decree-Law No 8/2013, 28 of June. Once this period has been completed, the municipalities submitting a request shall be subject to all the provisions of Title II of Royal Decree-Law No 8/2013 of 28 June 2013, and in particular the procedure laid down in the Article shall be continued. 32 of the aforementioned royal decree-law.

2. Where the Local Corporation's plenary session falls within the competence of the Local Corporation, it shall not, in a first vote, reach the majority required to submit the application for certain measures, approve the adjustment plan or approve any of the measures. included in the adjustment plan referred to in Royal Decree-Law No 8/2013 of 28 June 2013, the Local Government Board will assume this competence. The Local Government Board shall give the plenary session, in the first session held after the submission of the said application, the approval of the adjustment plan or any of the measures included in it.

3. In cases where there is no Local Government Board, the circumstances referred to in Article 20.1 of Law 7/1985 of 2 April of the Local Government Basis Regulation, the decisions referred to in paragraph 1, shall be met. This will correspond to the Mayor.

Additional provision fourth. The system of computability of the preferred shares as own resources.

Without prejudice to the tax regime provided for in the second provision of Law 13/1985, of 25 May, of investment coefficients, own resources and information obligations of financial intermediaries, the Preference shares which comply with the conditions laid down in Chapter 3 of Title I of Part Two of Regulation (EU) 575/2013 of 26 June shall be considered to be level 1 capital in addition to the expected effects of that rules.

However, preference shares that comply with the provisions of Chapter 2 of Title I of Part 10 of that Regulation shall be counted as Common Equity Tier 1.

First transient disposition. Principal capital.

Until December 31, 2014, the Banco de España, in the framework of the assessment of the additional capital requirements it could impose on the consolidated groups of credit institutions and credit institutions not integrated into the a consolidated group pursuant to Article 11 (3) (a) of Law 13/1985 of 25 May, of investment coefficients, own resources and reporting obligations of financial intermediaries, in the wording given by this royal decree, may prevent or restrict any distribution of Tier 1 capital items which would have been (a) to comply with the minimum principal capital requirements established by Royal Decree-Law 2/2011, where such distributions, accumulated over the course of 2014, exceed in absolute terms the excess principal capital in respect of the legally required minimum of 31 December 2013 and, in addition, put at risk compliance with the above capital requirements.

Second transient disposition. Credit financial institutions.

Until the approval of the specific legislation applicable to them, the credit financial institutions shall be subject to the legal regime that will result from them being applied prior to the entry into force of this Regulation. actual decree-law, keeping those effects their consideration of credit institution.

Single repeal provision. Regulatory repeal.

With effect from 1 January 2014, all provisions of the same or lower rank which are opposed to this royal decree-law and, in particular, Title I of Royal Decree-Law No 2/2011 of 18 February 2011, are hereby repealed. strengthening of the financial system and all provisions of the legal system incompatible with Regulation (EU) No 575/2013 of 26 June.

Final disposition first. Amendment of Law 13/1994, of 1 June, of Autonomy of the Banco de España.

Law 13/1994, of 1 June, of Autonomy of the Banco de España is amended as follows:

One. A new point (g) is added to Article 7 (5), which is worded as follows:

" (g) To be consulted by stakeholders on the exercise of their executive powers in the area of supervision and inspection of entities. The reply to these consultations will have binding effects, since its issuance, for the Banco de España's bodies responsible for exercising the powers on which the consultation is conducted, provided that the circumstances, antecedents and circumstances are not altered. other data contained therein. The reply to the consultations shall be of information to the persons concerned, and no appeal shall be made against that reply. '

Two. The name of the current point (g) of Article 7 (5), which becomes point (h), is changed.

Final disposition second. Amendment of the recast of the Law on Corporate Tax, approved by the Royal Legislative Decree 4/2004 of 5 March 2004.

" First. With effect for the tax periods starting from 1 January 2011, the following amendments are made to the recast text of the Companies Tax Law, approved by the Royal Legislative Decree 4/2004 of 5 December 2011. March:

One. Paragraph 13 is added to Article 19, which is worded as follows:

" 13. Appropriations for impairment of claims or other assets arising out of the possible insolvencies of debtors not linked to the taxable person, provided that the provisions of Article 12.2.a) of this Law do not apply to them, as well as the arising from the application of Articles 13.1.b) and 14.1.f) of this Act, corresponding to allocations or contributions to social security systems and, where appropriate, pre-retirement, which have generated deferred tax assets, shall be integrated into the taxable in accordance with the provisions of this Law, with the limit of the positive tax base prior to their integration and the compensation of negative taxable bases.

Non-integrated amounts in a tax period will be subject to integration in the following tax periods with the same limit. For these purposes, the appropriations corresponding to the oldest tax periods shall be integrated first. "

Two. The additional twenty-first provision is added, which is worded as follows:

" Additional 20th disposition. Special rules for fiscal consolidation in the event of application of Article 19 (13) of this Law.

The application of the system of fiscal consolidation by those tax groups in which entities to which the provisions of Article 19 (13) of this Law are applied will have the following Specialties:

(a) The sum of taxable bases referred to in Article 71 (1) (a) of this Law shall not include the allocations referred to in Article 19 (13) of this Law or the compensation of taxable bases. Individual negative. Such allocations shall be included in the group's taxable base prior to the application, where appropriate, of the provisions of point (d) of that provision.

(b) In the case where an entity is incorporated into a tax group, the envelopes referred to in Article 19 (13) of this Act to be incorporated into its tax base shall be integrated into the group's taxable base, with the limit of the individual positive tax base of the institution prior to the integration of the envelopes of that nature and the compensation of negative taxable bases, excluding, for these purposes, dividends or (a) a profit share referred to in Article 30 (2) of this Law.

c) In the event of loss of the fiscal consolidation or termination of the tax group, the entities that integrate the tax group shall assume the allocations referred to in Article 19 (13) of this Act. integrate into the tax base, in the proportion that they have contributed to their training. "

Second. With effect for the tax periods starting from 1 January 2014, the additional twenty-second provision is added, which is worded as follows:

" Additional Twenty-second Disposition. Conversion of deferred tax assets into chargeable credit against the tax administration.

1. Deferred tax assets corresponding to impairment of claims or other assets arising out of the possible insolvencies of debtors not related to the taxable person, provided that the provisions of this Regulation do not apply to them Article 12 (2) (a) of this Law, as well as those arising from the application of Articles 13.1.b) and 14.1.f) of this Law relating to grants or contributions to social security systems and, where appropriate, pre-retirement, shall be converted into a credit payable to the tax administration, when any of the following circumstances:

(a) The taxable person records accounting losses in his/her annual accounts, audited and approved by the relevant body.

In this case, the amount of the deferred tax assets to be converted will be determined by the result of applying on the total of the same, the percentage representing the accounting losses of the year with respect to the sum of capital and reserves.

b) That the entity is subject to a judicially declared liquidation or insolvency.

Also, deferred tax assets for the right to compensate in subsequent financial years negative taxable bases will become an enforceable credit against the tax administration when they are a consequence of integrating into the tax base, from the first tax period starting in 2014, the deterioration of the appropriations or other assets resulting from the possible insolvencies of the debtors, as well as the allocations or contributions to social security systems and, where appropriate, pre-retirement, which generated the assets by deferred tax referred to in the first paragraph of this paragraph.

2. The conversion of the deferred tax assets referred to in the preceding paragraph into an enforceable claim against the tax administration shall be made at the time of the filing of the reverse company tax. corresponding to the tax period in which the circumstances described in the previous paragraph have occurred.

3. The conversion of deferred tax assets into a claim payable in respect of the tax administration referred to in paragraph 1 of this provision shall determine that the taxable person may choose to apply for payment to the taxable person. Tax administration or to compensate for such claims with other debts of a state nature that the taxable person himself generates from the moment of the conversion. The procedure and the time limit for compensation or payment shall be laid down in a regulatory manner.

4. The deferred tax assets referred to in paragraph 1 above may be exchanged for securities of public debt, after the period of compensation of negative taxable bases provided for in this Law, computed from the register accounting for such assets. In the case of assets registered prior to the entry into force of this rule, this period shall be counted from that entry into force. The procedure and the time limit for the exchange shall be established in a regulatory manner. ""

Final disposition third. Amendment of Law 2/2012, of 29 June, of General Budget of the State for the year 2012.

The additional 30th of Law 2/2012 of 29 June of the General Budget of the State for the year 2012 is amended as follows:

" Trighth sixth. Implementation of the extension of the deadline for the drawback of the negative settlements of the system of financing of the Autonomous Communities and Cities with Autonomy Statute corresponding to 2008 and 2009.

One. During the year 2012 the Minister of Finance and Public Administrations, at the request of the Autonomous Communities and the Cities of Ceuta and Melilla, submitted within one month of the publication of this Law, may establish and to implement an extra-budgetary financial mechanism with the aim of extending to 120 equal monthly payments, to be calculated from 1 January 2012, the deferral of the balance outstanding at the date of the settlement of the system of financing of the years 2008 and 2009, deferred in application of the fourth provision of the Law 22/2009, of 18 December, which regulates the system of financing of the Autonomous Communities of the common regime and cities with Statute of Autonomy and changes certain tax rules.

Two. For the application to a Autonomous Community or City with a Statute of Autonomy of the financial mechanism indicated, the plan of adjustment provided for in the regulatory framework for budgetary stability must have been agreed in advance. Financial sustainability and the Government's Delegated Commission for Economic Affairs Agreements that regulate the extraordinary mechanisms of financing.

Three. In the act determining the application of the said financial mechanism to the Autonomous Community or City with the Statute of the applicant Autonomy, the schedule of payments and reintegrating of the deferrals will be contained, inter alia. granted and the reference to the agreed adjustment plan.

Four. The repayment or cancellation of the advances contained in the financial mechanism shall be made by means of a discount on the payments made by the General Administration of the State in application of the financing system.

Five. In any event, the application of this financial mechanism shall not have an effect on the application of the financing system, in particular with regard to Articles 20, 23, 24 and 7 of the transitional provision of the Law. 22/2009, of December 28.

Six. The application of the indicated mechanism shall have effect from 1 January 2012.

The payment of the amounts corresponding to the implementation of this mechanism in the year 2012 will be carried out by aliquots monthly parts from the date of granting of this mechanism until the end of the year. For the remainder of the period the advances and their cancellations shall be made on a monthly basis with the exceptions set out in the following paragraphs.

Seven. In the event that the Autonomous Community or City with a Statute of Autonomy fails to comply with the stability objective for any of the years in which the financial mechanism takes effect, provided that such non-compliance is determined, between 2013 and 2016, the refund or cancellation of the advances contained in the same will occur, in the months remaining until the end of 2016 in equal monthly amounts. However, the Ministry of Finance and Public Administrations, by means of a Resolution of the General Secretariat for Autonomous and Local Coordination, may continue to apply the extension of this period up to 120 equal monthly payments, provided that Request the Autonomous Community and the Autonomous Community to fulfill its obligations to supply information.

Eight. In the event that the Autonomous Community or City with a Statute of Autonomy fails to comply with the stability objective for any of the years in which the financial mechanism takes effect, provided that such non-compliance is determined to from 2017, the refund or cancellation of the advances satisfied and pending cancellation will occur until the date of the declaration of the non-compliance, immediately. However, the Ministry of Finance and Public Administrations, by means of a Resolution of the General Secretariat for Autonomous and Local Coordination, may continue to apply the extension of the period up to 120 equal monthly payments, provided that request the Autonomous Community and the Autonomous Community is accredited to comply with its legal obligations to supply information.

Nine. The determination of the non-compliance with the objective of stability, for the purposes of this provision, will occur at the moment when the Minister of Finance and Public Administration raises the report on the degree of compliance of the the objective of budgetary and public debt stability and of the expenditure rule of the preceding period referred to in the regulatory framework for budgetary stability and financial sustainability. '

Final disposition fourth. Amendment of Law 9/2012 of 14 November of restructuring and resolution of credit institutions.

Law 9/2012, dated 14 November, of restructuring and resolution of credit institutions is amended as follows:

One. Article 36 (4) (h) is amended as follows:

" (h) The credits transmitted to the Company for the Management of the Bank Restructuring Assets shall not be classified as subordinated in the context of an eventual contest of the debtor, even if the Management Company In the case of the Bank Restructuring Assets, the debtor company is a shareholder of the debtor company.

However, if the credit has already been qualified as a subordinate prior to the transmission, it shall retain such a rating.

The Company for the Management of Assets Processed from the Banking Restructuring will hold, with respect to the credits for it acquired after the declaration of contest, right of accession to the proposal or proposals of convention which are presented by any legitimated, as well as the right to vote in the creditors ' meeting.

The scheme provided for in this paragraph will also apply to those who, by any degree, acquire the credits of the Company for the Management of Assets Processed from the Banking Restructuring, except that, regardless of the circumstances of the transfer, the acquirer already concurs in the acquirer of the causes of subordination provided for in Article 92,5º in relation to Article 93 of the Law of the Insolvency, in which case the qualification of the credits will be the one that proceeds according to the general rules. "

Two. Article 53 (1), (2) and (3) are amended as follows:

" 1. The own funds of the FROB shall be made up of the appropriations established for the purpose in the general budget of the State. In addition, these own funds may be increased through the capitalisation of loans, loans or any other borrowing operation of the FROB in which the General Administration of the State is listed as a creditor.

2. In addition, for the purpose of fulfilling its objectives, the FROB may attract financing by issuing fixed income securities, receiving loans, requesting the opening of loans and carrying out any other borrowing operations.

The foreign resources of the FROB, whatever the mode of their implementation, will not exceed the limit that will be established in the annual laws of the State General Budget.

3. The non-committed assets of the Fund shall be in the form of public debt or other high liquidity and low risk assets. Any profit accrued and accounted for in its annual accounts shall be entered into the Treasury. "

Three. The first subparagraph of the first provision, which is worded as follows, is deleted:

" For the purpose of liquidating the participation of the Deposit Guarantee Fund of Credit Entities in the Fund for Bank Ordered Restructuring, for the contribution made by the Deposit Guarantee Funds in Banks, Savings and Credit Unions in the establishment of the Fund, under Royal Decree-Law 9/2009 of 26 June, will take into account the net worth resulting from the annual accounts corresponding to the exercise 2011. '

Four. The 21st final disposition is deleted.

Final disposition fifth. Competency enablement.

1. The Government may lay down the regulatory standards necessary for the development of the provisions of this royal decree-law.

2. Without prejudice to the provisions of this Royal Decree-Law, the Bank of Spain and the National Securities Market Commission may make use of the options attributed to the national competent authorities in Regulation (EU) No 575/2013 of 26 of June.

Final disposition sixth. Incorporation of European Union law.

By this royal decree-law, Directive 2013 /36/EU of the European Parliament and of the Council of 26 June 2013 on access to the business of credit institutions and the European Union is partially incorporated into Spanish law. the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006 /48/EC and 2006 /49/EC.

Final disposition seventh. Competence title.

1. This royal decree-law is issued under the provisions of Rules 11. and 13. of Article 149.1 of the Spanish Constitution, which attribute exclusive competence to the State on the basis of the organization of credit, banking and insurance, and coordination of the overall planning of economic activity.

2. Amendments to legal texts shall be governed by the relevant titles expressed in the rules to be amended.

Final disposition octave. Entry into force.

1. This royal decree shall enter into force on the day following that of its publication in the "Official State Gazette".

2. Without prejudice to the above paragraph, the following provisions shall be required of the entities from the dates specified below, and must be in advance of compliance with all legal requirements or requirements. statutory required to meet on the dates indicated:

(a) The provisions contained in the article Primer.One, Seconds. One, Tercero.One and the fourth additional provision shall be enforceable as of 1 January 2014.

(b) The provisions contained in Articles Primer.Four and Tercero.Two shall be enforceable as from 30 June 2014.

Given in Madrid, on November 29, 2013.

JOHN CARLOS R.

The President of the Acting Government,

SORAYA SAENZ DE SANTAMARIA ANTON