Did you know that some financial activities are “reserved”?
23/10/2025
In finance, certain activities are reserved exclusively for individuals and firms that meet specific legal requirements. Technically, this is known as “vetted access to activity”. The aim is to protect users of financial services, ensure that the financial market functions smoothly and make users feel safe in the knowledge that those carrying out such activities comply with existing legislation.
The Banco de España monitors and supervises some of these reserved financial activities, meaning that they can only be provided by individuals or firms authorised by or registered with the Bank.
It’s like getting a driving licence: you need to meet certain general requirements and pass a series of tests. The licence guarantees that the driver knows the traffic rules and their ability to drive a vehicle safely. Just as we wouldn’t get in a car driven by someone without a licence, before taking out certain financial products or services, we need to check that the individual or firm offering them is authorised to do so and steer away from those that aren’t.
What reserved activities does the Banco de España supervise?
- Taking repayable funds from the publicAbre en ventana nueva, e.g. in the form of bank accounts or deposits.
- Payment servicesAbre en ventana nueva, e.g. transfers, remittances or card transactions.
- Issuing electronic money,Abre en ventana nueva e.g. prepaid cards or digital wallets.
- Foreign currency exchangeAbre en ventana nueva.
- Reverse mortgages, regulated by Law 41/2007.
- Real estate credit intermediary services, including advisory services, and real estate lending.
- Some crypto-asset activities, such as issuing asset-referenced tokens and electronic money tokens.
