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News – Banking and Finance and Capital Markets 3rd Quarter of 2020 

by Hugo Rosa Ferreira, André Figueiredo

Published: January, 2021

Submission: January, 2021


Banco de Portugal Communication on the Retail Banking Markets Monitoring Report of 2019.

Banco de Portugal Communication on the deadline for restoration of capital and liquidity reserves. As part of the measures to ease regulatory and supervisory requirements, Banco de Portugal has allowed smaller credit institutions subject to its supervision to operate, on a temporary basis, with a level of capital below the own funds recommendation (“Pillar 2 Guidance”) and the combined own funds reserve, and with liquidity levels below the liquidity coverage requirement (“LCR”).

Notice 3/2020, which regulates the systems of governance and internal control and defines the minimum standards on which the organisational culture of the entities subject to supervision by Banco de Portugal must be based. Revokes Notices 5/2008 and 10/2011, as well as Instruction 20/2008 (link).

Notice of Banco de Portugal 4/2020 - Amendment to Notice of Banco de Portugal 2/2016, regulating the reporting of financial information on an individual basis for supervisory, statistical and macro-prudential risk analysis purposes, to be submitted to Banco de Portugal . I

nstruction (Historical) 18/2020 – Regulates reporting duties regarding organisational conduct and culture, and governance and internal control systems.

Instruction (Historical) 20/2020 – Amends Instruction 2/2017, which regulates the Internal Credit Assessment System (SIAC).

Instruction (Historical) 24/2020 – Announces, for the fourth quarter of 2020, the maximum rates to be applied to consumer credit agreements under Decree-Law 133/2009 of 2 June.

Instruction 25/2020 – Defines the methods and terms for sending the report on the activity carried out in Portugal by financial entities with their registered office in another European Union Member State operating in Portugal under the rules on freedom to provide services, implementing the provisions of article 64 of Notice 2/2018 (“LPSReport”).

Circular Letter CC/2020/00000040 – Clarifies doubts about the prudential treatment of exposures originated through credit intermediation platforms, in terms of capital requirements, large exposures and anti-money laundering and terrorist financing (“ML/TF”) duties, and conveys its understanding on thisissue.

Circular Letter CC/2020/00000043 – End of the suspension of administrative periods established by Decree-Law 10-A/2020 of 14 March and Law 1-A/2020 of 19 March. Revokes points e) and f) of Circular Letter CC/2020/00000021 of 1 April 2020.

Circular Letter CC/2020/00000047 – Warns of emerging risks of money laundering and terrorist financing (ML/TF) in the context of the COVID-19 pandemic.

Circular Letter CC/2020/00000050 – Reinforces restriction on distributions during the COVID-19 pandemic.

Circular Letter CC/2020/00000051, publishing the Guidelines amending the Guidelines on legislative and non-legislative moratoriums on loan repayments applied in the light of the COVID-19 crisis (EBA/GL/2020/08).

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