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News – Banking and Finance and Capital Markets 4th Quarter of 2020 

by Hugo Rosa Ferreira, André Figueiredo

Published: January, 2021

Submission: January, 2021

 



I. Banco de Portugal


Communication of Banco de Portugal on the Synopsis of Behavioural Supervisory Activities - first half of 2020.


Communication of Banco de Portugal on the imposition of a capital reserve on institutions identified as “other systemically important institutions”.


Banco de Portugal Communication on the Economic Bulletin of October 2020.


Communication of Banco de Portugal on the implications of Brexit.


Instruction(Historical) 26/2020 - Regulates the obligation to report information on financing plans of credit institutions to Banco de Portugal.


Circular Letter CC/2020/00000061 – Good practice in preparing the institutions for reforms of reference interest rates. Reinforces the importance of less significant credit institutions and financial companies subject to its supervision taking timely action to ensure an appropriate transition and mitigating the risks arising from reference interest rate reforms.


Banco de Portugal publication on the developments in credit moratoriums – September 2020 (link).


Circular Letter CC/2020/00000066 – Provides information about the deadline for notification of the amount of minimum reserves (monthly and quarterly reports), as well as the calendar of maintenance periods for 2021.


Circular Letter CC/2020/00000064 – Underlines the importance of institutions adequately complying with the guidelines contained in the “Guidelines on lending and loan monitoring (EBA/GL/2020/06)”, which are to be followed and implemented in the context of existing laws and regulations, and which will enter into force on 30 June 2021.


Circular Letter CC/2020/00000072 – Recommendation on distributions during the COVID-19 pandemic.


Banco de Portugal Public Consultation 7/2020 – Draft Notice on Agencies and Agency Extension.


Banco de Portugal Communication on the Economic Bulletin of December 2020 (link).


Public Consultation 8/2020 – Draft instruction on the management and reporting by payment service providers of operational and security risks.


Banco de Portugal Public consultation 5/2020 – Draft regulations on the registration of entities carrying out operations with virtual assets.


Banco de Portugal Public consultation 6/2020 – Draft Banking Activity Code (until 15 January 2021). The Banking Code is intended to replace the RGICSF and other financial sector legislation, to further consolidate legislation in this sector, in line with the movement already taking place in the rest of the European Union. This new law is also intended to be more in line with current financial institutions. Furthermore, the explanatory memorandum states that the RGICSF is somewhat dated and that its constant changeshave make it somewhat difficult to understand.


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